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9:50 am Fri 29 May 73% FNSACC405 Mod1.2 Assignment-Student Copy 20200406 3 Home Insert Draw Layout Review View Calibri Bold (Body 11 B I U A.. A Question 2 GGG Pty Ltd in accordance with organisational policy, procedures and practices uses a periodic inventory system and values its inventory using FIFO. GGG had the following records during the month of September: Date Description Units Sept 1 Beginning inventory Unit Cost Total Cost 5,000 $2.00 $10,000 Sept 13 Inventory purchased 8,000 $2.40 $19,200 Sept 21 Inventory purchased Total 7,000 $2.60 $18,200 20,000 $47,400 GGG sold 14,000 units during the month. Required: Calculate inventory on 30th September and COGS for the month using each of the following inventory costing methods a. FIFO method (show your workings): NSCC405 Module 1.2 Assignment Student April 2020 Page 4 of 17 M MONARCH Inventory Valuation $2.60 = $18,200 $15,600 Cost of Goods Sold Statement Inventory 1 September Purchases $10,000 37,400 Less: Inventory 31* September 47,400 Cost of Goods Sold 15,60 $31.800 Weighted average cost method, if this was to be used (show your workings): FNSCC405 Module 1.2 Assignment Student April 2020 Page 5 of 17 MONARCH C. Which method of inventory valuation has generated the lowest COGS for the month and your workings) : what is the difference in COGS between the two inventory valuation methods? (show