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

question 35

Essay

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

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Definitions:

X-axis

The horizontal line on a graph or chart that usually represents the independent variable in a data set.

Positive Relationship

A relationship between two variables where an increase in one variable is associated with an increase in the other.

Slope

A measure of the steepness, incline, or grade of a line, typically determined by the ratio of the vertical change to the horizontal change.

Point C

In the context of economic models, Point C can represent a specific position on a graph, such as on a supply and demand curve or a production possibilities frontier, illustrating a particular economic condition or choice.