Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and later purchases of irrventory during June 2020 were as

image text in transcribed
Question 1 (20 marks) Brilliant Company uses the periodic inventory system. The company's beginning inventory and later purchases of irrventory during June 2020 were as below. Jun 01: Beginning inventory. 45 units @ $25 per unit Jun 17. Inventory purchased, 80 units@ $28 per unit. Jun 25. Inventory purchased, 65 units @ $32 per unit. Brilliant company sold 100 units during the month of June 2020. Required: a Calculate the cost of goods sold and ending inventory for June 2020 using both the Weighted Average cost and First in, first out (FIFO) method. (14 marks) b. Also record the journal entries for the June 17 purchase of inventory and when 55 units from this lot were sold for $45 each Assume both purchase of inventory and its sale are on account (6 marks)

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

Step: 3

blur-text-image

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

Intermediate accounting

Authors: J. David Spiceland, James Sepe, Mark Nelson

7th edition

978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094

More Books

Students also viewed these Accounting questions

Question

What do you mean by the term benchmarking?Discuss in your own way.

Answered: 1 week ago