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Calculate of sales using FIFO method Kinney Ltd specialises in homemade feijoa bottled juice, which enjoys great popularity in the local market. The company uses
Calculate of sales using FIFO method
Kinney Ltd specialises in homemade feijoa bottled juice, which enjoys great popularity in the local market. The company uses the perpetual inventory system for recording its cost of sales. The inventories and purchases for the month of December are as follows:
tableDecemberPurchases,SalesQuantity,Cost per unit,QuantityBeginning inventory, units,$Purchase, units,$Sales,,, unitsPurchase, units,$Sales,,, unitsPurchase, units,$Sales,,, unitsPurchase, units,$
During the month, units were sold for $ per unit.
Required:
For the purpose of this question, please ignore GST Show ALL your workings.
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