Compute cost of goods sold and the cost of ending inventory

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Reference no: EM133328395

JFK Shop Inc. has the following data for inventory, purchases, and sales of merchandise for December for one of the items the company sells:

Activity	Units	Purchase Price (per Unit)	Sale Price (per Unit)
Beginning Inventory	68	$85.00
Purchase1: Dec. 4	58	$93.00
Sale1: Dec. 8	35		$120.00
Sale2: Dec. 10	12		$140.00
Purchase2: Dec. 17	18	$98.00
Sale3: Dec. 20	28		$150.00

Required:

Question 1: Under perpetual system, compute cost of goods sold and the cost of ending inventory using the FIFO method. Show computations.

Question 2: Under periodic system, compute cost of goods sold and the cost of ending inventory using the Weighted Average method. Show computations. (Note: Use two decimal places for per-unit calculation and round all other numbers to the nearest dollar amount.)

Reference no: EM133328395

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