Question
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:
- The amount of Cost of goods sold based on Weighted Average Method using periodc inventory system.
- Ending Inventory Value based on Weighted Average Method using periodc inventory system.
- Show journal entries based on Weighted Average Method using periodc inventory system.
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