Felton Ltds inventory transactions for November 2016 were as shown below: Date Transaction No. Unit cost Total
Question:
Felton Ltd’s inventory transactions for November 2016 were as shown below:
Date | Transaction | No. | Unit cost | Total cost | ||||||||||
Nov. 1 Nov. 6 Nov. 10 Nov. 14 Nov. 18 Nov. 23 Nov. 28 | Inventory on hand Purchase Sale Purchase Purchase return Sale Sale return (on 23 November sale) | 50 170 90 90 30 135 15 | $11.00 12.00 13.00 13.00 | $ 550.00 2 040.00 1170.00 390.00 | ||||||||||
Required
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, calculate the cost of sales for November 2016.
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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Step by Step Answer:
A FIFO Periodic Cost of sales 135 15 units 90 units 50 units ...View the full answer
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Related Book For 
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ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
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