Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Written answer or type in the right format please, thx. Daisy Limited uses the perpetual inventory system. The following is the company's inventory record for

image text in transcribed

Written answer or type in the right format please, thx.

Daisy Limited uses the perpetual inventory system. The following is the company's inventory record for the month ended 30 June 2020. Transactions Units Date 2020 1 June 14 June 28 June Selling Price $ per unit Cost Price S per unit 30 40 Opening Balance Purchases Sales 200 800 600 90 All purchases and sales are made on account. Required: (a) Compute the cost of goods sold and ending inventory for the month of June 2020 using each of the following inventory costing method: (i) First-In-First-Out (FIFO); (ii) Last-In-First-Out (LIFO); and (iii) Weighted Average Cost method. (12 marks) (b) Prepare journal entries to record the sales and cost of goods sold on 28 June 2020 assuming FIFO is adopted. (Narration is NOT required.) (4 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing and Assurance services an integrated approach

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

14th Edition

133081605, 132575957, 9780133081602, 978-0132575959

More Books

Students also viewed these Accounting questions

Question

What is the purpose of a costbenefit analysis?

Answered: 1 week ago