Jonesey Auto Supplies made the following purchases and sales of windshield wipers during March:

Required
1. Assuming Jonesey Auto Supplies uses the perpetual inventory system, calculate the cost of goods sold during March using
(a) The moving-weighted-average-cost method
(b) FIFO.
2. Now assume Jonesey Auto Supplies uses the periodic inventory system. Calculate the cost of goods sold during March using
(a) The weighted-average-cost method
(b) FIFO.
3. What do you notice when you compare the FIFO results from question 1 and question 2?

Transcribed Image Text:

Unit Sale Price Units 10 Unit Cost $ 6 1 Beginning March 3 Purchase 10 Sale 14 Purchase 20 Purchase 26 Sale 70 50 25 100 $15 10 11 15 125 LO