Question: Question 6 Jackpot Limited uses a perpetual inventory system. Inventory data for the year ended December 31, 2019, are as follows: Beginning inventory 35 units

Question 6

Jackpot Limited uses a perpetual inventory system. Inventory data for the year ended December 31, 2019, are as follows:

Beginning inventory 35 units at $130 each

February 28 purchase 25 units at $145 each

1st quarter sales 40 units

July 31 purchase 45 units at $115 each

2nd quarter sales 55 units

October 31 purchase 60 units at $125 each

Required

Determine the amounts to report for Cost of Goods Sold and Ending inventory using FIFO and the weighted-average cost method.

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