Calculate cost of goods sold and Ending Inventory in units

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Question - Johnson Corporation is a multi-product firm. The following information concerns one of its products:

Date

Transaction

Quantity

Selling Price/Cost

Jan 1

Beginning Inventory

1,000

$12

Feb 4

Purchase

2,000

18

Feb 20

Sale

2,500

30

Apr 2

Purchase

3,000

23

Nov 4

Sale

2,000

33

Required - Calculate cost of goods sold and Ending Inventory in units and dollars, assuming Johnson uses:

1. A periodic inventory system and FIFO cost formula.

2. A periodic inventory system and weighted average cost formula.

3. A perpetual inventory system and moving average cost formula.

Reference no: EM133057510

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