Question
The following information relates to the inventory of a bookseller in the records of Bayside Books Ltd, a company registered for GST. All unit prices
The following information relates to the inventory of a bookseller in the records of Bayside Books Ltd, a company registered for GST. All unit prices below exclude GST.
July | 1 | Beginning inventory | 10 | @ $42 | = $420 | |||
Aug. | 14 | Purchased | 13 | @ $46 | = $598 | |||
Sept. | 25 | Sold | 11 | |||||
Jan. | 8 | Purchased | 12 | @ $48 | = $576 | |||
March | 3 | Purchased | 6 | @ $50 | = $300 | |||
April | 13 | Sold | 13 | |||||
June | 10 | Sold | 4 |
Using a periodic system and the weighted average method, calculate the cost of the items in inventory on 30 June and the cost of sales for the year. (Round answers to 2 decimal places, e.g. 52.75.)
Ending inventory: | $ | |
Cost of sales: | $ |
Using a perpetual system and the moving average method, calculate the cost of the year-end inventory and the cost of sales. (Round answers to 2 decimal places, e.g. 52.75.)
Ending inventory: | $ | |
Cost of sales: | $ |
Using a periodic system and the FIFO method, determine the cost of the items in inventory on 30 June and the cost of sales for the year.
Ending inventory: | $ | |
Cost of sales: | $ |
Using a perpetual system and the FIFO method, determine the cost of the year-end inventory and the cost of sales.
Ending inventory: | $ | |
Cost of sales: | $ |
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