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ABC Co. has the following information in 2020:
| 2020 | | Units | Unit cost | Total Cost |
| Jan 1 | Beginning Inventory | 21 | $57 | $1197 |
| Purchases: | | | | |
| Mar 28 | Purchase | 27 | 66 | 1782 |
| Aug 22 | Purchase | 34 | 71 | 2414 |
| Oct 14 | Purchase | 27 | 76 | 2052 |
| Goods Available for Sale | | 109 | | $7445 |
| Sales: | | | Unit Sales Price | Revenue |
| May 1 | Sales | 36 | $100 | $3600 |
| Oct 28 | Sales | 26 | $100 | $2600 |
| Total Revenue | | 62 | | $6200 |
Required:
Calculate the company's ending inventory and cost of goods sold under the following assumptions. Provide your answers in the space given below.
a. using the Weighted Average inventory costing methods, assuming the company uses the periodic system;
| Weight Average Cost per Unit: | Blank 1. Calculate the answer by read surrounding text. |
| Ending Inventory: | Blank 2. Calculate the answer by read surrounding text. |
| Cost of Goods Sol | Blank 3. Calculate the answer by read surrounding text. |
b. using the FIFO inventory costing methods, assuming the company uses the periodic system;
| Ending Inventory: | Blank 4. Calculate the answer by read surrounding text. |
| Cost of Goods Sold: | Blank 5. Calculate the answer by read surrounding text. |
c. using the FIFO inventory costing method, assuming the company uses the perpetual system;
| Cost of Goods Sold: | Blank 6. Calculate the answer by read surrounding text. |
| Ending Inventory: | Blank 7. Calculate the answer by read surrounding text. |
d. using the Weighted Average inventory costing method, assuming the company uses the perpetual system.
| Cost of Goods Sold: | Blank 8. Calculate the answer by read surrounding text. |
| Ending Inventory: | Blank 9. Calculate the answer by read surrounding text. |
Answer & Explanation
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