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Question - Crater Sports is a merchandising company that recorded the following information for the month of February 2020.
3rd of February- purchased 30 golf shirts at 30 dollars per shirt. 6th of February- sold 40 golf shirts at 50 dollars per shirt. 10th for February ordered 40 golf shirts costing 32 dollars each. 11th fo February- received the above order of 40 shirts. 14th of February- purchased 60 golf shirts at 28 dollars per shirt. 20th of February- sold 48 golf shirts at 50 dollars per shirt. 28th of February- sold 34 golf shirts at 48 dollars per shirt.
Crater started the month with a stock of 20 golf shirts valued at $26 per shirt.
Required -
1. Compute the number of golf shirts (1) available for sale during the month of February and (2) remaining in inventory at the end of the month.
2. Compute the cost of goods sold during the month and the value of ending inventory at the end of the month using the FIFO and weighted-average methods of inventory costing.
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