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Q5. CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD- 15 MARKS ...

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Accounting

Q5. CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD- 15 MARKS

DATE

PARTICULARS

UNITS

COST PER UNIT

TOTAL COST

AUG 1

BEGINNING INVENTORY

10 @

$91

$910

AUG 3

PURCHASED

15 @

$106

$1590

AUG 17

PURCHASED

20 @

$115

$2300

TOTAL GOODS AVAILABLE FOR SALE

45 UNITS

$4800

FOLLOWING SALES WERE MADE-

DATE

PARTICULARS

UNITS

SELLING PRICE PER UNIT

TOTAL COST

AUG 14

SALES

20

$133

$2660

AUG 28

SALES

14

$150

$2100

TOTAL

34

4760

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