Question: Please give me a correct answer. question 6 The following table shows the flow of inventory in chronological order. October 1 4 12 16 24

Please give me a correct answer.
question 6 The following table shows the flow of inventory in chronological

question 6 The following table shows the flow of inventory in chronological order. October 1 4 12 16 24 31 Instructions Beginning Inventory Purchase Purchase Sale Purchase Ending Inventory Units 150 400 800 1,300 400 450 $/unit 20 30 32 42 * Selling price (1) Assume the company follows a perpetual system. Using FIFO method, compute the cost of goods sold, the value of ending inventory and gross margin. (2) Assume the company follows a perpetual system. Using the average-cost method, compute the cost of goods sold, the value of ending inventory and gross margi.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!