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Question - Fatima's Greeting Cards carries a brand of card that has proven to be very popular. Fatima uses a perpetual inventory system. All purchases and sales are made on account. The following are the purchases and sales for this product for the month of October.
Date
Purchases
Sales
Units
Unit Cost
Sales Price
Beginning Inventory
3
$5
October 2
1
$8
October 9
8
$6
October 12
5
October 25
4
$9
October 30
$7
Using the excel sheet provided, complete the following:
a) Calculate the Cost of Goods Sold and Ending Inventory (in the table provided), using the FIFO method of Inventory Valuation.
b) Calculate the Cost of Goods Sold and Ending Inventory (in the table provided), using the LIFO method of Inventory Valuation.
c) Calculate the Cost of Goods Sold and Ending Inventory (in the table provided), using the Average Cost method of Inventory Valuation.
d) Record the journal entries for the October 9 purchase and the October 12 sale, using the Average Cost method.
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