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What would be the cost of goods sold for April

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Reference no: EM132796873

Question - Future Phones has been selling cellular phones for the last five years. Its best-selling model is the CD#800, and costs have been falling quickly recently (although selling prices to Future Phone's customers are stable). The following information pertains to the CD#800 inventory for April 2020:

Units Units cost

Opening inventory 400 $5

Purchase 1 240 4

Sale 1 (180)

Purchase 2 440 5.30

Sale 2 (420) -

Ending inventory 480 -

Required -

1. If Future Phone uses the FIFO method under a periodic inventory system, what would be the cost of ending inventory for April 2020?

2. If future phone uses the weight-average method under a periodic inventory system, what would be the cost of goods sold for April 2020?

Reference no: EM132796873

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