Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3- The following data relates to the inventory of ALI & CO. which uses Periodic Inventory System DATE UNIT COST UNITS COST January 01. Beg.
3- The following data relates to the inventory of ALI & CO. which uses "Periodic Inventory System" DATE UNIT COST UNITS COST January 01. Beg. Inventory @ Rs.0.40 80,000 Rs.32,000 January 13. Purchases @ Rs.0.42 200,000 Rs.84,000 January 15. Purchases @ Rs.0.41 300,000 Rs.123,000 January 30. Purchases @ Rs. 7 100,000 Rs. ? January 31. End. Inventory...@.Rs..? 120,000 Rs. ? COST OF GOODS SOLD Rs.233,200. REQUIRED: Assuming the use of (LIFO) Method Determine the cost of the ending inventory. c) setermme it le unit cpst agai iptal como pfahe January 30, purchases. 2-The following data relates to the Aadil Company: PURCHASES SALES BALANCE Units Units Cost Units DATE Beg. Inventory 200 @ Rs.9.75 January 03 50 Rs.10.00 250 January 10 100 Rs.10.50 350 January 15 175 175 January 20 225 Rs.10.80 -400 January 31 150 250 REQUIRED: Deterinine the COST OF ENDING INVENTORY, COST OF GOODS SOLD & GROSS PROFIT: Under Perpetual and Periodic Inventory System assuning i FIFO ii) LIFO iii) AVERAGE COST METHOD
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started