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The Glenn Sales Corporation uses the perpetual inventory system. On January 1, Glenn had 2,600...

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Accounting

The Glenn Sales Corporation uses the perpetual inventory system. On January 1, Glenn had 2,600 units of product B with a unit cost of $40 per unit. A summary of purchases and sales during the year follows:
Unit
Cost Units
Purchased Units
Sold
Jan. 31,600
Mar. 8 $443,000
June 132,000
Sept.1946800
Nov.23501,200
Dec.281,800
Required
a. Assume that Glenn uses the first-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B.
b. Assume that Glenn uses the last-in, first-out method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B.
c. Assume that Glenn uses the weighted-average cost method. Compute the cost of goods sold for the year and the ending inventory balance at December 31 for product B. Do not round until your final answers. Round to the nearest dollar.

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