Problem 6-3A (Part Level Submission) Cheyenne-Mart Centre Inc. began operations on May 1 and uses...
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Problem 6-3A (Part Level Submission) Cheyenne-Mart Centre Inc. began operations on May 1 and uses a perpetual inventory system. During May, the company had the following purchases and sales for one of its products: Purchases Units Unit Cost 120 $98 Sales Unit Price Date May 1 Units $257 100 108 8 13 15 281 60 113 306 332 (a) Determine the cost of goods sold and cost of ending inventory using (1) FIFO and (2) average cost. (Round Average answers to 2 decimal places, e.g. 5.75.) FIFO Average Cost of Goods Sold 27080 $ Ending Inventory S 2 260
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