Store Ledger Card provided the following information for July:

Date	quantity	cost per item
1	50	2000
2	100	2500
9	50	2800
18	125	3000 (sales transaction)
20	85	3200
22	100	3400
27	150	2900 (sales transaction)

Determine the Cost of Sales, Cost of Closing Stock, Sales and Gross profit / loss under each of the following method by using perpetual inventory system, Cost are assigned on the basis of FIFO and Cost are assigned on the basis of Weighted Average.

Answer rating: 100% (QA)

1 FIFO Purchases Cost of Goods Sold Inventory Balance Qty Price Total Qty Price Total Qty Price Tota... View the full answer