GFFs inventory records included the following information regarding one of its product lines for the month of

Question:

GFF€™s inventory records included the following information regarding one of its product lines for the month of August 2018:
Unit cost Units $16.00 Opening inventory Purchase #1 10,000 5,000 17.50 (500) Sale #1 Purchase #2 4,000 17.25 (11,000) S

Unit cost Units $16.00 Opening inventory Purchase #1 10,000 5,000 17.50 (500) Sale #1 Purchase #2 4,000 17.25 (11,000) S

Required:
Calculate the dollar amount of ending inventory and cost of goods sold under each of the following cost flow assumptions:
a. First-in, first-out, periodic inventory
b. Weighted-average cost, periodic inventory
c. Weighted-average cost, perpetual inventory

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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