Parfour made purchases of a particular product in the current year as follows:

Parfour made sales on the following at a selling price of $35 per unit:

Required
The business uses p perpetual inventory system. Determine the costs that should be assigned to the ending inventory and to goods sold under:
(a) FIFO
(b) Moving weighted average (round to the nearest whole cent)
Also calculate the gross profit under each method.

Transcribed Image Text:

an. 1 Beginning inventory..75 units 12.00 900 Mar. 14 Purchased. 250 units$13.00 luly 30 Purchased 500 units $14.00 7,000 Units available for sale....... 825 units Cost of goods available for sa.. 3,250 11,150 70 units Mar. 15 180 units Total