In its first month of operations, Panther Company made three purchases of merchandise in the following sequence:

Question:

In its first month of operations, Panther Company made three purchases of merchandise in the following sequence: 200 units at $8; 250 units at $7; and 300 units at $6. There are 400 units on hand at the end of the period. Panther uses a periodic inventory system. Calculate the cost of the and cost of goods sold under
(a) FIFO, and
(b) average.
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 =...