Homework Question: - Fahed Co incurred the following transactions during the month of December 2019....
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Homework Question: - Fahed Co incurred the following transactions during the month of December 2019. December 1: Beginning Inventory (100 units @ 5 per unit). December 6: Purchased 50 units @ 5.50 per unit. December 10: Purchased 30 units @ 5.25 per unit. December 13: Sold 130 units @ 12 per unit. December 15 Sold 45 units @ 12.50 per unit December 19 Purchased 120 units @ 4.75 per unit. December 22: Sold 80 units @ 12.25 per unit. December 25 Sold 30 units @ 13 per unit. December 30: Purchased 90 units @ 5.75 per unit. December 31: Sold 80 units @ 11.50 per unit. Required: You have to use "Average" and "FIFO" methods and calculate the following: i. Calculate cost of ending inventory on December 31", 2019 ii. Calculate cost of goods sold for the period ending on December 31", 2019 iii. Calculate gross profit for the period ending on December 31", 2019
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