Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June and July, it is observed that in two months 800 units were sold.

Date	Explanation	Units	Unit Cost	T otal Cost
Jun-01	Inventory	150	50	7500
Jun-15	Purchase	200	60	12000
Jun-30	Purchase	300	65	19500
Jul-14	Purchase	500	55	27500
Jul-28	Purchase	250	50	12500
	T otals	1400		79000

Instructions

1. a) Under FIFO, LIFO and Average cost method compute the cost of ending inventory on July 31. (06)

2. b) Under FIFO, LIFO and Average cost method find the cost of goods sold. (06)

Q#1) Aero Company uses a periodic inventory system. Following is the record for the month of June and July, it is observed that in two months 800 units were sold. Date Explanation Units Jun-01 Inventory 150 Jun-15 Purchase 200 Jun-30 Purchase 300 Jul-14 Purchase 500 Jul-28 Purchase 250 Totals 1400 Unit Total Cost Cost 50 7500 60 12000 65 19500 55 27500 50 12500 79000 Instructions a) Under FIFO, LIFO and Average cost method compute the cost of ending inventory on July 31. b) Under FIFO, LIFO and Average cost method find the cost of goods sold. (06) (06)