Solution-How much are the ending inventory and cost of

How much are the ending inventory and cost of goods sold

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Reference no: EM132719057

Problem - ABC Co. is a wholesaler of guitar picks. The activity for product "Pick X" during August is shown below:

Date	Transaction	Units	Unit cost	Total cost
1-Aug	Inventory	2,000	28.80	57,600
7-Aug	Purchase	3,000	29.76	89,280
12-Aug	Sales	4,200
13-Aug	Purchase	4,800	30.40	145,920
14-Aug	Sales return	600
22-Aug	Sales	3,800
29-Aug	Purchase	1,900	30.88	58,672
30-Aug	Purchase return	300	30.88	(9,264)
Total goods available for sale				342,208

Required -

a. How much are the ending inventory and cost of goods sold under the FIFO - periodic cost ?ow formula?

b. How much are the ending inventory and cost of goods sold under the FIFO - perpetual cost ?ow formula?

c. How much are the ending inventory and cost of goods sold under the weighted average - periodic cost flow formula?

d. How much are the ending inventory and cost of goods sold under the weighted average - perpetual cost flow formula?

Reference no: EM132719057

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How much are the ending inventory and cost of goods sold

Reference no: EM132719057

Reference no: EM132719057

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