Question
Aromas Ltd retails aromatic candles and entered the following trading transactions in the month of February: PURCHASES SALES COGS ENDING INVENTORY Date Details Units Unit
Aromas Ltd retails aromatic candles and entered the following trading transactions in the month of February:
PURCHASES
SALES
COGS
ENDING INVENTORY
Date
Details
Units
Unit Cost
Total Cost
Units
Units
Unit Cost
Total Cost
Units
Unit Cost
Total Cost
3.Determine the cost of ending inventory at 28 February and COGS for the month assuming Periodic recording method and Weighted Average cost flow assumption. Use 4 decimals for unit costs and round to the nearest integer for units and total costs.
WA Cost =
PURCHASES
SALES
Date
Details
Units
Unit Cost
Total Cost
Units
1/2
O. Balance
100
$5
7/2
Purchased
600
$3
12/2
Sold
650
15/2
Purchased
200
$4
26/2
Sold
100
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Financial And Managerial Accounting
Authors: Charles T Horngren, Jr Walter T Harrison
2nd Edition
0135080193, 9780135080191
