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The ending inventory and COGS
Q. XYZ Companys record of transactions for the month of September was as follows.
| Purchase | Sales | |||
| Date | Quantity | Unit Price | Date | Units |
| Sep 1 | (Balance on hand) 100 | $4.00 | Sep 5 | 200 |
| Sep 4 | 300 | 4.50 | Sep 12 | 150 |
| Sep 11 | 200 | 5.00 | Sep 27 | 600 |
| Sep 18 | 200 | 5.25 | Sep 28 | 200 |
| Sep 26 | 500 | 5.50 | ||
| Sep 30 | 200 | 5.75 | ||
| Total | 1,500 | 1,150 | ||
| Total units (ending inventory) 350 | ||||
Required:
Compute the ending inventory and COGS at September 30 on each of the following on periodic bases.
1. FIFO
2. WA
Answer:
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