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Calculate the cost of goods sold and ending inventory

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Reference no: EM132898762

Question - Purple Corporation's beginning inventory and later purchases of inventory during Feb 2021 were as below:

Feb 01: Beginning inventory, 40 units @ $11 per unit.

Feb 13: Inventory purchased, 88 units @ $15 per unit.

Feb 25: Inventory purchased, 55 units @ $20 per unit.

Purple Corporation sold 85 units during the month of Feb 2021.

Required -

1. Calculate the cost of goods sold and ending inventory for Feb 2021 using both the Weighted Average cost and First in, first out (FIFO) method.

2. Record the journal entry for the Feb 13 purchase of inventory. Also record the journal entries when 45 units from this lot were sold for $29 each. Assume both purchase of inventory and its sale are on account.

Reference no: EM132898762

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