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The Pine Shop shows the following data relating to an inventory item: Inventory, January 1 Quantity 125 Price 52 Purchase, January 9 325 53
The Pine Shop shows the following data relating to an inventory item: Inventory, January 1 Quantity 125 Price 52 Purchase, January 9 325 53 Sale, January 10 53 Purchase, January 19 95 60 Sale, January 10 21 150 54 Purchase, January 31 1. How much is the ending inventory in terms of quantity? 2. How much is the Cost of Goods Sold under weighted average method? 3. How much is the ending inventory FIFO method? 4. Assuming there are goods in transit purchased FOB destination as of end of January 31, 300 units of inventory at 43/unit. How much is the ending inventory as of end of January using weighted average method?
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