Question 4 Mr Peter is using a perpetual inventory system since the information on inventory quantity and availability is updated on a continuous/real-time basis under this system. The business of Mr Peter is comparatively new, and he decided to sell only one type of shirt. Further, Mr Peter uses the FIFO cost flow assumption to manage the inventory. Table 1 below presents the inventory and sales record for Mr Peter for February 20X3. Table 1. Inventory Record of Mr Peter Date Units Purchased 2 1 215 units at $11 7 11 19 28 9 16 24 729 units at $12 486 units at $14 1 215 units at $13 162 units at $15 Unit Sold b) Cost of closing inventory c) The gross profit 243 1458 567 Selling price per unit (S) 15 15 17 Required: Based on the above information, calculate the following for February 20X3: a) Cost of goods sold (COGS)

Question 4 Mr Peter is using a perpetual inventory system since the information on inventory quantity and availability is updated on a continuous/real-time basis under this system. The business of Mr Peter is comparatively new, and he decided to sell only one type of shirt. Further, Mr Peter uses the FIFO cost flow assumption to manage the inventory. Table 1 below presents the inventory and sales record for Mr Peter for February 20X3. Table 1. Inventory Record of Mr Peter Date Units Purchased 2 1 215 units at $11 7 11 19 28 9 16 24 729 units at $12 486 units at $14 1 215 units at $13 162 units at $15 Unit Sold b) Cost of closing inventory c) The gross profit 243 1458 567 Selling price per unit (S) 15 15 17 Required: Based on the above information, calculate the following for February 20X3: a) Cost of goods sold (COGS)

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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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