Question: Use the data from Problem 6-1B and do Part 1, assuming Obama Company uses a periodic inventory costing system. Round calculations to two decimal places.

Use the data from Problem 6-1B and do Part 1, assuming Obama Company uses a periodic inventory costing system. Round calculations to two decimal places.
The Obama Company has two sales during the period. The units have a selling price of $165 per unit.

Obama Company uses a perpetual inventory system.
Required:
1. Calculate the dollar value of cost of goods sold and ending inventory using
(a) FIFO
(b) Moving weighted average method (round the average cost per unit to two decimal places).

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a FIFO basis Total cost of the 1145 units for sale 123440 Less Ending inventory on a FIFO basis 345 ... View full answer

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