The ABC INC uses a perpetual inventory system and had the following beginning inventory and purchases during August 2023: Date August 1 August 16 August 20 Total Transaction Inventory (beginning) Purchase Purchase August 15 August 28 Units 300 200 300 800 Total units 800 and Total goods available for sale $12,000 The ABC INC sales the following units (all on credit sales): 200 units at $30 per unit 460 units at $35 per unit Per Units costs $14 $15 $16 Total Cost ($) $4,200 3,000 4,800 $12,000 Required: a) Calculate the ending inventory and the cost of goods sold under perpetual inventory system by applying the FIFO Method. b) Record the purchase on August 16 and sales on August 28 for FIFO method

The ABC INC uses a perpetual inventory system and had the following beginning inventory and purchases during August 2023: Total units 800 and Total goods available for sale $12,000 The ABC INC sales the following units (all on credit sales): August 15 200 units at $30 per unit August 28 -460 units at $35 per unit Required: a) Calculate the ending inventory and the cost of goods sold under perpetual inventory system by applying the fifo Method. b) Record the purchase on Aurust 16 and sales on Aurust 28 fou firg methot