The beginning inventory, purchases, and sales for Harrington Equipment Company for the month of August follow. REQUIRED

Question:

The beginning inventory, purchases, and sales for Harrington Equipment Company for the month of August follow.

Beginning Inventory and Purchases Sales Date Units Cost/Unit Units Aug. 1 (BI) $8.00 8.10 100 150 250 8.30 Aug. 15 Aug.

REQUIRED
Calculate the total amount to be assigned to cost of goods sold for August and the ending inventory on August 31, under each of the following methods:
1. Perpetual LIFO inventory method
2. Perpetual moving-average inventorymethod

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...