(Answered) Question - the following data are available for one of the

Accounting

Question - The following data are available for one of the products sold by Zinnia Company, which uses a perpetual inventory system.

Oct. 1 Beginning inventory, 600 units at $1.50 each

6 Purchased 2,000 units at $2.00 each

11 Sold 2,100 units

16 Purchased 1,900 units at $2.50 each

26 Sold 2,000 units

1. Calculate cost of goods sold for October and the dollar amount of ending inventory on October 31st assuming FIFO is used.

2. Calculate cost of goods sold for October and the dollar amount of ending inventory on October 31st assuming LIFO is used.

3. Calculate cost of goods sold for October and the dollar amount of ending inventory on October 31st assuming average cost is used.

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