Complete the Following Schedule Based on the Data Given Below

Essay

Complete the following schedule based on the data given below: $\begin{array}{l}\begin{array} { | l | l | l | } \hline & \text { Unit Transaction Order } & \text { Unit Cost } \\\hline \text { 1. Beginning inventory } & 8,000 & \$ 2.00 \\\hline \text { 2. Purchase } & 12,000 & 1.10 \\\hline \text { 3. Sale (@ } \$ 4.00 ) & 14,000 & \\\hline \text { 4. Purchase } & 4,000 & 1.30 \\\hline\end{array}\\\\\begin{array} { | l | l | l | } \hline & \text { Ending Inventory } & \text { Cost of Goods Sold } \\\hline \text { (a) FIFO } & \$ & \$ \\\hline \text { (b) Weighted average } & \$ & \$ \\\hline\end{array}\end{array}$