Question
Urban Beard Groom made purchases of Oil set in the current year as follows: Jan. 1 Beginning inventory 85 units @ $ 14.00 = Mar.
Urban Beard Groom made purchases of Oil set in the current year as follows: Jan. 1 Beginning inventory 85 units @ $ 14.00 = Mar. 14 Purchased 290 units @ $ 14.50 = July 30 Purchased 540 units @ $ 15.00 = Units available for sale 915 units Cost of goods available for sale ________________________________________ Urban Beard Groom made sales on the following dates at a selling price of $45 per unit: Assume that Urban Beard Groom sold 784 units were specifically sold as follows: Jan. 10: 74 units Mar. 15: 7 units 213 units Oct. 5: 54 units 436 units ________________________________________ Required: Prepare Inventory and Cost of goods sold schedule if a) The company is using FIFO Method b) The company is using Weighted Average Method.
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