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Al Oumara Company uses the periodic inventory system for goods. On December 31, 2014, the actual inventory showed that the number of remaining merchandise units
Al Oumara Company uses the periodic inventory system for goods. On December 31, 2014, the actual inventory showed that the number of remaining merchandise units at the end of the period was 500 units. The following are the details of the purchases that took place during the financial period:
The date of purchase
| number of units
| unit price
|
15/1/ 2014 | 250 Unit | 8$ |
10 / 2/2014 | 180 Unit | 9$ |
15/ 4/2014 | 220 Unit | 8$ |
30 /7/2014 | 250 Unit | 10$ |
15 /12/2014 | 200 Unit | 12$ |
|
|
|
Required:
Determine the cost of the stock of the goods at the end of the period, the cost of the goods sold and the total profit, if you know that the average selling price of the unit during the year is 16 dinars, according to the following methods:
1- Weighted average method W. A
2- First in first out (FIFO) method.
3- The last in first out method (LIFO).
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