Question
Store Ledger Card provided the following information for July: Date quantity cost per item 1 50 2000 2 100 2500 9 50 2800 18 125
Store Ledger Card provided the following information for July:
Date | quantity | cost per item |
1 | 50 | 2000 |
2 | 100 | 2500 |
9 | 50 | 2800 |
18 | 125 | 3000 (sales transaction) |
20 | 85 | 3200 |
22 | 100 | 3400 |
27 | 150 | 2900 (sales transaction) |
Determine the Cost of Sales, Cost of Closing Stock, Sales and Gross profit / loss under each of the following method by using perpetual inventory system, Cost are assigned on the basis of FIFO and Cost are assigned on the basis of Weighted Average.
Step by Step Solution
3.63 Rating (153 Votes )
There are 3 Steps involved in it
Step: 1
1 FIFO Purchases Cost of Goods Sold Inventory Balance Qty Price Total Qty Price Total Qty Price Tota...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get StartedRecommended Textbook for
Financial and Managerial Accounting the basis for business decisions
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
16th edition
0077664078, 978-0077664077, 78111048, 978-0078111044
Students also viewed these Accounting questions
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
Question
Answered: 1 week ago
View Answer in SolutionInn App