QUESTION 2 Bukit Group has the following beginning inventory, purchases, sales and ending inventory infomation for the year ended 31 December 202X: Number 202X FIFO Unit cost of units 20,000 20 1-Jan Beginning inventory 15-Feb Purchases 30,400 21 25-Mar Sales 8,900 2-Apr Purchases 10,500 22 9-Jul Purchases 50,000 23 20-Oct Sales 65,000 20-Nov Purchases 12,200 24 31-Dec Ending Inventories COS REQUIRED: [Show all your workings] Determine the cost of goods sold, and the cost of ending inventory as at 31 December 202X under the following methods: (a) The FIFO method when the group adopts a periodic inventory system; The weighted average cost method when the group adopts a periodic inventory system. (b)
QUESTION 2 Bukit Group has the following beginning inventory, purchases, sales and ending inventory infomation for the year ended 31 December 202X: Number 202X FIFO Unit cost of units 20,000 20 1-Jan Beginning inventory 15-Feb Purchases 30,400 21 25-Mar Sales 8,900 2-Apr Purchases 10,500 22 9-Jul Purchases 50,000 23 20-Oct Sales 65,000 20-Nov Purchases 12,200 24 31-Dec Ending Inventories COS REQUIRED: [Show all your workings] Determine the cost of goods sold, and the cost of ending inventory as at 31 December 202X under the following methods: (a) The FIFO method when the group adopts a periodic inventory system; The weighted average cost method when the group adopts a periodic inventory system. (b)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![QUESTION 2
Bukit Group has the following beginning inventory, purchases, sales and ending
inventory infomation for the year ended 31 December 202X:
Number
202X FIFO
Unit cost
of units
20,000
20
1-Jan Beginning inventory
15-Feb Purchases
30,400
21
25-Mar Sales
8,900
2-Apr Purchases
10,500
22
9-Jul
Purchases
50,000
23
20-Oct Sales
65,000
20-Nov Purchases
12,200
24
31-Dec Ending Inventories
COS
REQUIRED: [Show all your workings]
Determine the cost of goods sold, and the cost of ending inventory as at 31 December
202X under the following methods:
(a)
The FIFO method when the group adopts a periodic inventory system;
The weighted average cost method when the group adopts a periodic
inventory system.
(b)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F55cbc1b8-8269-4e5d-8231-1e83feba08f0%2F80b1b6a3-f736-40c9-84a1-ae696cc985ad%2F1kizimq_processed.png&w=3840&q=75)
Transcribed Image Text:QUESTION 2
Bukit Group has the following beginning inventory, purchases, sales and ending
inventory infomation for the year ended 31 December 202X:
Number
202X FIFO
Unit cost
of units
20,000
20
1-Jan Beginning inventory
15-Feb Purchases
30,400
21
25-Mar Sales
8,900
2-Apr Purchases
10,500
22
9-Jul
Purchases
50,000
23
20-Oct Sales
65,000
20-Nov Purchases
12,200
24
31-Dec Ending Inventories
COS
REQUIRED: [Show all your workings]
Determine the cost of goods sold, and the cost of ending inventory as at 31 December
202X under the following methods:
(a)
The FIFO method when the group adopts a periodic inventory system;
The weighted average cost method when the group adopts a periodic
inventory system.
(b)
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