Answered: Periodic System Date Units…

Name: Periodic SystemDate Units Total1 Jan 100
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Description: Periodic SystemDate Units Total1 Jan 100 @ 10 Rs. 1,0005 Jan 100 @ 11 Rs. 1,10010 Jan 150 @ 12 Rs. 1,600During the period 300 unit were soldRequired: Calculate cost of inven

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Periodic System Date Units Total 1 Jan 100 @ 10 Rs. 1,000 5 Jan 100 @ 11 Rs. 1,100 10 Jan 150 @ 12 Rs. 1,600 During the period 300 unit were sold

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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Concept explainers

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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Question

Periodic System

Date Units Total

1 Jan 100 @ 10 Rs. 1,000

5 Jan 100 @ 11 Rs. 1,100

10 Jan 150 @ 12 Rs. 1,600

During the period 300 unit were sold

Required: Calculate cost of inventory under each of the costing methods.

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