Determine cost of goods sold and cost of ending inventory

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Reference no: EM131264031

The Nashville Merchandise Company started business on August 1, 2015. The following purchases were made during August on the dates indicated:

Units Purchased Unit Cost

August 10 2,500 $10

August 15 12,500 $11

August 27 4,000 $14

The company made the following sales during August:

units Sold Selling Price

August 20 6,000 $20

August 31 5,000 $20

Determine the cost of goods sold and the cost of ending inventory based on each of the following methods of inventory valuation. For each scenario assume that Nashville uses a perpetual inventory system EXCEPT for scenario (d) in which the periodic inventory method system is used.

(a) First-in, First-out

(b) Last-in, Last-out

(d) Weighted-Average

Use periodic inventory method

Reference no: EM131264031

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