The following information is taken from the inventory records of the Britain Company:
Beginning Inventory, 4/1/2015 7,000 units @ $22.00
Purchases:
4/5 6,000 units @ $22.65
4/26 9,000 units @ $24.00
Sales:
4/11 5,000 units
4/28 8,000 units
9,000 units were on hand at the end of April.
Assume that Britain Company uses a periodic inventory system and employs the average cost method, determine cost of goods sold for April and April’s ending inventory.
Assume that Britain Company uses a perpetual inventory system and employs the average cost method, determine cost of goods sold for April and April’s ending inventory.