Question
Westside Ltd uses the periodic inventory system and has the following inventory information for the month of March 2021: Date Detail Units Unit Cost 1-March
Westside Ltd uses the periodic inventory system and has the following inventory information for the month of March 2021:
| Date | Detail | Units | Unit Cost |
| 1-March | Inventory | 3,000 | $180 |
| 9- March | Purchase | 4,000 | $190 |
| 18- March | Purchase | 1,500 | $195 |
| 31- March | Inventory | 1,700 | - |
Required:
Answer the following independent questions.
a) Assume that the company uses the FIFO method. The value of the cost of ending inventory at 31 March 2021 is $__________.
b) Assume that the company uses the average cost method. The value of the cost of ending inventory at 31 March 2021 is $__________.
c) Assume that the company uses the LIFO method. The value of the cost of sales at 31 March 2021 is $__________.
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Public Sector Accounting Auditing And Control In South Eastern Europe
Authors: Vesna Vašiček, Gorana Roje
1st Edition
303003352X, 978-3030033521
