Question
Following Information is taken form the Books of Ahmeds Store who uses perpetual inventory system. Date Purchased in units Rate $ 01-01-20 800 9.00 02-01-20
Following Information is taken form the Books of Ahmeds Store who uses perpetual inventory system.
Date | Purchased in units | Rate $ |
01-01-20 | 800 | 9.00 |
02-01-20 | 500 | 9.50 |
04-01-20 | 1500 | 10.20 |
08-01-20 | 800 | 9.60 |
13-01-20 | 1200 | 9.75 |
15-01-20 | 800 | 9.90 |
19-01-20 | 500 | 10.19 |
24-01-20 | 700 | 9.81 |
25-01-20 | 1000 | 9.24 |
28-01-20 | 1500 | 9.75 |
Date | Sales in Units | Rate $ |
03-01-20 | 1000 | 15.00 |
07-01-20 | 1300 | 15.00 |
11-01-20 | 900 | 16.50 |
14-01-20 | 1200 | 16.50 |
17-01-20 | 900 | 18.00 |
21-01-20 | 500 | 18.00 |
26-01-20 | 500 | 18.75 |
30-01-20 | 2000 | 17.25 |
Requirements:
With the Assumption of perpetual inventory system to record above transactions with the use of following methods.
- FIFO
- LIFO
- Average Cost
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