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Grouper Limited uses a perpetual inventory system. The inventory records show the following data for...

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Accounting

Grouper Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:

Date Explanation Units Unit Cost Total Cost Balance in Units
Aug. 2 Purchases 251 $72 $18,072 251
3 Purchases 498 103 51,294 749
10 Sales (300 ) 449
15 Purchases 902 118 106,436 1,351
25 Sales (332 ) 1,019

Calculate the cost of goods sold and ending inventory using the FIFO cost method.

Cost of goods sold $enter a dollar amount
Ending inventory $enter a dollar amount

Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25.)

Cost of goods sold $enter a dollar amount
Ending inventory

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