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

Essay

Rayleigh Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during the last two months of 2018: Instructions
a. Using the FIFO cost formula, calculate the cost of goods sold for the two months of November and December. Show calculations.
b. Using the average cost formula, calculate the ending inventory at December 31. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.