Q1) Credit Card Company had inventory data for current month given below.
Beg inventory + 10 units @ $50. = $500
1st purchase = 30 units @ 60 = $1,800
2nd purchase = 25 units @ 65 -$1,625
Total units = 65 Total cost = $3,925
At the ending of month, there were 15 units on hand.
Calculate cost of goods sold and ending inventory for each of given methods.
a. Average cost
b. First in-First out(FIFO)
c. Last in - First out(LIFO)