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Calculate cost of good sold and ending inventory

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Reference no: EM131123541

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

DATE TRANSCTION # OF UNITS UNIT COST
1/1
 Beginnig 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:

i. Weighted Average

ii. FIFO

iii. 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: EM131123541

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