Question: please be fast time is running out Patrick Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory
Patrick Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month as if it uses a periodic inventory system. Assume that their records show the following for the month of January.... Sales totalled 500 units Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units Unit Cost Total Cost 100 $10 $1,000 400 8 3,200 200 11 2,200 1. Calculate the number and cost of goods available for sale units $ 2. Calculate the number of units in ending inventory units 3. Calculate the cost of ending inventory and cost of goods sold using these methods: FIFO $ $ Ending Inventory Cost of Goods Sold $ Weighted Average Ending Inventory $ $ Cost of Goods Sold
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