Question
ABC Company provides the following information for the month of August. Date Units $/Unit Total Aug 1Opening inventory40$ 30$1,200Aug 3Purchase60$ 35$2,100Aug 10Sale100$ 60$6,000Aug 22Purchase90$ 40$3,600Aug
ABC Company provides the following information for the month of August.
Date Units$/UnitTotalAug 1Opening inventory40$ 30$1,200Aug 3Purchase60$ 35$2,100Aug 10Sale100$ 60$6,000Aug 22Purchase90$ 40$3,600Aug 24Sale70$ 70$4,900
Required:
(a) What is the cost of goods sold if the company uses a perpetual inventory system and the FIFO method of valuing inventory?
(b) What is the cost of goods sold if the company uses a perpetual inventory system and the weighted average method of valuing inventory?
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Practical Auditing Techniques For ISO/TS 16949
Authors: Raymond Ness
1st Edition
978-0595273126
