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Determine the cost of goods sold for October 2020 in dollars, and the balance in...

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Accounting

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  1. Determine the cost of goods sold for October 2020 in dollars, and the balance in Ending Inventory in both units and dollars on October 31, 2020. Show all calculations
  2. Prepare the required journal entry(ies) for the October 29th sale.
  3. Assume that Orange Farms uses the First in First Out (FIFO) costing instead of weighted average. Determine the cost of goods sold for the sale on October 10, as well as the October 10 closing balance of inventory (in dollars and units) after the sale.
Orange Farm Wholesalers Ltd. ("Orange Farm) sells pumpkins to various retail outlets. It determines inventory on the Average cost basis using the perpetual inventory method. On September 30, 2020, Orange Farm had 700 pumpkins in inventory each costing $2. In the month of October 2020, the following purchases were made: During October 2020, Orange Farm made the following purchases: Date Pumpkins purchased Cost per unit Oct 3 350 $2.50 Oct 20 220 $1.50 Also during October, Orange Farm made the following sales: Date Pumpkins sold Selling price per pumpkin Oct 10 480 $5 Oct 29 780 $6 Orange Farm makes all its sales and purchases on account. Round all calculations to two decimals

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