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Complete the Following Schedule Based on the Data Given Below

Question 136

Essay

Complete the following schedule based on the data given below:  Unit Transaction Order  Unit Cost  1. Beginning inventory 8,000$2.00 2. Purchase 12,0001.10 3. Sale (@ $4.00)14,000 4. Purchase 4,0001.30 Ending Inventory  Cost of Goods Sold  (a) FIFO $$ (b) Weighted average $$\begin{array}{l}\begin{array} { | l | l | l | } \hline & \text { Unit Transaction Order } & \text { Unit Cost } \\\hline \text { 1. Beginning inventory } & 8,000 & \$ 2.00 \\\hline \text { 2. Purchase } & 12,000 & 1.10 \\\hline \text { 3. Sale (@ } \$ 4.00 ) & 14,000 & \\\hline \text { 4. Purchase } & 4,000 & 1.30 \\\hline\end{array}\\\\\begin{array} { | l | l | l | } \hline & \text { Ending Inventory } & \text { Cost of Goods Sold } \\\hline \text { (a) FIFO } & \$ & \$ \\\hline \text { (b) Weighted average } & \$ & \$ \\\hline\end{array}\end{array}

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