The following data represent the beginning inventory and, in order of occurrence, the purchases and...
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Accounting
The following data represent the beginning inventory and, in order of occurrence, the purchases and sales of Blumen, Inc., for October 2019. Perpetual inventory system is used.
Units
Unit Cost
Total Cost
Units Sold
Beginning Inventory on Oct. 1
30
$18
$ 540
Oct. 8, Purchased 20 units
20
19
380
Oct. 15, Purchased 40 units
40
20
800
Oct. 21, Sold 55 units
55
Oct. 28, Purchased 20 units
20
22
440
Required: Compute the amounts of cost of goods sold and ending inventory for the month of October using the following methods:
(a) First-in, first-out :
(b) Last-in, first-out:
(c) Weighted-average :
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