Using the following information of Mandela Foundation CC, Table 1. Mar 1 Beginning Inventory 68 units @R15.00 per unit Purchase 140 units @ R15.50 per unit 9. Sale 94 units @ R19.00 per unit 11 Purchase 40 units @ R16.00 per unit 16 Purchase 78 units @ R16.50 per unit 20 Sale 116 units @ R19.50 per unit 29 Sale 62 units @ R21.00 per unit Table 2 Mar 1 Beginning Inventory 60 units @ R15.00 per unit Purchase 140 units @ R15.50 per unit 14 Sale 190 units @ R19.00 per unit 27 Purchase 70 units @ R16.00 per unit 29 Sale 30 units @ R19.50 per unit 3.1 Using the information provided in Table 2, calculate the value of inventory on hand on Mar 31 2020 and cost of goods sold during March 2020 using the FIFO periodic inventory system and also the FIFO perpetual inventory system. With reference to Table 2 provided, apply the AVCO method of inventory valuation using the First in periodic inventory system and then in perpetual inventory system to determine the value of inventory on hand on Mar 31 2020 and cost of goods sold during March 2020. 3.2

Using the following information of Mandela Foundation CC, Table 1. Mar 1 Beginning Inventory 68 units @R15.00 per unit Purchase 140 units @ R15.50 per unit 9. Sale 94 units @ R19.00 per unit 11 Purchase 40 units @ R16.00 per unit 16 Purchase 78 units @ R16.50 per unit 20 Sale 116 units @ R19.50 per unit 29 Sale 62 units @ R21.00 per unit Table 2 Mar 1 Beginning Inventory 60 units @ R15.00 per unit Purchase 140 units @ R15.50 per unit 14 Sale 190 units @ R19.00 per unit 27 Purchase 70 units @ R16.00 per unit 29 Sale 30 units @ R19.50 per unit 3.1 Using the information provided in Table 2, calculate the value of inventory on hand on Mar 31 2020 and cost of goods sold during March 2020 using the FIFO periodic inventory system and also the FIFO perpetual inventory system. With reference to Table 2 provided, apply the AVCO method of inventory valuation using the First in periodic inventory system and then in perpetual inventory system to determine the value of inventory on hand on Mar 31 2020 and cost of goods sold during March 2020. 3.2

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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