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Calculate cost of good sold and ending inventory

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Reference no: EM131115494

The inventory records of Furguson, Inc. reflected the following information for the year:

DATE

TRANSCTION

# OF UNITS

UNIT COST

1/1

Beginning Inventory

300

$18

2/14

Purchase

140

19

3/7

Sale

180

-

4/19

Purchase

120

21

8/26

Sale

270

-

6/20

Purchase

150

22

10/13

Purchase

90

24

12/10

Sale

100

-

a) Calculate Cost of Good Sold and Ending Inventory under each of the following cost flow assumptions:

- Weighted Average

- FIFO

- LIFO

b) Assuming a Price per Unit of $ 40, what information can be presented on the firm's Income Statement for the year?

c) What type of firm is this (i.e. Manufacturing, Merchandising, or Service)? What is the basis of your response here?

Reference no: EM131115494

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