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Purchases and sales of a certain product during Jan 2009 are given below. Purchases On...

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Purchases and sales of a certain product during Jan 2009 are given below. Purchases On Jan 2, 2009 100 units @ Rs 5 On Jan 12, 2009 200 units @ Rs 4.80 On Jan 17, 2009 100 units @ Rs 4.60 On Jan 22, 2009 100 units @ Rs 4.50 Sales On Jan 7, 2009 50 units On Jan 14, 2009 150 units On Jan 28, 2009 100 units There was no Opening Inventory. You are required to compute the Cost of Goods Sold under the methods 1. FIFO 2. LIFO and 3. Weighted Average Cost

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To compute the Cost of Goods Sold COGS under the methods FIFO LIFO and Weighted Average Cost we will analyze the purchases and sales data provided Purchases 1 Jan 2 2009 100 units Rs 500 2 Jan 12 2009 200 units Rs 480 3 Jan 17 2009 100 units Rs 460 4 Jan 22 2009 100 units Rs 450 Sales 1 Jan 7 2009 50 units 2 Jan 14 2009 150 units 3 Jan 28 2009 100 units 1 FIFO    See Answer
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