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The following data relate to the business of BWA Co. which uses perpetual inventory system and uses FIFO inventory valuation method. Units Unit Cost November
The following data relate to the business of BWA Co. which uses perpetual inventory system and uses FIFO inventory valuation method. Units Unit Cost November 1 Inventory 50 $50 November 4 Purchases 30 $55 November 8 Sales 35 $80 November 9 Purchases 40 $60 November 20 Sales 60 $85 November 25 Purchases 40 $65 November 30 Sales 10 $100 (i) Compute the cost of ending inventory on November 30. (6 marks) (ii) Compute the cost of goods sold, total sales and gross profit on sales for the month of November. (16 marks)
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