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CASE NO#2- INVENTORY VALUATION METHODS COSTCO, a chain of "general merchandise stores" (or hypermarket) and...

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Accounting

CASE NO#2- INVENTORY VALUATION METHODS

COSTCO, a chain of "general merchandise stores" (or hypermarket) and one of the largest of its type in USA. The company follows Perpetual Inventory System.

The company furnishes the following information for the month of December 2022:

Date

Description

Quantity

Unit cost (OMR)

December 1

Beginning Inventory

11,500

10

December 5

Purchase

14,500

13

December 6

Issues/Sales

11,200

December 8

Purchase

13,300

14

December 10

Purchase

14,500

12

December 14

Issues/Sales

12,300

December 20

Purchase

11,600

16

December 22

Purchase

11,300

7

December 24

Issues/Sales

1,500

December 29

Issues/Sales

1,300

December 30

Purchase

1,650

11

December 31

Purchase

11,000

10

You are required to:

Compute the cost of goods sold and closing inventory value under FIFO and Weighted Average Method using periodic inventory system.

Identify necessary journal entries for the above purchase and sales of Merchandise Inventory under FIFO and Weighted Average method

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