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A Wallace Bishop store began the month of September 2019 holding 20 bracelets that cost $60 each. During September, the store subsequently purchased the following amount of inventory (bracelets); September No. of bracelets Cost per bracelet
September 3 - 10bracelets at $65 per bracelet
September 16 - 5 bracelets at $70 per bracelet
September 23 - 8 bracelets at $85 per bracelet
On 7 September the store sold 21 bracelets for $100 each and on the 17 September the store sold a further 7 bracelets for $120 each.
Calculate:
Question 1) the cost of goods sold based on perpetual inventory and FIFO cost allocation.
Question 2) the closing inventory based on periodic inventory and weighted average cost allocation.
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