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Direction: Read the transactions carefully and produce the required. Bullwinkle company has the following inventory,...

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Direction: Read the transactions carefully and produce the required. Bullwinkle company has the following inventory, purchases, and sales data for the month of August Beginning Inventory Aug 1 20 units @ $2 $40 Purchases Aug 10 60 units @ $2.5 150 Aug 20 70 units @ $3 210 Sales 30 units Aug 12 Aug 27 60 units Instructions Determine the COGS and ending inventory cost at August using the assumptions (a) FIFO (4 marks) and (b) average cost (4 marks)

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