Question
The following information is available for Rock Shop. In January, the shop sold 300 units. Units Unit Cost Beginning Inventory, January 1 300 units $5.00
The following information is available for Rock Shop.
In January, the shop sold 300 units.
Units Unit Cost Beginning Inventory, January 1 300 units $5.00
Sold, January 3 200 units
Purchase, January 9 900 units $5.40
Sold, January 15 100 units
Purchase, January 26 210 units $6.00 1)
Compute the cost of goods sold and ending inventory using First-in, First-out method when a periodic system is used (show the steps in computation to get partial credits). 3 points 2) Compute the cost of goods sold and ending inventory using Last-in, First-out method when a perpetual system is used (show the steps in computation to get partial credits). 3 points
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