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Hill Corporations beginning inventory and later purchases of inventory during Nov 2021 were as below:...

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Accounting

Hill Corporations beginning inventory and later purchases of inventory during Nov 2021 were as below:

Nov 01: Beginning inventory, 72 units @ $5 per unit.

Nov 13: Inventory purchased, 105 units @ $8 per unit.

Nov 25: Inventory purchased, 78 units @ $11 per unit.

Hill Corporation sold 146 units during the month of Nov 2021.

Required:

a. Calculate the cost of goods sold and ending inventory for Nov2021 using both the Weighted Average cost and First in, first out (FIFO) method. (14 marks)

b. Record the journal entries for the Nov 13 purchase of inventory. Also record the journal entries when 74 units from this lot were sold for $15 each. Assume both purchase of inventory and its sale are on account and the company uses FIFO method. (6 marks)

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