Morrison Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during the last two months of 2013.
Requirements:
(a) Using the FIFO cost formula, calculate the amount of cost of goods sold for the two months of November and December. (Show calculations)
(b) Using the average cost formula, calculate the amount of ending inventory at December 31. (Show calculations)

Question

Morrison Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during the last two months of 2013.
  Requirements:
(a) Using the FIFO cost formula, calculate the amount of cost of goods sold for the two months of November and December. (Show calculations)
(b) Using the average cost formula, calculate the amount of ending inventory at December 31. (Show calculations)

Quizplus · Accepted Answer

The Answer of Morrison Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during the last two months of 2013.
  Requirements:
(a) Using the FIFO cost formula, calculate the amount of cost of goods sold for the two months of November and December. (Show calculations)
(b) Using the average cost formula, calculate the amount of ending inventory at December 31. (Show calculations)

Morrison Corporation, Which Uses a Perpetual Inventory System, Recorded the Following