The following information relates to the inventory of Gadgets Ltd during May: Gadgets Ltd uses...
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Accounting
The following information relates to the inventory of Gadgets Ltd during May: Gadgets Ltd uses a perpetual inventory system. Ignore GST. Determine the cost of the ending inventory (assuming there have been no stock losses) and the cost of sales, using the following three methods: 1. Moving average method (For moving average, round intermediate calculations and final answers to 2 decimal places, e.g. 52.75.) 2. Specific identification method; assume that the ending inventory on 31 May consisted of 10 units from the beginning inventory, 18 units from the 3 May purchase, and the remainder from the 10 May purchase 3. FIFO method
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