Question
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blumen, Inc., for October 2019. Perpetual inventory system
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blumen, Inc., for October 2019. Perpetual inventory system is used.
| Units | Unit Cost |
| Total Cost |
| Units Sold |
Beginning Inventory on Oct. 1 | 30 | $18 |
| $ 540 |
|
|
Oct. 8, Purchased 20 units | 20 | 19 |
| 380 |
|
|
Oct. 15, Purchased 40 units | 40 | 20 |
| 800 |
|
|
Oct. 21, Sold 55 units |
|
|
|
|
| 55 |
Oct. 28, Purchased 20 units | 20 | 22 |
| 440 |
|
|
|
|
|
|
|
|
|
Required: Compute the amounts of cost of goods sold and ending inventory for the month of October using the following methods:
(a) First-in, first-out :
(b) Last-in, first-out:
(c) Weighted-average :
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