ABC Enterprise uses a perpetual inventory system to monitor the inventory status and using the First-In First-Out (FIFO) method to compute the cost assigned to the cost of goods sold and the closing inventory. The beginning balance of inventory, data on purchases and sales for a month are as follows: Date Activities Units Acquired at Cost Units Sold at Retail Mar 1 Opening balance 100 units @ RM 3.20 Mar 2 Purchase 500 units @ RM 2.50 Mar 3 Purchase 400 units @ RM 4.00 Mar 10 Sales 350 units @ RM 6.00 Mar 18 Sales 450 units @ RM 5.50 Mar 25 Purchase 100 units @ RM 2.10 Mar 26 Sales 250 units @ RM 5.00 Required: a) At the end of March, compute the cost of goods sold and closing inventory (in unit and cost).

ABC Enterprise uses a perpetual inventory system to monitor the inventory status and using the First-In First-Out (FIFO) method to compute the cost assigned to the cost of goods sold and the closing inventory. The beginning balance of inventory, data on purchases and sales for a month are as follows: Date Activities Units Acquired at Cost Units Sold at Retail Mar 1 Opening balance 100 units @ RM 3.20 Mar 2 Purchase 500 units @ RM 2.50 Mar 3 Purchase 400 units @ RM 4.00 Mar 10 Sales 350 units @ RM 6.00 Mar 18 Sales 450 units @ RM 5.50 Mar 25 Purchase 100 units @ RM 2.10 Mar 26 Sales 250 units @ RM 5.00 Required: a) At the end of March, compute the cost of goods sold and closing inventory (in unit and cost).

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Description: ABC Enterprise uses a perpetual inventory system to monitor the inventory status and using the First-InFirst-Out (FIFO) method to compute the cost assigned to the cost of goods sold and the closing inventory.The beginning balance of inventory, data

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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