Grouper Limited uses a perpetual inventory system. The inventory records show the following data for...
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Accounting
Grouper Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations:
| Date | Explanation | Units | Unit Cost | Total Cost | Balance in Units | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug. | 2 | Purchases | 251 | $72 | $18,072 | 251 | ||||||
| 3 | Purchases | 498 | 103 | 51,294 | 749 | |||||||
| 10 | Sales | (300 | ) | 449 | ||||||||
| 15 | Purchases | 902 | 118 | 106,436 | 1,351 | |||||||
| 25 | Sales | (332 | ) | 1,019 |
Calculate the cost of goods sold and ending inventory using the FIFO cost method.
| Cost of goods sold | $enter a dollar amount |
|---|---|
| Ending inventory | $enter a dollar amount |
Calculate the cost of goods sold and ending inventory using the average cost method. (Round average cost per unit and final answers to 2 decimal places, e.g. 1.25.)
| Cost of goods sold | $enter a dollar amount |
|---|---|
| Ending inventory |
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