Question: The following information relates to the inventory of Margaret's Megamart Ltd during December. Ignore GST. Date Units cost Total cost 1/12 Beginning inventory 700 $ 12.00 $ 8,400 10/12 Purchase 500 12.60 6,300 15/12 Purchase 300 13.20 3,960 23/12 Purchase 500 14.00 7,000 Totals 2,000 $25,660 Margaret's Megamart Ltd uses the periodic inventory system. A physical count on 31 December verified that 650 units were on hand. Required: Determine the Ending inventory and Cost of Sales for the month of December using the FIFO costing method.
Question: The following information relates to the inventory of Margaret's Megamart Ltd during December. Ignore GST. Date Units cost Total cost 1/12 Beginning inventory 700 $ 12.00 $ 8,400 10/12 Purchase 500 12.60 6,300 15/12 Purchase 300 13.20 3,960 23/12 Purchase 500 14.00 7,000 Totals 2,000 $25,660 Margaret's Megamart Ltd uses the periodic inventory system. A physical count on 31 December verified that 650 units were on hand. Required: Determine the Ending inventory and Cost of Sales for the month of December using the FIFO costing method.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:Question: The following information relates to the inventory of Margaret's
Megamart Ltd during December.
Ignore GST.
Date Units cost Total cost
1/12 Beginning inventory 700 $ 12.00 $ 8,400
10/12 Purchase 500 12.60 6,300
15/12 Purchase 300 13.20 3,960
23/12 Purchase 500 14.00 7,000
Totals 2,000 $25,660
Margaret's Megamart Ltd uses the periodic inventory system. A physical count
on 31 December verified that 650 units were on hand.
Required:
Determine the Ending inventory and Cost of Sales for the month of December,
using the FIFO costing method.
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