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18 (8 points) VA - During the month of November 2013, Xena Company had the following inventory, purchases and credit sales of product: November 1
18 (8 points) VA - During the month of November 2013, Xena Company had the following inventory, purchases and credit sales of product: November 1 opening inventory 12,000 units @ $1.20 per unit November 5 purchase 7,000 units @ $1.40 per unit November 12 sale 15,000 units @ $2.00 per unit November 18 purchase 11,000 units @$1.60 per unit November 22 sale 10,000 units $2.30 per unit November 29 purchase 8,000 units @ $1.70 per unit Required: Calculate the value of sales, cost of good sold and ending inventory for the month of November using the following assumptions: a. FIFO perpetual (6 marks) b. Weighted Average Periodic (2 marks) Round all costs to 2 decimal places
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