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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.

  1. FIFO
  2. LIFO
  3. Average Cost

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