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Calculate ending inventory as at november 30 and cost of

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Adamo Limited (AL) is a wholesaler of machine parts. Jacob Avery, an employee of AL, recently purchased AL from the original owner, Mr. Adam, who is retiring. Mr. Avery has come to you for advice on how to calculate ending inventory and cost of goods sold. He has asked you to explain your reasoning for any choices you make. Mr. Avery provided you with the following example of his inventory costs using Part 17592a.

Inventory Information for Part 17592a
 

Number of units

Date of purchase / sale

Cost per unit

Selling price per unit

  Opening inventory

  

255 units

    

Various

  

$

14.00

        

  Purchase

  

205 units

    

Nov. 10

    

14.50

        

  Sale

  

165 units

    

Nov. 12

          

35.00

  

  Purchase

  

160 units

    

Nov. 20

    

14.75

        

  Sale

  

330 units

    

Nov. 22

          

65.00

  

  Purchase

  

190 units

    

Nov. 25

    

15.00

        

Required: Calculate ending inventory as at November 30 and cost of goods sold for Part 17592a for November.

 

Cost of Goods Sold

Ending Inventory

FIFO

    

Average Cost

    

Reference no: EM13965004

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