Question

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales...

During January, a company that uses a perpetual inventory system had beginning inventory, purchases, and sales as follows :

Units

Cost per unit

Begin Inventory

100

12

Jan 5

Sale

50

10

Purchase

70

16

15

Sale

25

25

Sale

35


Required:

  1. Prepare a schedule showing cost of goods sold and ending inventory using weighted average.
  2. Prepare a schedule showing cost of goods sold and ending inventory using First In First Out.
  3. Compute gross profit under for a and b. Selling price for items is $50 per unit.
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