Reference no: EM132517920

May 1st Beginning inventory              55 sets @ $300

5th Sold                                                                 12 sets @ $650

8th Purchased                                8 sets @ $260

15th Purchased                             10 sets @ $280

20th Sold                                                               12 sets @ $650

25th Purchased                              22 sets @ $310

28th Purchased                            15 sets @ $320

30th Sold                                                                 46 sets @ $650

• Business use uses the perpetual inventory system and it has to pay transport on each purchase of $50 a set. In order to sell a set, they also have to pay $40 a set to transport the set to the customers.
• Four of the sets from the purchase on the 28th of May have been damaged and will only be able to be sold in the future for $100 a set. No stock loss has occurred.

Question 1: Find the value of inventory using The weighted average method and First In First Out