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VERY SIMPLE QUESTION!!! PLEASE ANSWER FAST Grouper-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had
VERY SIMPLE QUESTION!!! PLEASE ANSWER FAST
Grouper-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Sales Purchases Date Units Unit Cost Units Unit Price $104 120 May 1 $258 80 100 114 13 80 285 15 60 119 20 60 310 337 27 40 Your answer is partially correct. Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.) FIFO Average $ 28640 $ Cost of Goods Sold 28804.29 $ 2380 $ Ending Inventory 2215.71Step by Step Solution
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