USCO Inc. is a retailer operating in many parts of the world. JUSCO uses the perpetual inventory system. All sales return from customer’s result in the goods being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for JUSCO Inc for the month of January 2021 Date Description Quantity Unit cost (OMR) January 1 Opening Inventory 24,500 14 January 5 Purchase 25,500 15 January 6 Sales 23,500 January 8 Purchase 24,500 16 January 10 Purchase 26,600 16 January 14 Sales 24,300 January 20 Purchase 23,600 18 January 22 Purchase 25,300 19 January 24 Sales 2,700 January 29 Sales 3,200 January 30 Purchase 2,900 11 You are required to compute: A) Cost of goods sold under FIFO and Weighted Average Method B) Ending Inventory Value under FIFO and Weighted Average Method C) Ending Inventory in Units under FIFO and Weighted Average Method
JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the perpetual inventory system. All sales return from customer’s result in the goods
being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the
following information for JUSCO Inc for the month of January 2021
Date Description Quantity Unit cost (OMR)
January 1 Opening Inventory 24,500 14
January 5 Purchase 25,500 15
January 6 Sales 23,500
January 8 Purchase 24,500 16
January 10 Purchase 26,600 16
January 14 Sales 24,300
January 20 Purchase 23,600 18
January 22 Purchase 25,300 19
January 24 Sales 2,700
January 29 Sales 3,200
January 30 Purchase 2,900 11
You are required to compute:
A) Cost of goods sold under FIFO and Weighted Average Method
B) Ending Inventory Value under FIFO and Weighted Average Method
C) Ending Inventory in Units under FIFO and Weighted Average Method
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