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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Hi can you kindly assist with questions 3.1 and 3.2
![Question Three
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
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.
3.1
With reference to Table 2 provided, apply the AVVCO 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F023d0f65-d0e1-441f-8b89-eb9cdb7064b3%2Fa0c00ff4-d551-46f6-8e82-bcdc6353ce08%2Fpyfbbn8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question Three
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
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.
3.1
With reference to Table 2 provided, apply the AVVCO 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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps with 5 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education