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Handwritten answers are not acceptable The answer must be in your own words ABC Ltd. is a metal product manufacturing company. The following are the
Handwritten answers are not acceptable The answer must be in your own words
ABC Ltd. is a metal product manufacturing company. The following are the purchases and issues during the month of July, 2019:(1.5 Marks)
Date |
|
|
July 1 | Beginning Inventory | 400 units @ $120 |
July 6 | Purchase | 250 units @ $150 |
July 11 | Purchase | 200 units @ $100 |
July 17 | Sales | 600 units @ $300 |
July 19 | Purchase | 150 units @ $120 |
July 21 | Purchase | 350 units @ $160 |
July 31 | Sales | 500 units @ $350 |
Required:
Using FIFO and Average Cost Method-
- Find out the value of Ending Inventory after each transaction.
- Find out the value of cost of goods sold after each sales.
Note: You can round off the values for the calculations under average cost method.
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