Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following information relates to Yarra River Pty Ltd during September, 2022: (8 MARKS) 8 September - Purchased 1 September - Beginning Inventory 2400 units
The following information relates to Yarra River Pty Ltd during September, 2022: (8 MARKS) 8 September - Purchased 1 September - Beginning Inventory 2400 units @ $15 2700 units @ $18 3300 units @ $24 10 September - Sold 22 September - Purchased 30 September - Sold 2700 units @ $21 3300 units @ $27 Assume there is no GST on these goods that Yarra River Pty Ltd has bought and sold during the month. (It is not necessary to reconstruct detailed individual Stock Cards to record the flow of Inventory in and out of the store, as the firm uses a Periodic Inventory system). Required: Determine the Closing Inventory & Cost Of Goods Sold for the following methods for September, 2022. (Show your calculations and workings.) 1. Weighted Average Method a. Closing Inventory b. Cost Of Goods Sold $ 2. FIFO (First-In-First Out) a. Closing Inventory b. Cost Of Goods Sold $
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