The following information relates to the inventory of the Denki Ltd during the month of August:

Denki Ltd uses the perpetual inventory method of accounting for inventory. Ignore GST.
Required Determine the cost of the ending inventory. Note a physical stocktake verified inventory records reflected ending stock levels. The manager of Denki Ltd is evaluating inventory valuation methods and is seeking your assistance to calculate the value of closing inventory and cost of goods sold for each of the following methods:

(a) FIFO

(b) LIFO

(c) Moving average; note, round unit cost to the nearest cent.

(d) Specific identification – records identified the ending inventory consisted of 5 units from beginning inventory, 12 units from the purchase on 12 August and the remaining from the purchase on 21 August.

Transcribed Image Text:

August 1 Beginning Inventory Purchased 60 units @ $10 90 @ $12 80 units 12 15 Sold 21 Purchased 22 Sold 28 Sold 65 units 120 @ $13 100 units