Provide cost of goods sold and ending inventory for below exercises...
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Provide cost of goods sold and ending inventory for below exercises (Winsor uses the perpetual method and Washington Bottom Company uses the periodic method). Show work for FIFO, LIFO & Average for both exercises. Winsor Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May: May 1 Beginning inventory 20 units @ $5 10 Purchase 20 units @ $8 15 Sales 15 units 18 Purchase 10 units @ $9 21 Sales 15 units 30 Purchase 10 units @ $10 Instructions Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May. $5 6,000 Washington Bottom Company reports the following for the month of June. Units Unit Cost Total Cost June 1 Inventory 300 $1,500 12 Purchase 450 6 2,700 23 Purchase 750 8 30 Inventory 180 Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO , (2) LIFO, and average-cost method. Under the periodic method for Washington Bottom Company
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