Shady Dog Music sells new music CDs of popular artists. The inventory, purchases and sales in...

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Shady Dog Music sells new music CDs of popular artists. The inventory, purchases and sales in chronological order are as follows: Date Details 2022 01/01 Beginning balance 06/01 Purchased 05/02 Sold @ $12.00 per unit Purchased 19/03 24/03 Purchased returns 10/04 Sold @ $12.10 per unit Purchased 22/06 31/07 Sold @ $13.25 per unit 04/08 Sales returns 04/09 Sold @ $13.50 per unit 06/10 Purchased 27/11 Sold @ $15.00 per unit No.of Unit a. FIFO b. Moving weighted average. Round all numbers to 2 decimal places. 800 300 1,000 1,100 80 700 8,400 1,800 20 3,500 500 3,100 Unit Cost 7.00 7.05 7.35 7.50 8.00 Required: Assuming the entity uses perpetual inventory system. Calculate the cost of inventories on hand and the cost of goods sold at 31 December 2022 under: Shady Dog Music sells new music CDs of popular artists. The inventory, purchases and sales in chronological order are as follows: Date Details 2022 01/01 Beginning balance 06/01 Purchased 05/02 Sold @ $12.00 per unit Purchased 19/03 24/03 Purchased returns 10/04 Sold @ $12.10 per unit Purchased 22/06 31/07 Sold @ $13.25 per unit 04/08 Sales returns 04/09 Sold @ $13.50 per unit 06/10 Purchased 27/11 Sold @ $15.00 per unit No.of Unit a. FIFO b. Moving weighted average. Round all numbers to 2 decimal places. 800 300 1,000 1,100 80 700 8,400 1,800 20 3,500 500 3,100 Unit Cost 7.00 7.05 7.35 7.50 8.00 Required: Assuming the entity uses perpetual inventory system. Calculate the cost of inventories on hand and the cost of goods sold at 31 December 2022 under:

Answer rating: 100% (QA)

a FIFO FirstInFirstOut Calculation of the cost of goods sold for the 1000 units sold on 502 COGS 1000 units 700 7000 Calculation of the cost of goods ... View the full answer