Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Faizal Company prepared the following information for the month of September 2020. The company uses perpetual inventory system to manage inventory. Purchases Sales Units Unit

Faizal Company prepared the following information for the month of September 2020. The company uses perpetual inventory system to manage inventory.

Purchases

Sales

Units

Unit Cost (RM)

Units

Unit Selling Price (RM)

Sep 1

Begin. inventory

500

20

5

Purchases

1,200

22

10

Sales

1,400

65

14

Purchases

3,000

20

18

Sales

2,400

60

26

Purchases

1,500

22

28

Sales

1,500

65

Required:

Prepare a schedule to show the value assign to cost of goods sold and ending inventory as at 30 September 2020 by using the Average method.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Intermediate Accounting Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

12th Canadian edition

119-49633-5, 1119496497, 1119496330, 978-1119496496

Students also viewed these Accounting questions