Q3. During April, the following changes in the single inventory product took place: ...
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Q3. During April, the following changes in the single inventory product took place:
April 1 Balance 1,400 units @ $24
8 Purchased 900 units @ $36
12 Purchased 700 units @ $30
24 Purchased 400 units @ $50
10 Sold 1,500 units @ $40
26 Sold 1,700 units @ $44
Calculate the COGS after each sales transaction and the ending inventory after each transaction under the following methods.
(a) FIFO.
(b) Average Cost. (round numbers to the nearest 10)
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