Problem: Below is the record of inventory purchases and sales of the month of August 2019 for Company A. Company A uses the perpetual inventory system.
|
Date
|
|
Units
|
Unit Cost/Selling Price per Unit
|
|
Aug-01
|
Beginning Inventory
|
140
|
43
|
|
Aug-05
|
Purchase
|
115
|
45
|
|
Aug-09
|
Sales
|
120
|
85
|
|
Aug-12
|
Sales
|
60
|
90
|
|
Aug-16
|
Purchase
|
150
|
52
|
|
Aug-25
|
Sales
|
85
|
80
|
|
Aug-30
|
Sales
|
80
|
95
|
Required:
Company A's Income Statement for August 2019 indicates that cost of goods sold for the month is $16,415. Does Company A use LIFO, FIFO, Weighted-Average Cost, or Specific Identification?
Calculate the ending inventory for August 2019 for Company A.
If Company A uses the Weighted Average Inventory Cost assumption, what is the total cost of goods sold for the month of August 2019?
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