Question: Problem G The following data relate to the beginning inventory, purchases, and sales of Braxton Company for the year 2010: Unit Units Cost Merchandise Inventory,

Problem G The following data relate to the beginning inventory, purchases, and sales of Braxton Company for the year 2010:

Unit Units Cost Merchandise Inventory, January 1 1,400 @ $5.04 Purchases:

February 2 1,000 @ 4.80 April 5 2,000 @ 3.60 June 15 1,200 @ 3.00 September 30 1,400 @ 2.88 November 28 1,800 @ 4.20 Sales:

March 10 900 May 15 1,800 July 6 800 August 23 600 December 22 2,500

a. Assuming use of perpetual inventory procedure, compute the ending inventory and cost of goods sold under each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).

b. Repeat

(a) assuming use of periodic inventory procedure.

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