Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Digital Transformation Of Auditing And The Evolution Of The Internal Audit

Authors: Nabyla Daidj

1st Edition

1032103914, 978-1032103914

More Books

Students also viewed these Accounting questions

Question

Find function F for the following circuit: Do

Answered: 1 week ago

Question

11. Identify the stage of beyond duality in Gone With the Wind.

Answered: 1 week ago

Question

9. Explain the relationship between identity and communication.

Answered: 1 week ago

Question

a. How do you think these stereotypes developed?

Answered: 1 week ago

Question

a. How many different groups were represented?

Answered: 1 week ago