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Q # S& Y Boutique has incurred the following transactions during the previous month; ...

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Question

Accounting

Q #

S& Y Boutique has incurred the following transactions during the previous month;

Number of units

Cost per unit

Total Cost

Beginning Inventory

4

Rs. 1000

Rs. 4000

1st Purchase

8

2000

16000

2nd Purchase

6

3000

18000

3rd Purchase

5

4000

20000

Available for sale

23

Rs. 58000

Units in Ending Inventory

13

Units Sold

10

Required:

Find the Ending Inventory and Cost of Goods Sold for the above Company using the following methods of Periodic Inventory System;

  1. First-in-First out method
  2. Last in First out method

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