question have some missing values mention as X, for each you have to assume your...
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question have some missing values mention as X, for each you have to assume your own amount. copied paper will be cancelled.
Q2. On January 27, 2002, NISHAT, Inc. sold 900 widgets to Warren Supplies. Immediately prior to this sale, Nishats perpetual inventory records for widgets included the following cost layers: (40)
Purchase Date Quantity Unit Cost Total Cost
Dec. 9, 2001 500 $X $X
Jan. 19, 2002 1,000 X X
Total on hand 1,500 X
Instructions
Prepare a separate journal entry to record the cost of goods sold relating to the January 27 sale of 800 widgets, assuming that Nishat uses:
1.Specific identification (500) of the units sold were purchased on December 9, and the remaining 400 were purchased on January 19).
2.Average cost.
3.FIFO.
4,LIFO.
Prepare a separate journal entry to record the cost of goods sold relating to the January 27 sale of 800 widgets, assuming that Nishat uses:
1.Specific identification (500) of the units sold were purchased on December 9, and the remaining 400 were purchased on January 19).
2.Average cost.
3.FIFO.
4.LIFO.
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