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A company has made the following purchases of merchandise during the Month of July:
- July 1 purchased 380 units at $15 dollars each
- July 5 purchased 270 units at $20 dollars each
- July 9 sold 500 units at $55 dollars each
- July 14 purchased 300 units at $24 dollars each
- July 20 sold 250 units at $55 dollars each
- July 30 purchased 250 units at $30 each
Using the purchase information found above, answer the two questions below. As you complete each question, be sure to show the numbers/information you used to reach your final answer.
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- There was no beginning inventory. If the company uses thefirst-in, first-out methodand the perpetual system, what would be the cost of the ending inventory?
- There was no beginning inventory. If the company uses thelast-in, first-out methodand the perpetual system, what would be the cost of the ending inventory?