ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020 for $15 3.One item on 2/25/2020 for $20 ABC Company sells one item on 2/28/2020 for $90. What would be the balance of ending inventory and cost of goods sold for the month ended February 2020.   Find the Ending Inventory and Cost of good Sold by :   FIFO? Average cost?

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter10: Inventory
Section: Chapter Questions
Problem 13PA: Company Elmira reported the following cost of goods sold but later realized that an error had been...
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ABC Company makes the following purchases:

1.One item on 2/2/2020 for $10

2.One item on 2/15/2020 for $15

3.One item on 2/25/2020 for $20

ABC Company sells one item on 2/28/2020 for $90. What would be the balance of ending inventory and cost of goods sold for the month ended February 2020.

 

Find the Ending Inventory and Cost of good Sold by :

 

FIFO?
Average cost?

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