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Show calculations During April, Wiggins Company sold 900 units of Product X for $10 per unit, Its beginning inventory, purchases, and sales during the month
Show calculations During April, Wiggins Company sold 900 units of Product X for $10 per unit, Its beginning inventory, purchases, and sales during the month were as follows: 0 0 April 1 Beginning Inventory 200 units @s1 5 Purchases 8 Sales 10 Purchases 15 Purchases 18 Sales 20 Purchases 25 Purchases 28 Sales 200 units @ S2 300 units 200 units @ S3 200 units @ $4 300 units 200 units @ $5 200 units @ S6 300 units It was further noted that the ending inventory consisted of 100 units each of April 10 April 15th, and April 25th purchases (use this data for the Specific Identification Meth only). Compute the proper cost to be assigned to ending inventory, cost of goods sole and gross margin under each of these methods using the periodic system: (a) Average cost, (b) FIFO, and (c) LIFO
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