Dear Tutor - would you please help me with the below question and explain how you derive
Question:
Dear Tutor - would you please help me with the below question and explain how you derive o the numbers? I am just not getting the answers I should and I dont know what I am doing wrong.
Thanks so much in advance!
Myers Inc. undertook the following transactions relating to their coal inventory in the month of January.
Date 01.01
Transaction - Beginning Balance
Quantity (kg) - 100
Unit Price (eur/kg) - 5
Date 05.01.
Transaction - Purchase
Quantity (kg) - 50
Unit Price (eur/kg) - 7
Date 09.01
Transaction - Purchase
Quantity (kg) - 40
Unit Price (eur/kg) - 8
Date 15.01
Transaction - Sale
Quantity (kg) - 110
Unit Price (eur/kg) - 20
Date 16.01
Transaction - Purchase
Quantity (kg) - 30
Unit Price (eur/kg) - 10
Date 20.01
Transaction - Sale
Quantity (kg) - 50
Unit Price (eur/kg) - 22
- Please calculate the COGS for the period under the permanent LIFO method.
- Please calculate the COGS for the period under the permanent weighted average method.
Expert Answer:
