IN JANUARY THE COMPANY STARTED BUYING 250.000 PIECES ABC PRODUCT WITH AVERAGE UNIT COST IDR 5.500.000,-...

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• IN JANUARY THE COMPANY STARTED BUYING 250.000 PIECES ABC PRODUCT WITH AVERAGE UNIT COST IDR 5.500.000,- AND THEY ARE PLACED IN THE STORE. • IN FEBRUARY THERE ARE MANY TRANSACTION AS FOLLOW: • FEBRUARY 5, THE COMPANY BOUGHT 200.000 PIECES ABC PRODUCT WITH COST IDR 6.000.000, • FEBRUARY 10, THE COMPANY SOLD 300.000 PIECES ABC PRODUCT • IN MARCH 5 THE COMPANY BOUGHT 200.000 PIECES PROSUCT AT IDR 6.500.000 PER PIECES AND IN MARC 28TH IT SOLD 1.500 PIECES. 1. CALCULATE ITS INVENTORY VALUE AND THE COST OF PRODUCT SOLD USING FIFO AND LIFO FOR FIRST QUARTER PERIODIC REPORTING. 2. CALCULATE ITS INVENTORY VALUE AND THE COST GOOD SOLD OF THE PRODUCT USING FIFO AND LIFO FOR THE FIRST QUARTER PERPETUAL REPORTING. • IN JANUARY THE COMPANY STARTED BUYING 250.000 PIECES ABC PRODUCT WITH AVERAGE UNIT COST IDR 5.500.000,- AND THEY ARE PLACED IN THE STORE. • IN FEBRUARY THERE ARE MANY TRANSACTION AS FOLLOW: • FEBRUARY 5, THE COMPANY BOUGHT 200.000 PIECES ABC PRODUCT WITH COST IDR 6.000.000, • FEBRUARY 10, THE COMPANY SOLD 300.000 PIECES ABC PRODUCT • IN MARCH 5 THE COMPANY BOUGHT 200.000 PIECES PROSUCT AT IDR 6.500.000 PER PIECES AND IN MARC 28TH IT SOLD 1.500 PIECES. 1. CALCULATE ITS INVENTORY VALUE AND THE COST OF PRODUCT SOLD USING FIFO AND LIFO FOR FIRST QUARTER PERIODIC REPORTING. 2. CALCULATE ITS INVENTORY VALUE AND THE COST GOOD SOLD OF THE PRODUCT USING FIFO AND LIFO FOR THE FIRST QUARTER PERPETUAL REPORTING.

Answer rating: 100% (QA)

To calculate the inventory value and cost of goods sold using FIFO and LIFO for both periodic and perpetual reporting we need to keep track of the inventory movements and perform the calculations step ... View the full answer