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ABBA uses the perpetual inventory system. The following transactions took place in January 2015. (30 marks,5 marks each )

Units Selling Price/ Date Unit Cost

Jan. 1                           unit                          Units Selling Price/ Date Unit Cost         

Opening Inventory     2,000                                      $0.50

5 Sale #1                  1,200                                         5.00

6 Purchase #1           1,000                                          2.00

10 Purchase #2           500                                          1.00

16 Sale #2                 2,000                                            6.00

21 Purchase #3         1,000                                           2.50

Assume all sales are made on account。

Required: 1. Assume ABBA uses the FIFO inventory cost flow assumption a. Record the journal entry for the January 5 sale. Show calculations for cost of goods sold. b. Record the journal entry for the January 16 sale. Show calculations for cost of goods sold. c. Calculate ending inventory in units, cost per unit, and total cost. 2. Assume ABBA uses the weighted average inventory cost flow assumption a. Record the journal entry for the January 5 sale. Show calculations for cost of goods sold. b. Record the journal entry for the January 16 sale. Show calculations for cost of goods sold. c. Calculate ending inventory in units, cost per unit, and total cost.

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