Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless headphone.The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Number of unitsCost per UnitTotal CostInventory, Jan 110150Rs 1500First Purchase301013030Second Purchase401405600Third Purchase5110550Fourth Purchase151301,950Good available for sale100 Units sold during the year80 Inventory, Dec 3120 InstructionsUsing periodic costing procedures, compute the cost of the December 31 inventory and thecost of goods sold for the year under each of the following cost assumptions:First-in, first-out.Last-in, first-out.Average cost (round to the nearest dollar, except unit cost).

Name: Waqar Sound uses a periodic inventory system. One of the store’s produ
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Description: Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless headphone.The inventory quantities, purchases, and sales of this product for the most recent year are as follows: Number of unitsCost per UnitTotal CostInventor

Periodic inventory system is the one whereby the inventory records are prepared at the end of a…

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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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Waqar Sound uses a periodic inventory system. One of the store’s products is a wireless headphone.The inventory quantities, purchases, and sales of this product for the most recent year are as follows:

	Number of units	Cost per Unit	Total Cost
Inventory, Jan 1	10	150	Rs 1500
First Purchase	30	101	3030
Second Purchase	40	140	5600
Third Purchase	5	110	550
Fourth Purchase	15	130	1,950
Good available for sale	100
Units sold during the year	80
Inventory, Dec 31	20

Instructions

Using periodic costing procedures, compute the cost of the December 31 inventory and thecost of goods sold for the year under each of the following cost assumptions:
First-in, first-out.
Last-in, first-out.
Average cost (round to the nearest dollar, except unit cost).

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