Solution-Calculate cost of good sold and ending inventory

Calculate cost of good sold and ending inventory

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Reference no: EM131123541

The inventory records of Furguson, Inc. reflected the following information for the year:

DATE	TRANSCTION	# OF UNITS	UNIT COST
1/1	Beginnig Inventory	300	$18
2/14	Purchase	140	19
3/7	Sale	180	-
4/19	Purchase	120	21
8/26	Sale	270	-
6/20	Purchase	150	22
10/13	Purchase	90	24
12/10	Sale	100	-

a) Calculate Cost of Good Sold and Ending Inventory under each of the following cost flow assumptions:

i. Weighted Average

ii. FIFO

iii. LIFO

b. Assuming a Price per Unit of $40, what information can be presented on the firm's Income Statement for the year?c. What type of firm is this (i.e. Manufacturing, Merchandising, or Service)? What is the basis of your response here?

Reference no: EM131123541

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Calculate cost of good sold and ending inventory

Reference no: EM131123541

Reference no: EM131123541

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