5 units 1 Company uses a perpetual inventory system. Calculate the following 2 3 Date Units Purchased Units Sold Balance 4 Opening Balance 10 @ $8 5 5-May 15 @ $8 6 7-May 20 @ $30 7 18-May 25 @ $9 8 19-May 30 @ $10 9 27-May 55 @ $31 10 Ending Balance 11 12 Calculate the value of cost of goods sold for each sale and ending inventory for the month, using the FIFO method for the following dates 13 a) COGS in 7-May 14 b) COGS in 27-May 15 c) Ending inventory on 27-May 16 17 Purchases Sales Inventory 18 Units Unit Cost Total Cost Units Unit Cost COGS Units Unit Cost 19 20 21 22 23 Total Cost 25 26 27 28 29 30 31 32 33 34 35 36 27 a) COGS in 7-May b) COGS in 27-May c) Ending inventory on 27-May d) Create the journal entry (Sold on Account) for the sale on May 7 37 38 Calculate the value of cost of goods sold for each sale and ending inventory for the month, using the AVERAGE method for the following dates 39 a) COGS in 7-May 40 b) COGS in 27-May 41 c) Ending inventory on 27-May 42 43 Purchases Sales Inventory 44 Units Unit Cost Total Cost Units Unit Cost COGS Unit Cost Units Total Cost 46 47 + R8 498985888 50 51 52 ANSWER 53 a) COGS in 7-May b) COGS in 27-May c) Ending inventory on 27-May d) Create the journal entry (Sold for CASH) for the sale on May 27 55