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Question 4 (20 marks) Hong Kee Shoes Company commenced business on 1 March 2017 transactions occurred in June 2017: June Transactions Units purchased at costUnits
Question 4 (20 marks) Hong Kee Shoes Company commenced business on 1 March 2017 transactions occurred in June 2017: June Transactions Units purchased at costUnits sold at selling price 1 Balance bld 5 Purchase 16 Sales 1,000 units@$8/unit 3,000 units @$7/unit 2,000 units @$12/unit 1,500 units @$6/unit 23 Purchase 29 Sales 2,200 units @S8/unit Required Compute the cost of goods available for sale and the number of units available for sale a b Compute the number of units in the ending inventory. Use a table (in columnar form) to compute the cost assigned to the ending inventory as at 30 June 2017 and the cost of goods sold for the month ended 30 June 2017 using: c I FIFO; and 2 weighted average (round to three decimal places)
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