Adamo Limited (AL) is a wholesaler of machine parts. Jacob Avery, an employee of AL, recently purchased AL from the original owner, Mr. Adam, who is retiring. Mr. Avery has come to you for advice on how to calculate ending inventory and cost of goods sold. He has asked you to explain your reasoning for any choices you make. Mr. Avery provided you with the following example of his inventory costs using Part 17592a.
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Inventory Information for Part 17592a
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Number of units
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Date of purchase / sale
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Cost per unit
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Selling price per unit
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Opening inventory
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255 units
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Various
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$
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14.00
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Purchase
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205 units
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Nov. 10
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14.50
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Sale
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165 units
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Nov. 12
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35.00
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Purchase
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160 units
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Nov. 20
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14.75
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Sale
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330 units
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Nov. 22
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65.00
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Purchase
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190 units
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Nov. 25
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15.00
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Required: Calculate ending inventory as at November 30 and cost of goods sold for Part 17592a for November.
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Cost of Goods Sold
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Ending Inventory
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FIFO
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Average Cost
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