Q3: Company Q has the following information regarding its merchandise for 2018. Date Event Details 200 units @ RO3 100 units @ RO4 Jan. 1 Balance May 1 July 15 Oct. 10 Purchase Sale 200 units Purchase 150 units @ RO5 250 units 100 units @ RO 8 75 units Nov. 14 Sale Dec. 9 Purchase Dec. 18 Sale Required: a. Using the periodic system, determine cost of goods sold and the ending Merchandise Inventory balance under FIFO, LIFO, and weighted average. b. Determine FIFO, LIFO, and moving average under the perpetual system.
Q3: Company Q has the following information regarding its merchandise for 2018. Date Event Details 200 units @ RO3 100 units @ RO4 Jan. 1 Balance May 1 July 15 Oct. 10 Purchase Sale 200 units Purchase 150 units @ RO5 250 units 100 units @ RO 8 75 units Nov. 14 Sale Dec. 9 Purchase Dec. 18 Sale Required: a. Using the periodic system, determine cost of goods sold and the ending Merchandise Inventory balance under FIFO, LIFO, and weighted average. b. Determine FIFO, LIFO, and moving average under the perpetual system.
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 41BE: ( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for...
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