subject BUS 285

XYZ Inc. uses the average cost formula in a perpetual inventory system. Jun 1 Beginning inventory 20 units @ $21.00 per unit Jun 5 Purchase 100 units @ $22.00 per unit Jun 8 Sale 75 units Jun 9 Purchase 80 units @ 22.50 per unit Jun 10 Sale 25 units Jun 22 Sale 45 units Using the FIFO cost method, calculate the cost of goods sold and the ending inventory. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your final