Inventory Data for the Accounting Period Were as Follows (In

question 37

Essay

Inventory data for the accounting period were as follows (in order of date): $\begin{array} { | l | l | l | } \hline & \text { Units Cost } & \text { Unit } \\\hline \text { Beginning inventory } & 400 & \$ 3.00 \\\hline \text { Purchase \#1 } & 800 & \$ 3.10 \\\hline \text { Sale \#1 } & 1,000 & \\\hline \text { Purchase \#2 } & 800 & \$ 3.20 \\\hline \text { Sale \#2 } & 600 & \\\hline\end{array}$
Compute the following amounts under each inventory flow method
(round to nearest cent): $\begin{array} { | l | l | l | } \hline & \text { Ending Inventory Valuation } & \text { Cost of Goods Sold } \\\hline \text { (a) FIFO } & \$ - & \$ - \\\hline \text { (b) Weighted average } & \$ - & \$ - \\\hline \text { (c) Moving average } & \$ - & \$ - \\\hline\end{array}$

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Definitions:

Preferred Stockholders

Investors who own preferred shares in a company, with rights to dividends before common stockholders and priority in asset distribution.

Dividends in Arrears

Dividends on preferred stock that have been declared but not paid to shareholders.

Stock Split

A corporate action where a company divides its existing shares into multiple shares to boost the liquidity of the shares, though the overall market capitalization remains the same.

Par Value

Par value is the nominal or face value of a stock or bond as stated by the issuer, which often bears no relation to its market value.