Fish n'Fly sells an ultra-lightweight fishing rod that is considered to be one of the best fishing rods on the market. Information follows for Fish n'Fly's purchases and sales of the ultra-lightweight fishing rod in July:

Instructions
(a) Calculate the cost of goods sold and the ending inventory using FIFO and average, assuming Fish n'Fly uses a perpetual inventory system. (Hint: Round the average cost per unit to three decimal places.)
(b) What would be the ending inventory and cost of goods sold if Fish n'Fly used FIFO and average in a periodic inventory system? Round the average cost per unit to three decimal places.

Transcribed Image Text:

Units 25 Unit Purchase Price $295 Date Transaction Unit Sales Price July1 Beginning inventory 10 Purchase 12 Sale 13 Purchase 25 Sale 27 Purchase (42) 35 (45) $450 460 310