The inventory records of Theleta Ltd. showed the following transactions for one item of inventory...
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The inventory records of Theleta Ltd. showed the following transactions for one item of inventory Transaction Units Unit Cost 1. Opening Inventory 500 $4.50 2. Purchase 800 $4.40 3. Sale (@$7.00/unit) 700 4. Purchase 1,000 $4.20 5. Sale (@$7.50/unit) 900 6. Purchase 600 $4.35 Required: Calculate and complete the total dollar amounts for the following costs in the table: (round all average cost amounts to two decimal places for all your calculations but report below in whole numbers only, i.e. omit cents e.g. $2,753.) Method COGS ($) Ending Inventory ($) -------------------------------- ------------------------------- -------------------------------- FIFO - Perpetual Average Cost Periodic Average Cost Perpetual NOTE: you must show ALL your calculations below and/or on a separate new page to prove your answers above, or you receive ZERO marks.
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