1. The following information relates to Exeter Incorporation's Inventory purchases and sales data, for the year...

 

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1. The following information relates to Exeter Incorporation's Inventory purchases and sales data, for the year ended 2021: January 10 February 15 February 15 February 27 July 31 July 15 July 31 May 31 November 5 December 30 Beginning Inventory. Purchase. Sales.. Sales Return. Purchase Purchase Return.. Purchase Purchase. Sales. Sales. Sales.. ...800 units @$16 each .1000 units @ $14.5 each ..1800 units @ $80 each .100 units @ $80 each 2000 units @ $14 each .250 @ $15 each .1500 units@ $13 each .500 @ $15 each .1100 units @ $85 each .1250 @ $85 each ..1050 @ $85 each Required: Calculate the value of ending inventory on 31 December 2021 and the value of Cost of Goods sold using the following methods (Assume that the company used periodic inventory system): i. FIFO ii. LIFO 8 Marks 1. The following information relates to Exeter Incorporation's Inventory purchases and sales data, for the year ended 2021: January 10 February 15 February 15 February 27 July 31 July 15 July 31 May 31 November 5 December 30 Beginning Inventory. Purchase. Sales.. Sales Return. Purchase Purchase Return.. Purchase Purchase. Sales. Sales. Sales.. ...800 units @$16 each .1000 units @ $14.5 each ..1800 units @ $80 each .100 units @ $80 each 2000 units @ $14 each .250 @ $15 each .1500 units@ $13 each .500 @ $15 each .1100 units @ $85 each .1250 @ $85 each ..1050 @ $85 each Required: Calculate the value of ending inventory on 31 December 2021 and the value of Cost of Goods sold using the following methods (Assume that the company used periodic inventory system): i. FIFO ii. LIFO 8 Marks

Answer rating: 100% (QA)

PARTICULARS FIFO LIF... View the full answer