The following transactions occurred in relation to the widget inventory of Hackack Ltd during the month of July.

Calculate the COGS and gross profit for July, assuming a perpetual inventory system is employed: 

1. Using FIFO 

2. Using LIFO.

Transcribed Image Text:

Date July 1 8 12 13 20 22 24 29 Transaction Began operations by purchasing 300 widgets for $6.00 each Sold 50 widgets for $7.00 each Sold 150 widgets for $7.00 each Bought 500 widgets for $5.00 each Sold 400 widgets at $6.00 each Sold a further 100 widgets at $5.50 each Bought a further 200 widgets at $4.00 each Sold 150 widgets at $5.00 each