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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-

  1. Find out the value of Ending Inventory after each transaction.
  2. 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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