Reference no: EM132429471
Question - On January 1, Aguero Inc. had a beginning inventory of 960 units of soccer balls at a cost of $6 per unit.
During the year, inventory purchases were as follows:
|
PURCHASE DATE
|
UNITS
|
UNIT COST
|
|
February 20
|
2350
|
$5
|
|
May 5
|
2800
|
6
|
|
August 15
|
2480
|
6.5
|
|
December 8
|
1760
|
5
|
The company uses a periodic inventory system.
At the end of the year on December 31, a physical inventory count determined that there were 2240 units on hand.
Fill in the following blanks. Round to the nearest dollar.
a. Cost of goods available for sale:
b. Value of ending inventory using FIFO:
c. Value of ending inventory using average cost:
d. Value of cost of goods sold using FIFO:
e. Value of cost of goods sold using average cost: