Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

AWAJ Ltd uses the periodic inventory method and had the following inventory information available: Date Detail Units Unit Cost 1/2/2020 Inventory 4500 90 6000 92

image text in transcribedimage text in transcribed

AWAJ Ltd uses the periodic inventory method and had the following inventory information available: Date Detail Units Unit Cost 1/2/2020 Inventory 4500 90 6000 92 5/2/2020 Purchase 14/2/2020 Purchase 19/2/2020 Purchase 2500 96 3300 98 A physical count of inventory on 28 February 2020 revealed that there were 4000 units on hand. Ignore GST. Answer the following independent questions. Round all answers to nearest $. 1. Assume that the company uses the FIFO method. The value of the ending inventory at 28 February 2020 is $. 2. Assume that the company uses the average cost method. The value of the ending inventory on 28 February 2020 is $. 3. Assume that the company uses the LIFO method. The value of the cost of sales on 28 February 2020 is $

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

Step: 3

blur-text-image

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

More Books

Students also viewed these Accounting questions

Question

@ Give me a list of the better speakers in the organization.

Answered: 1 week ago

Question

Prepare an electronic rsum.

Answered: 1 week ago

Question

Strengthen your personal presence.

Answered: 1 week ago

Question

Identify the steps to follow in preparing an oral presentation.

Answered: 1 week ago