Connect Has Been Selling Cellular Phones for the Last Five

Essay

Connect has been selling cellular phones for the last five years. Its best-selling model is the E-PHONE. The following information pertains to the E-PHONE inventory for August 2020:
$$\begin{array} { | l | r | r | } \hline & \text { Units } & \text { Unit cost } \\\hline \text { Opening inventory } & 4,000 & \$ 50 \\\hline \text { Purchase 1 } & 2,400 & 40 \\\hline \text { Sale 1 } & ( 1,800 ) & \\\hline \text { Purchase 2 } & 4,400 & 53 \\\hline \text { Sale 2 } & \underline { 4,200 } & \\\hline \text { Ending inventory } & \underline { 4,800 } \\\hline\end{array}$$ Required:
a. If Connect uses the FIFO method under a periodic inventory system, what would be the cost of ending inventory for August 2020?
b. If Connect uses the weighted-average method under a periodic inventory system, what would be the cost of goods sold for August 2020?
c. If Connect uses the weighted-average method under a perpetual inventory system, what would be the cost of ending inventory for August 2020?