Determine the cost of goods sold

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Question - FVE Ltd is a wholesale distribution firm which has provided you with the following information in relation to a particular product, QS11, for the month of March 20X1. The company uses the perpetual inventory system.

Date

Transaction

No. of units

Unit cost

1-Mar

Beginning inventory

150

$9.00

5-Mar

Purchased

200

$10.00

11-Mar

Purchased

100

$10.50

15-Mar

 

Sold

400

 

 

22-Mar

Purchased

300

$11.50

26-Mar

 

Sold

250

 

 

Required: Determine the cost of goods sold and the costs of ending inventory for the month of March using the following inventory costing methods (where necessary, please round your final answer to the nearest cents):

(a) First-in, first out (FIFO) method.

(b) Average cost method.

Reference no: EM131692490

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