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ABC Corporation tracks the number of units purchased and sold throughout each accounting period but...

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Accounting

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ABC Corporation tracks the number of units purchased and sold throughout each accounting period but applies tis inventory costing method at the end of each period as if t uses a periodic inventory system. The following are the transactions for the month of July (10 pts) Units Unit Cost July 1 Beginning Inventory2,000 $22 July 5 Sokd July 13Purchased July 17Sold July 25Purchased July 27Sold 1,000 6,000 24 3,000 8,000 26 5,000 Calculate the ending inventory and cost of goods sold for Weighted Average, FIFO and LIFO. ( start with available chart) the goods During the month of June, Ace incorporated purchased goods f follows from two suppliers. The sequence of events was as 3 Purchased goods for $6,000 from Diamond Inc. with terms 4/10, n/60 5 Returned goods costing $1,000 to Diamond Inc. for credit on 6 Purchased goods from Club Corp. for $4,500 with terms 4/10, n/60 11 Paid the balance owed to Diamond Inc 22 Paid Club Corp. in full. account June Required: Assioning of the month. Calculate the cost of inventory as of June 30. (show calculations) 5 pts that Ace uses a perpetual inventory system and that the company had no inventory on hand at the

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