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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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