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Win People Ltd uses a perpetual inventory system. The business had the following transactions during September 2021: 1/09/2021 Beginning Inventory 100 units @ $ each
Win People Ltd uses a perpetual inventory system. The business had the following transactions during September 2021:
1/09/2021 | Beginning Inventory 100 units @ $ each |
|
8/09/2021 | Purchase 150 units @ $....... each |
|
9/09/2021 | Sale 130 units |
|
15/09/2021 | Purchase 200 units @ $........ each |
|
30/09/2021 | Sale 220 units |
|
Required:
- Fill in the blanks in the transaction table above your OWN numbers (between $20 to $50 per unit) for the cost per unit purchased. The cost per unit can be different for different transaction dates.
- Using FIFO & Weighted Average methods to calculate the Ending Inventory and Costs of Goods Sold for both methods. (You might need to construct a similar table as shown below to show all your working out for each method)
Date
Transaction
Inventory purchased
Inventory sold
Inventory on hand
Units
$
Total
Units
$
Total
Units
$
Total
- Ending Inventories =.
- Cost of Goods Sold =..
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