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Find cost of goods sold and ending inventory using fifo

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Reference no: EM132537548

Question - In year 2018, Ali Inc. received 3 shipments of 3600 sewing machines at $125 each on Feb 12, then 2,000 sewing machines at $130 each on April 20, and finally 2700 sewing machines at $90 each on August 26. The company sold 4,900 sewing machines at $200 each on Sept 15. Ali Inc returned 1500 sewing machines that cost $90 on Sept 25. ABC Company follows Perpetual inventory system.

Instructions - Find Cost of goods sold and Ending inventory using

1. FIFO.

2. Moving Average Method.

Reference no: EM132537548

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