Question Merchandise Costing marks
Below is the purchase and sale history of a company's product, maintained under the FirstIn First Out method, following the perpetual approach:
Date
Jul
Jul
Jul Jul
Required:
Transaction Units
$Unit
Opening Balance
Purchase
Sale
Purchase
$
$
$
a Determine the balances for ending Inventory and Cost of Goods Sold for the month of July under the First In First Out method. Make sure you show all your work.
marks
Date Inventory Cost of Goods Sold
b How would your answer change if you used the Weighted Average method instead?
marks
Date Inventory Cost of Goods SoldQuestion Merchandise Costing marks
Below is the purchase and sale history of a company's product, maintained
under the FirstIn First Out method, following the perpetual approach:
Required:
a Determine the balances for ending Inventory and Cost of Goods Sold for the month of
July under the First In First Out method. Make sure you show all your work.
marks
b How would your answer change if you used the Weighted Average method
instead?
marks
