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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130.
Description | Units | Unit Cost | |||||||
Mar. | 1 | Beginning Inventory | 16 | $ | 41 | ||||
Mar. | 3 | Purchase | 61 | $ | 46 | ||||
Mar. | 6 | Purchase | 111 | $ | 51 | ||||
Mar. | 17 | Sale | 56 | ||||||
Mar. | 23 | Purchase | 52 | $ | 51 | ||||
Mar. | 31 | Sale | 142 | ||||||
Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.)
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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 16 61 111 56 52 142 Unit Cost $ 41 $ 46 $ 51 $ 51 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold Ending Inventory 1. FIFO 2. Moving weighted averageStep by Step Solution
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