Question
JUSCO, a chain of general merchandise stores and the largest of its type in Japan. The company follows Perpetual Inventory System. The company furnishes the
JUSCO, a chain of "general merchandise stores" and the largest of its type in Japan. The company follows Perpetual Inventory System.
The company furnishes the following information for the month of January 2018:
Date Description Quantity Unit cost (OMR) January 1 Opening Inventory 1,500
15 January 6 Purchase 4,500
16 January 9 Sales 1,200
January 11 Purchase 3,300
16 January 12 Purchase 4,500
17 January 14 Sales 2,300
January 20 Purchase 1,600
18 January 22 Purchase 1,300
19 January 24 Sales 500
You are required to compute: a) The amount of Cost of goods sold based on Weighted Average Method using periodc inventory system
. b) Ending Inventory Value based on Weighted Average Method using periodc inventory system.
c) Show journal entries based on Weighted Average Method using periodc inventory system.
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