Blue Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units
Aug 2 Purchases 249 $69 $17,181 249
3 Purchases 506 96 48,576
10 Sales (275) 480
15 Purchases 926 121 112,046 1,406
25 Sales (311) 1.09
1. Calculate the cost of goods sold and ending itwentory using the FIFO cost method
2. Calculate the cost of goods sold and ending inventory using the average cost method (Round average cost per unit and final answers to 2 decimal places, e., 1.25.)
Flounder Limited uses the FIFO cost formula in a perpetual inventory system. Fill in the missing amounts for items (1) to (18) in the following perpetual inventory schedule: (Round all answers to nearest whole dollar eg 5,212.)
Purchases Cost of Goods Sold Balance
Date Units Cost Total Units Cost Total Units Cost Total
Apr. 1 13 $16 $200
6 26