The following data relate to the beginning inventory, purchases, and sales of Braxton Company for the year 2010:
|
Units |
Unit Cost |
|
|
Merchandise Inventory, January 1 |
1,400 |
@ $5.04 |
|
Purchases: |
||
|
2-Feb |
1,000 |
@ 4.80 |
|
5-Apr |
2,000 |
@ 3.60 |
|
15-Jun |
1,200 |
@ 3.00 |
|
30-Sep |
1,400 |
@ 2.88 |
|
28-Nov |
1,800 |
@ 4.20 |
|
Sales: |
||
|
10-Mar |
900 |
|
|
15-May |
1,800 |
|
|
6-Jul |
800 |
|
|
23-Aug |
600 |
|
|
22-Dec |
2,500 |
a. Assuming use of perpetual inventory procedure, compute the ending inventory and cost of goods sold under each of the following methods: (1) FIFO, (2) LIFO, and (3) weighted-average (carry unit cost to four decimal places and round total cost to nearest dollar).
b. Repeat (a) assuming use of periodic inventory procedure.