• Required:
•  Calculate the cost of goods sold and ending inventory using the FIFO cost method. 
• 
  
• Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit to 2 decimal places)

Transcribed Image Text:

Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations; Date Aug. 2 3 10 Explanation Units Unit Cost Purchases 249 $69 Purchases 506 96 Sales 15 25 Sales Purchases (275) 926 (311) 121 Total Cost $17,181 48,576 112.046 Balance in Units 249 755 480 1,406 1,095 Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations; Date Aug. 2 3 10 Explanation Units Unit Cost Purchases 249 $69 Purchases 506 96 Sales 15 25 Sales Purchases (275) 926 (311) 121 Total Cost $17,181 48,576 112.046 Balance in Units 249 755 480 1,406 1,095

Answer rating: 100% (QA)

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