Compute cost of goods sold and ending inventory on january

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The Concord Company counted physically their beginning balance on January 02, 2020 and subsequent inventory purchases made by the company during the month of January 2020 are given below:

Date                Description           Units             Rate

Jan. 02       Beginning Inventory    300            $10

Jan. 11         Purchased                600             12

Jan 23              Purchased             700               11

The company sold 1,300 units during the month of January 2020.

Instructions:

Question 1: The company uses periodic inventory system. Compute the cost of goods sold and ending inventory on January 31, 2020 using the following inventory costing methods:

a) First in, first out (FIFO) method.

b) Weighted Average cost method.

Reference no: EM132546148

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