Felton Ltds inventory transactions for November 2019 were as shown below. Required (a) Using the information shown

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Felton Ltd’s inventory transactions for November 2019 were as shown below.

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(a) Using the information shown and assuming no losses of inventory, if Felton Ltd uses the periodic inventory system with the FIFO cost flow method, what would be the cost of sales for November 2019.

(b) Using the information shown, if Felton Ltd uses the perpetual system with the moving average cost flow method, what would be the unit cost of the 23 November sale?

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Financial Accounting

ISBN: 9780730363217

10th Edition

Authors: John Hoggett, John Medlin, Keryn Chalmers, Claire Beattie, Andreas Hellmann, Jodie Maxfield

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Question Posted: Mar 09, 2024 06:00 AM

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Felton Ltds inventory transactions for November 2019 were as shown below. Required (a) Using the information shown

Question:

Date Transaction No. Nov. 1 Inventory on hand 6 Purchase 10 Sale 14 Purchase 18 Purchase return 23 Sale 88888 170 12.00 90 90 13.00 50 Unit cost $11.00 Total cost $ 550.00 2040.00 1170.00 30 13.00 390.00 135 28 Sale return (on 23 November sale) 15

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