Following Information is taken form the Books of Ahmed’s Store who uses perpetual inventory system. Date Purchased in units Rate $ 01-01-20 800 9.00 02-01-20 500 9.50 04-01-20 1500 10.20 08-01-20 800 9.60 13-01-20 1200 9.75 15-01-20 800 9.90 19-01-20 500 10.19 24-01-20 700 9.81 25-01-20 1000 9.24 28-01-20 1500 9.75 Date Sales in Units Rate $ 03-01-20 1000 15.00 07-01-20 1300 15.00 11-01-20 900 16.50 14-01-20 1200 16.50 17-01-20 900 18.00 21-01-20 500 18.00 26-01-20 500 18.75 30-01-20 2000 17.25 Requirements: With the Assumption of perpetual inventory system to record above transactions with the use of following methods. FIFO
Following Information is taken form the Books of Ahmed’s Store who uses perpetual inventory system. Date Purchased in units Rate $ 01-01-20 800 9.00 02-01-20 500 9.50 04-01-20 1500 10.20 08-01-20 800 9.60 13-01-20 1200 9.75 15-01-20 800 9.90 19-01-20 500 10.19 24-01-20 700 9.81 25-01-20 1000 9.24 28-01-20 1500 9.75 Date Sales in Units Rate $ 03-01-20 1000 15.00 07-01-20 1300 15.00 11-01-20 900 16.50 14-01-20 1200 16.50 17-01-20 900 18.00 21-01-20 500 18.00 26-01-20 500 18.75 30-01-20 2000 17.25 Requirements: With the Assumption of perpetual inventory system to record above transactions with the use of following methods. FIFO
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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Question
Following Information is taken form the Books of Ahmed’s Store who uses perpetual inventory system.
|
Date |
Purchased in units |
Rate $ |
|
01-01-20 |
800 |
9.00 |
|
02-01-20 |
500 |
9.50 |
|
04-01-20 |
1500 |
10.20 |
|
08-01-20 |
800 |
9.60 |
|
13-01-20 |
1200 |
9.75 |
|
15-01-20 |
800 |
9.90 |
|
19-01-20 |
500 |
10.19 |
|
24-01-20 |
700 |
9.81 |
|
25-01-20 |
1000 |
9.24 |
|
28-01-20 |
1500 |
9.75 |
|
Date |
Sales in Units |
Rate $ |
|
03-01-20 |
1000 |
15.00 |
|
07-01-20 |
1300 |
15.00 |
|
11-01-20 |
900 |
16.50 |
|
14-01-20 |
1200 |
16.50 |
|
17-01-20 |
900 |
18.00 |
|
21-01-20 |
500 |
18.00 |
|
26-01-20 |
500 |
18.75 |
|
30-01-20 |
2000 |
17.25 |
Requirements:
With the Assumption of perpetual inventory system to record above transactions with the use of following methods.
- FIFO
- LIFO
- Average Cost
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