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On January 1, Aguero Inc. had a beginning inventory of 960 units of soccer balls at a cost of $6 per unit.
During the year, inventory purchases were as follows:
PURCHASE DATE. UNITS. UNIT COST
February 20. 2350. $5
May 5. 2800. $6
August 15. 2480. $6.5
December 8. 1760. $5
REQUIRED:
Fill in the following blanks.
Round to the nearest dollar.
Question a. Cost of goods available for sale: _________________
Question b. Value of ending inventory using FIFO:______________
Question c. Value of ending inventory using average cost:__________
Question d. Value of cost of goods sold using FIFO:___________
Question e. Value of cost of goods sold using average cost:____________
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