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The Wright Company recorded the following inventory information during the month of October UNITS UNIT COST TOTAL COST $1.00 $3.00 $2,000 $3,600 Balance on October 1 Purchased on October 8 Sold on October 20 Purchased on October 22 Sold on October 28 Purchase on October 29 2,000 1,200 1,500 2,000 2,200 1,000 UNITS ON HAND 2,000 3,200 1.700 3,700 1,500 2,500 $4.00 $8,000 $5.00 $5,000 Part B: Using the partially computed tables on the next three pages, compute the cost of goods sold and the cost of the 2,500 units in ending inventory under each of the assumptions given above. COSTING INVENTORY IN A PERPETUAL INVENTORY SYSTEM FIFO - Perpetual Date Purchases Cost Units Total Units Sales Cost Total Inventory on Hand Cost Units Total 1,200 $3.00 $3,600 $1.00 $1.00 $3.00 2,000 2,000 1,200 3,200 500 1.200 1,700 $2,000 $2,000 3.600 S5,600 S 500 3.600 S4,100 1,500 $1.00 $1,500 $1.00 $3.00 10/1 10/8 Purchased 1.200 units 10120 Sold 1,500 units 10/22 Purchased 2,000 units 10/28 Sold 2,200 units 10/29 Purchased 1.000 units TOTALS LIFO - Perpetual Date Units Purchases Cost Total Units Sales Cost Total Units Inventory on Hand Cost Total 1,200 $3.00 $3,600 $2,000 2,000 2,000 1,200 $1.00 $1.00 53.00 $2,000 $3.600 $5,600 1,200 3.200 10/1 10/8 Purchased 1,200 units 10/20 Sold 1,500 units 10/22 Purchased 2,000 units 10/28 Sold 2,200 units 10/29 Purchased 1,000 units $3.00 $1.00 300 1,500 $3,600 S 300 $3.900 1,700 $1.00 $1,700 TOTALS AVERAGE COSTING - Perpetual (round cost per unit to four decimal places and total costs to two decimal places) Purchases Cost Date Sales Cost Inventory on Hand Cost Units Total Units Total Units Total 10/1 2,000 3,200 $1.00 $1.75 $2,000 55,600 1078 1,200 $3.00 $3,600 Purchased 1,200 units 10/20 Sold 1,500 1,500 $1.75 $2,625 1,700 $1.75 $2,975 10/22 Purchased 2,000 units 10/28 Sold 2,200 units 10/29 Purchased 1.000 units TOTALS

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