Global Company has the following data relating to inventory, purchases, and sales data for the month of March 2017 and records all the transactions under the perpetual inventory system. 

05 Description Quantity and Selling Price

Inventory: March 1 200 units @ Tk. 4.00 

Purchases: March 10 March 20 March 30 March 30 

Purchase return 500 units @ Tk. 4.50 400 units @ Tk. 4.75 300 units @ Tk. 5.00 20 units @ Tk. 4.75 

Sales: March 15 March 20 Sale return March 25 500 units @ Tk. 7.5 

Sale return 15 @ Tk. 7.5 400 units @ Tk. 8 

Instructions: 

Calculate (i) ending inventory, (ii) cost of goods sold, and (iii) gross profit under each of the following methods. (1) LIFO. (2) FIFO.

Answer rating: 100% (QA)

Answer Material Receipt FIFO Method LIFO Method Weighted Average Method Da... View the full answer