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Calculate the cost of goods sold and ending inventory

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Question - Oak Tree Ltd. uses the periodic inventory system. The company's beginning inventory and later purchases of inventory during Oct 2016 were as below:

Oct 01: Beginning inventory, 50 units @ $150 per unit.

Oct 14: Inventory purchased, 110 units @ $160 per unit.

Oct 26: Inventory purchased, 50 units @ $170 per unit.

During October Oak Tree Ltd sold 90 units.

Calculate the cost of goods sold and ending inventory for October 2016 for both the Weighted Average cost and First in, first out (FIFO) method.

Also record the journal entries for the Oct 14 and Oct 26 purchase of inventory on account. And record the sale of 50 units from beginning inventory and 40 units from the Oct 14 purchase on account at $200 each.

Reference no: EM132831667

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