(Answered) The inventory records of furguson inc reflected the

Accounting

The inventory records of Furguson, Inc. reflected the following information for the year:

DATE	TRANSCTION	# OF UNITS	UNIT COST
1/1	Beginning Inventory	300	$18
2/14	Purchase	140	19
3/7	Sale	180	-
4/19	Purchase	120	21
8/26	Sale	270	-
6/20	Purchase	150	22
10/13	Purchase	90	24
12/10	Sale	100	-

a) Calculate Cost of Good Sold and Ending Inventory under each of the following cost flow assumptions:

- Weighted Average

- FIFO

- LIFO

b) Assuming a Price per Unit of $ 40, what information can be presented on the firm's Income Statement for the year?

c) What type of firm is this (i.e. Manufacturing, Merchandising, or Service)? What is the basis of your response here?

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