Solution-Compute ending inventory and cost of goods sold

Compute ending inventory and cost of goods sold

Reference no: EM13527553

The periodic inventory records of Synergy Prosthetics indicate the following at July 31:

Jul 1	Beginning inventory	6 units	@ $60
8	Purchase	5 units	@ $67
15	Purchase	10 units	@ $70
26	Purchase	5 units	@ $85

At July 31, Synergy counts two units of inventory on hand.

Requirement

1. Compute ending inventory and cost of goods sold, using each of the following methods:

a. Average cost (round average unit cost to the nearest cent)

b. First-in, first-out

c. Last-in, first-out

Reference no: EM13527553

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Compute ending inventory and cost of goods sold

Reference no: EM13527553

Reference no: EM13527553

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