The following information is taken form a perpetual inventory record. Calculate the value of ending inventory and cost of sales for the period. ending July 31, using FIFO (First in First Out) Method • LIFO (Last in First Out) Method Dates July 1 July 3 July 5 July 8 July 11 Details Beginning balance was 4 @ Rs. 20 Sales of 2 Items Purchase of 6 Items @ Rs. 20.50 :Sales of 3 Items Sales of 3 Items

The following information is taken form a perpetual inventory record. Calculate the value of ending inventory and cost of sales for the period. ending July 31, using FIFO (First in First Out) Method • LIFO (Last in First Out) Method Dates July 1 July 3 July 5 July 8 July 11 Details Beginning balance was 4 @ Rs. 20 Sales of 2 Items Purchase of 6 Items @ Rs. 20.50 :Sales of 3 Items Sales of 3 Items

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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