Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Unit Total Quantity (unit) Cost $100 Beginning inventory Purchases Purchases Sales Purchases Sales 13 Jan 10 Apr $6,000 $4,800 S12,000 60 40 S120 21 Jul 100 $120 18 Aug 23 Oct 11 Nov 80 160 $110 S17.600 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
Liverpool Company uses a perpetual inventory system. The following table shows the beginning inventory, the purchases and sales of product X during the current year 2019: Date Description Unit Total Quantity (unit) Cost $100 Beginning inventory Purchases Purchases Sales Purchases Sales 13 Jan 10 Apr $6,000 $4,800 S12,000 60 40 S120 21 Jul 100 $120 18 Aug 23 Oct 11 Nov 80 160 $110 S17.600 50 Required: (SHOW WORKINGS) Using First-In, First-Out (FIFO) method, calculate (i) and (ii): (i) Cost of Goods Sold for the year ended 31 December 2019. (ii) the cost of Ending Inventory as at 31 December 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Liverpool Company uses a perpetual inventory system. The following table shows the
beginning inventory, the purchases and sales of product X during the current year 2019:
Date
Description
Unit
Total
Quantity
(unit)
Cost
$100
Beginning inventory
Purchases
Purchases
Sales
Purchases
Sales
13 Jan
10 Apr
$6,000
$4,800
S12,000
60
40
S120
21 Jul
100
$120
18 Aug
23 Oct
11 Nov
80
160
$110
S17.600
50
Required:
(SHOW WORKINGS)
Using First-In, First-Out (FIFO) method, calculate (i) and (ii):
(i)
Cost of Goods Sold for the year ended 31 December 2019.
(ii)
the cost of Ending Inventory as at 31 December 2019.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe317b935-ae88-4a01-8d48-45392e2ca4d4%2F91648f34-3851-4112-a037-f6cbc440efb4%2Ffmyewwo_processed.png&w=3840&q=75)
Transcribed Image Text:Liverpool Company uses a perpetual inventory system. The following table shows the
beginning inventory, the purchases and sales of product X during the current year 2019:
Date
Description
Unit
Total
Quantity
(unit)
Cost
$100
Beginning inventory
Purchases
Purchases
Sales
Purchases
Sales
13 Jan
10 Apr
$6,000
$4,800
S12,000
60
40
S120
21 Jul
100
$120
18 Aug
23 Oct
11 Nov
80
160
$110
S17.600
50
Required:
(SHOW WORKINGS)
Using First-In, First-Out (FIFO) method, calculate (i) and (ii):
(i)
Cost of Goods Sold for the year ended 31 December 2019.
(ii)
the cost of Ending Inventory as at 31 December 2019.
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