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Stapular Garment Enterprise (SGE) is a retailer operating in Kulim, Kedah. SGE uses the perpetual inventory method. Assume there are no credit transactions, all amounts
Stapular Garment Enterprise (SGE) is a retailer operating in Kulim, Kedah. SGE uses the perpetual inventory method. Assume there are no credit transactions, all amounts are settled in cash. You are provided with the following information for SGE, for the month of January 2020. January 1 January 2 January 6 January 9 January 10 January 23 January 30 Opening inventories 160 units @ RM20.00 Purchase 100 units @ RM22.00 Sale 180 units @ RM40.00 Purchase 75 units @ RM24.00 Sales 50 units @ RM45.00 Purchase 100 units @ RM25.00 Sale 130 units @ RM48.00 Required: Determine the cost of goods sold and the ending inventory using; 1) FIFO (First in, first out) (5 marks) 2) LIFO (Last in, first out)
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