Troy Baker Inc. reported these transactions during July. Beginning inventory was 1,000 units all at $50/unit.
July 2: sold 200 units for $100/unit
July 7: Purchased 500 units at $60/unit
July 16: Purchased 600 units at $80/unit
July 24: Sold 1,400 units for $120/unit
1. Find: Cost of goods sold, Value of ending inventory, and Gross profit if Troy Baker uses FIFO and a personal inventory system.
2. Find: Cost of goods sold, Value of ending inventory, and Gross Profit if Troy Baker uses the moving (weighted) average method and a perpetual inventory system.