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You are requested to apply the i) LIFO and ii) Weighted Average method to find out the Cost of goods sold and Ending Inventory under Periodic Inventory System and write down the necessary journal entries also during the month of January 2015.

You are requested to apply the i) LIFO and ii) Weighted Average method to find out the Cost of goods sold and Ending Inventory under Periodic Inventory System and write down the necessary journal entries also during the month of January 2015.

FINANCIAL ACCOUNTING
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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Ibri model furniture mart data of purchases and sales: Jan 1-Beginning inventory Jan 6-Purchases Jan 14-Purchases Jan 16-Purchases Total purchases Jan 8-Sales Jan 19-Sales Total sales Units 340 500 450 640 1000 Units 450 550 1000 Cost RO 25 RO 28 RO 30 RO 34 Sales price RO 34 RO 38 Amount RO 8,500 RO 14,000 RO 13,500 RO 21,760 RO 57,760 Sales Amount RO 15,300 RO 20,900 RO 36,200 You are requested to apply the i) LIFO and ii) Weighted Average method to find out the Cost of goods sold and Ending Inventory under Periodic Inventory System and write down the necessary journal entries also during the month of January 2015.
Transcribed Image Text:Ibri model furniture mart data of purchases and sales: Jan 1-Beginning inventory Jan 6-Purchases Jan 14-Purchases Jan 16-Purchases Total purchases Jan 8-Sales Jan 19-Sales Total sales Units 340 500 450 640 1000 Units 450 550 1000 Cost RO 25 RO 28 RO 30 RO 34 Sales price RO 34 RO 38 Amount RO 8,500 RO 14,000 RO 13,500 RO 21,760 RO 57,760 Sales Amount RO 15,300 RO 20,900 RO 36,200 You are requested to apply the i) LIFO and ii) Weighted Average method to find out the Cost of goods sold and Ending Inventory under Periodic Inventory System and write down the necessary journal entries also during the month of January 2015.
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