Question
The following inventory transactions took place for Child Corporation for the month of May: Date Event Quantity Cost/Selling Price May 1 Beginning Inventory 3,000 $3.35
The following inventory transactions took place for Child Corporation for the month of May: Date Event Quantity Cost/Selling Price May 1 Beginning Inventory 3,000 $3.35 May 5 Purchase 4,000 3.15 May 10 Purchase 2,000 3.75 May 15 Sale 3,000 6.00 May 20 Sale 2,000 6.00 May 22 Purchase 5,000 3.45 May 24 Purchase 2,000 3.75 May 25 Sale 7,000 6.00 Required Calculate the ending inventory balance for Child Corporation, assuming the company uses: a) Periodic FIFO b) Perpetual FIFO c) Periodic Weighted Average (use 4 decimals when computing unit costs) d) Perpetual Moving Weighted Average (use 4 decimals when computing unit costs) Show detailed computations in each case (i.e. for part (b) it is not enough to simply say that the result would be the same as in part (a)).
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