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Question 2
Vaughn Company uses the perpetual inventory system. The following information is available for the month of March:
March 1 Beginning inventory 20 units @ $5
10 Purchase 20 units @ $8
15 Sales 15 units @ $15
18 Purchase 10 units @ $9
21 Sales 15 units @ $18
30 Purchase 10 units @ $10
Required
Show computations to value the ending inventory, cost of goods sold and gross profit at 31 March for
a. FIFO
b. LIFO
c. AVCO
You can either use excel or hand write your answers.
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