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(A) Daisy Limited uses the perpetual inventory system. The following is the company's inventory record for the month ended 30 June 2020. Transactions Units Date
(A) Daisy Limited uses the perpetual inventory system. The following is the company's inventory record for the month ended 30 June 2020. Transactions Units Date 2020 1 June 14 June 28 June Selling Price $ per unit Cost Price S per unit 30 40 Opening Balance Purchases Sales 200 800 600 90 All purchases and sales are made on account. Required: (a) Compute the cost of goods sold and ending inventory for the month of June 2020 using each of the following inventory costing method: (i) First-In-First-Out (FIFO); Last-In-First-Out (LIFO); and (iii) Weighted Average Cost method. (12 marks) (b) Prepare journal entries to record the sales and cost of goods sold on 28 June 2020 assuming FIFO is adopted. (Narration is NOT required.) (4 marks)
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