Question in Accounting 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. Inventory Information for Part 17592a Number of units Date of purchase / sale Cost per unit Selling price per unit Opening inventory 255 units Various $ 14 Purchase 205 units Nov. 10 14.5 Sale 165 units Nov. 12 35 Purchase 160 units Nov. 20 14.75 Sale 330 units Nov. 22 65 Purchase 190 units Nov. 25 15.
Required: Calculate ending inventory as at November 30 and cost of goods sold for Part 17592a for November. FIFO Average Cost.