Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Parkville Ltd is a wholesale distribution business that sells bottled water to supermarkets. The following information related to the business's activities during June 2020. 1

image text in transcribed
Parkville Ltd is a wholesale distribution business that sells bottled water to supermarkets. The following information related to the business's activities during June 2020. 1 June Opening Inventory 2,000 bottles @ $0.96 7 June Sales 800 bottles @ $1.30 12 June Purchases 1,200 bottles @ $1.10 19 June Sales 900 bottles @ $1.38 23 June Purchases 1,500 bottles @ $1.15 29 June Sales 1,000 bottles @ $1.42 Required: 1) If the company uses the periodic inventory method, calculate cost of goods sold, and ending inventory using the First-in First-out method. 2) If the company uses the perpetual inventory method, calculate cost of goods sold, and ending inventory using the First-in First-out method. 3) If the company uses the periodic inventory method, calculate cost of goods sold, and ending inventory using the weighted average method. 4) If the company uses the perpetual inventory method, calculate cost of goods sold, and ending inventory using the weighted average method. 5) If the company uses the perpetual inventory method, calculate cost of goods sold, and ending Ninventory using the specific identification method. (Assume the products sold on 7 June are from Opening inventory, the products sold on 19 June are purchased on 12 June, and the products sold on 29 June are purchased on 23 June.) When you calculate unit cost, keep two digits after decimal. When you calculate the cost of goods sold and the cost of inventory, round up to the nearest dollar. Show all workings

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Auditor An Instructional Novella

Authors: James K. Loebbecke

1st Edition

0130799769, 978-0130799760

More Books

Students also viewed these Accounting questions