Question #1 Unit cost/ Units Sales price 2,000 3.70 Opening Inventory 8,000 4.10 Purchase #1 6,000 12.00 Sale #1 5,000 4.30 Purchase #2 3,000 12.00 Sale #2 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Question #1
Unit cost/
Units
Sales price
Opening Inventory
2,000
3.70
Purchase #1
8,000
4.10
Sale #1
6,000
12.00
Purchase #2
5,000
4.30
Sale #2
3,000
12.00
Compute the following:
a) Ending inventory (Perpetual) using FIFO.
b) COGS (Perpetual) using moving weighted average.
c) Ending inventory (Periodic) using weighted average.
Transcribed Image Text:Question #1 Unit cost/ Units Sales price Opening Inventory 2,000 3.70 Purchase #1 8,000 4.10 Sale #1 6,000 12.00 Purchase #2 5,000 4.30 Sale #2 3,000 12.00 Compute the following: a) Ending inventory (Perpetual) using FIFO. b) COGS (Perpetual) using moving weighted average. c) Ending inventory (Periodic) using weighted average.
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