Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost,...

  

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Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25 Do not round intermediate calculations.) Date Nov. Explanation 1 Beginning inventory 5 Purchases 12 Sales 19 Purchases 22 Sales 25 Purchases Units 32 20 (43) 40 (45) 33 37 Cost/Price Price $297 302 484 307 495 312 Determine the cost of goods sold and ending inventory using (1) FIFO and (2) average cost, assuming Mountain Country uses a perpetual inventory system. (Round FIFO answers to the nearest whole dollar, e.g. 5,275 and Average cost answers to 2 decimal places, e.g. 15.25 Do not round intermediate calculations.) Date Nov. Explanation 1 Beginning inventory 5 Purchases 12 Sales 19 Purchases 22 Sales 25 Purchases Units 32 20 (43) 40 (45) 33 37 Cost/Price Price $297 302 484 307 495 312

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To determine the cost of goods sold COGS and ending inventory using FIFO and average cost methods we need to calculate the cost of each unit sold and ... View the full answer