Response to the following problem:
During 2012, a company sells 300 units of inventory for $85 each. the company has the following inventory purchase transactions for 2012:
DATE TRANSACTION NUMBER OF UNITS UNIT COST TOTAL COST
jan. 1 beginning inventory 60 $71 $4260
may 5 purchase 170 72 12240
nov 3 purchase 180 74 13320----- 410 $29,820
A. Calculate ending inventory and cost of goods sold for 2012 assuming the company uses FIFO with a periodic inventory system.
B. Calculate ending inventory and cost of goods sold for 2012 assuming the company uses weighted average with a periodic inventory system.