The following information is taken from the accounting records of Golden Ltd for the year ended 31 December 2019. Golden Ltd uses a perpetual inventory system.

Determine the cost of ending inventory as at 31 December 2019 and the cost of goods sold and gross profit for the year ended 31 December 2019 assuming: 

1. FIFO 

2. LIFO.

Transcribed Image Text:

January 1 March 10 June 25 August 30 October 5 November 26 December 31 Opening inventory Purchases Sales Purchases Sales Purchases Sales Units Purchase price per unit 2 000 $56 2 200 $55 1 800 1 800 2 500 3 000 2 000 $52 $50 Selling price per unit $60 $65 $63