JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the...
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Accounting
JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the perpetual inventory system. All sales return from customers result in the goods being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for JUSCO Inc for the month of January 2021
Date
Description
Quantity
Unit cost (OMR)
January 1
Opening Inventory
24,500
14
January 5
Purchase
25,500
15
January 6
Sales
23,500
January 8
Purchase
24,500
16
January 10
Purchase
26,600
16
January 14
Sales
24,300
January 20
Purchase
23,600
18
January 22
Purchase
25,300
19
January 24
Sales
2,700
January 29
Sales
3,200
January 30
Purchase
2,900
11
You are required to compute:
Cost of goods sold under FIFO and Weighted Average Method (4 marks)
Ending Inventory Value under FIFO and Weighted Average Method (3 marks
Ending Inventory in Units under FIFO and Weighted Average Method (3 marks)
I need it with all steps
Answer & Explanation
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