C.2 - Inventory Periodic & Cost Flow Assumptions [10 marks; approx. 15 mins] Tofino Outfitters Limited...

  

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C.2 - Inventory Periodic & Cost Flow Assumptions [10 marks; approx. 15 mins] Tofino Outfitters Limited has the following inventory, purchases, and sales data for the month of March. 31/Mar/23 Physical inventory count shows 600 units on hand Date Description Units Unit Price Value 1/Mar/23 Beginning inventory 300 3.00 900 Purchases during the month: 10/Mar/23 Purchase 300 3.75 1,125 20/Mar/23 Purchase 400 4.00 1,600 30/Mar/23 Purchase 500 4.25 2,125 Sales during the month: 15/Mar/23 Sales 400 25/Mar/23 Sales 500 [1] Calculate the Cost of Goods Available for Sale: SHOW YOUR WORK Calculate the Cost of Goods Available for Sale: SHOW YOUR WORK Cost of Goods Available for Sale [2] Assume the company uses a PERIODIC Inventory System FIFO cost flow assumption Determine the Cost of Inventory on hand at March 31 and the Cost of Goods Sold for March SHOW YOUR WORK Cost of Inventory, March 31 Cost of Goods Sold for March A B C D E F G H 40 41 Cost of Inventory, March 31 42 Cost of Goods Sold for March 43 44 45 [3] Assume the company uses a PERIODIC Inventory System 46 Weighted Average cost flow assumption 47 Determine the Cost of Inventory on hand at March 31 and the 48 Cost of Goods Sold for March 49 50 [3 marks] SHOW YOUR WORK; ROUND TO 2 DECIMALS 51 52 53 54 Cost of Inventory, March 31 55 Cost of Goods Sold for March 56 57 58 59 C.2 - Inventory Periodic & Cost Flow Assumptions [10 marks; approx. 15 mins] Tofino Outfitters Limited has the following inventory, purchases, and sales data for the month of March. 31/Mar/23 Physical inventory count shows 600 units on hand Date Description Units Unit Price Value 1/Mar/23 Beginning inventory 300 3.00 900 Purchases during the month: 10/Mar/23 Purchase 300 3.75 1,125 20/Mar/23 Purchase 400 4.00 1,600 30/Mar/23 Purchase 500 4.25 2,125 Sales during the month: 15/Mar/23 Sales 400 25/Mar/23 Sales 500 [1] Calculate the Cost of Goods Available for Sale: SHOW YOUR WORK Calculate the Cost of Goods Available for Sale: SHOW YOUR WORK Cost of Goods Available for Sale [2] Assume the company uses a PERIODIC Inventory System FIFO cost flow assumption Determine the Cost of Inventory on hand at March 31 and the Cost of Goods Sold for March SHOW YOUR WORK Cost of Inventory, March 31 Cost of Goods Sold for March A B C D E F G H 40 41 Cost of Inventory, March 31 42 Cost of Goods Sold for March 43 44 45 [3] Assume the company uses a PERIODIC Inventory System 46 Weighted Average cost flow assumption 47 Determine the Cost of Inventory on hand at March 31 and the 48 Cost of Goods Sold for March 49 50 [3 marks] SHOW YOUR WORK; ROUND TO 2 DECIMALS 51 52 53 54 Cost of Inventory, March 31 55 Cost of Goods Sold for March 56 57 58 59