Question: Question 3 Chapter 8 18 points A record of transactions for the month of May was as follows: Purchases Sales Units 1-May 1,400 @ $3.12

Question 3 Chapter 8 18 points

A record of transactions for the month of May was as follows:
		Purchases		Sales Units
	1-May	1,400 @ $3.12 (balance)	3-May	1,200
	4	1,300 @ $3.10	6	1,000
	8	1,800 @ $4.30	12	1,100
	14	1,700 @ $4.40	18	1,000
	22	1,200 @ $4.80	25	1,400
	29	500 @ $5.55

Using the following tables, (FIFO, LIFO, Moving Average) compute the ending inventory and the cost of goods sold, assuming the company uses perpetual inventory records. The first couple of transactions have been done for you as an example. Enter your answers in the grey areas.

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