Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
There are 3 Steps involved in it
Step: 1
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 Started