Beginning inventory purchases and sales data for pillows are as
Beginning inventory, purchases, and sales data for pillows are as follows:
a. Assume the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3, on page 310.
b. The April 30 inventory count is $3,712. Record the journal entry required.
c. Assume the business maintains a perpetual inventory system, costing by the weighted average method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4, on page 311.
d. The April 30 inventory count is $3,712. Record the journal entry required.
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