Question
JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the perpetual inventory system. All sales return from customers result in
JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the perpetual inventory system. All sales return from customers result in the goods being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for JUSCO Inc for the month of January 2021
Date | Description | Quantity | Unit cost (OMR) |
January 1 | Opening Inventory | 24,500 | 14 |
January 5 | Purchase | 25,500 | 15 |
January 6 | Sales | 23,500 |
|
January 8 | Purchase | 24,500 | 16 |
January 10 | Purchase | 26,600 | 16 |
January 14 | Sales | 24,300 |
|
January 20 | Purchase | 23,600 | 18 |
January 22 | Purchase | 25,300 | 19 |
January 24 | Sales | 2,700 |
|
January 29 | Sales | 3,200 |
|
January 30 | Purchase | 2,900 | 11 |
You are required to compute:
- Cost of goods sold under FIFO and Weighted Average Method (4 marks)
- Ending Inventory Value under FIFO and Weighted Average Method (3 marks
- Ending Inventory in Units under FIFO and Weighted Average Method (3 marks)
I need it with all steps
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