1. Following is an inventory acquisition schedule for ABC CO. for 2020: Units Unit Cost...
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Accounting
1. Following is an inventory acquisition schedule for ABC CO. for 2020: Units Unit Cost Beg. Inventory 500 $ 13 Purchases: Feb. 4 300 15 Apr. 12 400 16 Sept. 10 200 15 Dec. 5 100 18 During the year, ABC sold 1150 units at $22 each. Compute the cost of goods sold (COGS) and ending inventory under each of the following three methods (assume a periodic inventory system): (a) simple weighted average, (b) FIFO, (c) LIFO, and make the necessary adjusting journal entries.
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