The Records of a Company Showed the Following Data for the Month

question 51

Essay

The records of a company showed the following data for the month of May (in order of date): $\begin{array} { l } \text { \text { Units }}&\text { Unit }\\&\text { Cost }\\ \text {Beginning inventory }&200\\ \text {Purchase \( \# 1 \). }&400\\ \text { Sale \#1.}&300\\ \text { Purchase \#2.}&400\\ \text {Sale \#2.. }&600\\ \text {Purchase \( \# 3 \) }&200\\\end{array}$
Required: Complete the following schedule: (round to the nearest cent): $\begin{array} { |l|l|l| }\hline&\text { Ending }\\\hline &\text { Inventory }&\text { Cost of }\\\hline&\text { Valuation }&\text { Goods Sold }\\\hline \text {(a) FIFO }&\$&\$\\\hline \text {(d) Weighted average. }&\$&\$\\\hline\end{array}$

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Kinsey's Survey

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