Question #1)

See below for purchase and sale data for Merchandise Inventory (Product "A)

Date JAN 2 # of Units Purchased 10 $ Cost per Unit $11.00 Total Purchases $110.00

Date JAN 4 # of Units Purchased 20 $ Cost per Unit $13.00 Total Purchases $260.00

Date JAN 16 # of Units Purchased 15 $ Cost per Unit $20.00 Total Purchases $300.00

Note: Assume no beginning inventory for Product "A"

Date jan 5 #of Units Sold 15 $ Sale per Unit $20.00 Total Sales $300.00

DATE Jan 20 #of units sold 5 $ sale per unit $25.00. Total sales $125.00

Determine the Cost of Goods Sold using:

a) FIFO

b) Weighted Average