Dollar amount of cost of goods sold

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Reference no: EM13915911

The following data are available for one of the products sold by Green Company, which uses a perpetual inventory system.

Oct. 1 Beginning inventory, 800 units at $2 each

5 Purchased 2,000 units at $2.50 each

10 Sold 2,500 units at $5 each

15 Purchased 1,700 units at $3 each

25 Sold 1,500 units at $6 each

1. Calculate the total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming FIFO is used.

2. Calculate total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming LIFO is used.

Reference no: EM13915911

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