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Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following purchases and sales: Purchase Date Sales Unit Units Unit Cost July 1 5 $87 July 6 3 July 11 4 $96 July 14 3 July 21 3 $105 July 27 5 Required: Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.

Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following purchases and sales: Purchase Date Sales Unit Units Unit Cost July 1 5 $87 July 6 3 July 11 4 $96 July 14 3 July 21 3 $105 July 27 5 Required: Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.

FINANCIAL ACCOUNTING
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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Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following purchases and sales: Purchase Date Sales Unit Units Unit Cost July 1 5 $87 July 6 3 July 11 4 $96 July 14 3 July 21 3 $105 July 27 5 Required: Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.
Transcribed Image Text:Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following purchases and sales: Purchase Date Sales Unit Units Unit Cost July 1 5 $87 July 6 3 July 11 4 $96 July 14 3 July 21 3 $105 July 27 5 Required: Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.
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