The following data are available for one of the products sold by Green Company, which uses a perpetual inventory system.
Oct. 1 Beginning inventory, 800 units at $2 each
5 Purchased 2,000 units at $2.50 each
10 Sold 2,500 units at $5 each
15 Purchased 1,700 units at $3 each
25 Sold 1,500 units at $6 each
- Calculate the total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming FIFO is used.
- Calculate total dollar amount of cost of goods sold and total dollar amount of ending inventory for October assuming LIFO is used.