. Question: The following information relates to the inventory of Margaret'sMegamart Ltd during December.Ignore GST.Date Units cost Total cost1/12 Beginning inventory 700 $ 12.00 $ 8,40010/12 Purchase 500 12.60 6,30015/12 Purchase 300 13.20 3,96023/12 Purchase 500 14.00 7,000Totals 2,000 $25,660Margaret's Megamart Ltd uses the periodic inventory system. A physical counton 31 December verified that 650 units were on hand.Required:Determine the Ending inventory and Cost of Sales for the month of December,using the FIFO costing method.

FIFO Costing Method:— FIFO stands for First in First Out. In this method of costing, it is assumed…

Answered: Required: Determine the Ending…

Business

Accounting

Required: Determine the Ending inventory and Cost of Sales for the month of December, using the FIFO costing method.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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