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The ABC Company had the following inventory record for the month of January: # of Unit Date Description Items Price Item 1/1 Beginning inventory 5
The ABC Company had the following inventory record for the month of January:
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Date | Description | Items | Price | Item |
1/1 | Beginning inventory | 5 | $20 | Z1, Z2, Z3, Z4, Z5 |
1/5 | Sale | 2 |
| Z2, Z5 |
1/11 | Purchase | 9 | 12 | Z6, Z7, Z8, Z9, Z10, Z11, Z12, Z13, Z14 |
1/28 | Sale | 7 |
| Z1, Z3, Z6, Z7, Z8, Z9, Z14 |
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Required:
Assuming a perpetual system is in use, determine the cost of goods sold and the ending inventory using each of the following methods:
- FIFO
- LIFO
- Weighted average
- NOPDF
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