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CASE NO#2- INVENTORY VALUATION METHODS-PERIODIC INVENTORY SYSTEM JUSCO , a chain of general merchandise stores and the largest of its type in Japan. The company

CASE NO#2- INVENTORY VALUATION METHODS-PERIODIC INVENTORY SYSTEM

JUSCO, a chain of "general merchandise stores" and the largest of its type in Japan. The company follows Perpetual Inventory System. The company furnishes the following information for the month of January 2018:

Date

Description

Quantity

Unit cost (OMR)

January 1

Opening Inventory

1,500

15

January 6

Purchase

4,500

16

January 9

Sales

1,200

January 11

Purchase

3,300

16

January 12

Purchase

4,500

17

January 14

Sales

2,300

January 20

Purchase

1,600

18

January 22

Purchase

1,300

19

January 24

Sales

500

You are required to compute:

  1. The amount of Cost of goods sold based on Weighted Average Method using periodc inventory system.
  2. Ending Inventory Value based on Weighted Average Method using periodc inventory system.
  3. Show journal entries based on Weighted Average Method using periodc inventory system.

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