Q#4 Karim Trading Company show the following transaction show the purchases and sales of merchandise during the year January 01, Inventory | 1,000 Units @ Rs. 10. January 10, Purchase on account | 5,000 Units @ Rs. 110 January 15, Sales on Account | 4,000 Units @ Rs. 312 January 18, Purchase on Cash | 3,000 Units @ Rs. 120 January 20, Sales on Account | 4,000 Units @ Rs. 322 January 25, Purchase on Cash | 6,000 Units @ Rs. 130 January 30, Sales on Cash | 5,000 Units @ Rs. 320 Required: Compute the cost of ending inventory under the perpetual system on Jan 31, 2011 using the Last In First Out (LIFO).
Q#4 Karim Trading Company show the following transaction show the purchases and sales of merchandise during the year January 01, Inventory | 1,000 Units @ Rs. 10. January 10, Purchase on account | 5,000 Units @ Rs. 110 January 15, Sales on Account | 4,000 Units @ Rs. 312 January 18, Purchase on Cash | 3,000 Units @ Rs. 120 January 20, Sales on Account | 4,000 Units @ Rs. 322 January 25, Purchase on Cash | 6,000 Units @ Rs. 130 January 30, Sales on Cash | 5,000 Units @ Rs. 320 Required: Compute the cost of ending inventory under the perpetual system on Jan 31, 2011 using the Last In First Out (LIFO).
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.35EX: Cost of merchandise sold and related items The following data were extracted from the accounting...
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Q#4 Karim Trading Company show the following transaction show the purchases and sales of merchandise during the year
January 01, Inventory | 1,000 Units @ Rs. 10.
January 10, Purchase on account | 5,000 Units @ Rs. 110
January 15, Sales on Account | 4,000 Units @ Rs. 312
January 18, Purchase on Cash | 3,000 Units @ Rs. 120
January 20, Sales on Account | 4,000 Units @ Rs. 322
January 25, Purchase on Cash | 6,000 Units @ Rs. 130
January 30, Sales on Cash | 5,000 Units @ Rs. 320
Required: Compute the cost of ending inventory under the perpetual system on Jan 31, 2011 using the Last In First Out (LIFO).
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