Question
In the beginning of June, the stock amount of a company is 10 units. The total value of these 10 stocks is 190 TL. The
In the beginning of June, the stock amount of a company is 10 units. The total value of these 10 stocks is 190 TL. The following transactions occurred in June:
(a) 8 Jun: 30 units were purchased for 20 TL each.
(b) Jun 14: 25 units were sold for 40 TL each.
(c) Jun 22: 20 units were purchased for 22 TL each.
(d) Jun 27: 30 units were sold for 40 TL each.
If the company uses the FIFO method and keeps track of its stocks with the perpetual inventory method, what will be the Cost of Goods Sold and the End of Period Inventory Cost as of the end of June?
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