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 56 Question 2 57 Company uses a perpetual inventory system. Calculate the following 58 59 Date Units Purchased Units Sold Balance 60 Opening Balance 25 @ $9 61 2-Jun 75 @ $10 62 8-Jun 80 @ $100 63 18-Jun 100 @ $11 64 20-Jun 70 @ $12 65 29-Jun 150 @ $110 66 Ending Balance 40 units 67 68 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 69 a) COGS in 8-Jun 70 b) COGS in 29-Jun 71 c) Ending inventory on 29-Jun 72 73 Purchases Sales Inventory 74 Units Unit Cost Total Cost Units Unit Cost COGS Units Unit Cost 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 ANSWER a) COGS in 8-Jun 90 b) COGS in 29-Jun 91 c) Ending inventory on 29-Jun 92 d) Create the journal entry (Sold on Account) for the sale on June 8th Total Cost Total Cost 93 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 94 a) COGS in 8-Jun 95 b) COGS in 29-Jun 96 c) Ending inventory on 29-Jun 97 98 Purchases Sales Inventory 99 Units Unit Cost Total Cost Units Unit Cost COGS Units Unit Cost 100 101 102 103 104 105 106 107 ANSWER a) COGS in 8-Jun 108 b) COGS in 29-Jun 109 c) Ending inventory on 29-Jun 110 d) Create the journal entry (Sold for CASH) for the sale on June 29th 111 112