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Determine the cost of goods sold

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Problem - Anil Company uses a perpetual inventory system. During the year, the company had the following purchases and sales for its E2-D2 product:

Jan 1 Opening Inv. 400 units @8

Feb 20 Purchase 700 units @ $9

Mar 3 Sale 700 units

May 5 Purchase 500 units @ $10

Aug 12 Purchase 300 units @ $11

Nov 10 Sales 700 units

Dec 8 Purchase 100 units @ $12

Required - Determine (1) the cost of goods sold and (2) ending inventory under each of the three assumed cost flow methods (FIFO, LIFO, and Moving Average Method). Which method would you recommend as the company's accountant?

Reference no: EM132823105

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