Mayhew Limited has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. N.B: Total Balance is in “Rwf 000” Inventory: March 1 200 units@ Rwf4.00 Rwf 800 Purchases: March 10 500 units@ Rwf4.50 2,250 March 20 400 units@ Rwf4.75 1,900 March 30 300 units @ Rwf5.00 1,500 Sales: March 15 500 units March 25 400 units Instructions Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) weighted average cost. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) moving-average cost.
Mayhew Limited has the following inventory, purchases, and sales data for the month of March. The physical inventory count on March 31 shows 500 units on hand. N.B: Total Balance is in “Rwf 000” Inventory: March 1 200 units@ Rwf4.00 Rwf 800 Purchases: March 10 500 units@ Rwf4.50 2,250 March 20 400 units@ Rwf4.75 1,900 March 30 300 units @ Rwf5.00 1,500 Sales: March 15 500 units March 25 400 units Instructions Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) weighted average cost. Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) moving-average cost.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Mayhew Limited has the following inventory, purchases, and sales data for the month of March.
The physical inventory count on March 31 shows 500 units on hand.
N.B: Total Balance is in “Rwf 000”
Inventory: March 1 200 units@ Rwf4.00 Rwf 800
Purchases: March 10 500 units@ Rwf4.50 2,250
March 20 400 units@ Rwf4.75 1,900
March 30 300 units @ Rwf5.00 1,500
Sales: March 15 500 units
March 25 400 units
Instructions
- Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) weighted average cost.
- Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (1) FIFO and (2) moving-average cost.
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