Question: Question 1 (20 marks) Beginning inventory, purchases and sales data of ABC Co. are as follows: May 3 Inventory 24 units @ $90 11 Purchase

Question 1 (20 marks) Beginning inventory, purchases and sales data of

Question 1 (20 marks) Beginning inventory, purchases and sales data of ABC Co. are as follows: May 3 Inventory 24 units @ $90 11 Purchase 26 units @ $94 14 Sale 36 units 21 Purchase 18 units @ $120 25 Sale 20 units Required: Assuming ABC Co. adopts perpetual inventory system and follow FIFO cost method, prepare a schedule and calculate the cost of goods sold and ending inventory as at May 31. (20 marks)

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