Calculate cost of goods sold and ending inventory: perpetual FIFO. (LO 3,4)
Use the data in E5-3A to answer the following questions.
Assume Name Brand uses a perpetual inventory system and the FIFO cost flow method.
a. Calculate the cost of goods sold that will appear on Name Brand's income statement for the month of May.
b. Determine the cost of inventory that will appear on Name Brand's balance sheet at the end of May.