Problem 2: The following information related to ABC Company's merchandise inventory during the month of...
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Problem 2: The following information related to ABC Company's merchandise inventory during the month of August is available: Aug. 1 Inventory on hand-2,000 units; cost $7.10 each. 8 Purchased 10,000 units for $6.50 each 14 Sold 8,000 units for $14.00 each 18 Purchased 6,000 units for $6.00 each 25 Sold 7,000 units for $12.00 each. Required: 1. Determine COGS and Cost of Ending Inventory using First-in, first-out (FIFO) under Periodic Inventory System. 2. Determine COGS and Cost of Ending Inventory using Last-in, first-out (LIFO) under Perpetual Inventory System. 3. Determine Cost of goods sold and Cost of Ending Inventory using Average cost under Periodic Inventory System
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