Question
The Windy Company has the following inventory and purchases during the fiscal year ended December 31, 2020. Beginning Inventory 330 units @ $ 90/unit Feb.
The Windy Company has the following inventory and purchases during the fiscal year ended December 31, 2020.
Beginning Inventory | 330 | units | @ | $ | 90/unit | ||||
Feb. | 10 | purchased | 245 | units | @ | $ | 94/unit | ||
Feb. | 20 | sold | 410 | units | @ | $ | 170/unit | ||
Mar. | 13 | purchased | 249 | units | @ | $ | 88/unit | ||
Sept. | 5 | purchased | 295 | units | @ | $ | 74/unit | ||
Oct. | 10 | sold | 550 | units | @ | $ | 170/unit | ||
The Windy Company employs a perpetual inventory system. Required: 1. Calculate the dollar value of ending inventory and cost of goods sold using: (Round your intermediate calculations and final answers to 2 decimal places.)
Ending inventory/Cost of Goods Sold a.FIFO
b.Moving weighted average
2. Using your calculations from Part 1, complete the following schedule: (Round your intermediate calculations and final answers to 2 decimal places.)
FIFO/Moving Weighted Average
a.Sales
b.COGS
c.Gross Profit
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