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Question 1) Huang provides the following information relating to its July inventory activity. Huang uses a...

Question 1) Huang provides the following information relating to its July inventory activity. Huang uses a perpetual inventory system.

Date

Transaction

Units

Unit Cost

Total Cost

1st

Inventory

13

$8

$104

7th

Purchase

22

$9.50

$209

12th

Sale

20

18th

Purchase

10

$10.25

$102.50

20th

Sale

14

26th

Purchase

16

$11

176

30th

Sale

15
  1. Calculate the ending inventory and cost of sales using the FIFO, LIFO & moving average costing method. Round dollar amounts to the nearest cent.

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Expert Solution

The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and format. For detailed answer refer to the supporting sheet.

ekkarill92 answered 2 years ago
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