ACME Corp has the following information about purchases and sales during the year, Assume ACME...
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Accounting
ACME Corp has the following information about purchases and sales during the year, Assume ACME uses a periodic system and assigns costs to inventory using the average-cost method.
| Jan. 1 | Beginning Inventory | 100 units @ $9 = | $900 |
| July 1 | Purchases | 600 units @ $13 = | $7,800 |
| Total Available | 700 units | $8,700 | |
| Total Sales | 450 units | ||
| Dec. 31 | Ending Inventory | 250 units | ?? |
Using average-cost method, compute (1) Ending Inventory (2) Cost of Goods Sold
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