The following data are available for one of the products sold by Green Company, which uses a perpetual inventory system.

Oct.	1	Beginning inventory, 800 units at $2 each
	5	Purchased 2,000 units at $2.50 each
	10	Sold 2,500 units at $5 each
	15	Purchased 1,700 units at $3 each
	25	Sold 1,500 units at $6 each

Calculate the total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming FIFO is used.

Calculate total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming LIFO is used.

Answer rating: 100% (QA)

Date Particulars 1Oct Openning Inventory Balance 5Oct Add Purchase Balance 10... View the full answer