Beginning inventory purchases and sales data for watches are as
Beginning inventory, purchases, and sales data for watches are as follows:
a. Assuming that a perpetual inventory system is used, costing by the FIFO 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 3, on page 310.
b. Assuming that the perpetual inventory system is used, 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.
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