Question: Q2. Use the data for ABC company that uses a perpetual inventory system and made the following cash purchases and sales during the month. January

Q2. Use the data for ABC company that uses a perpetual inventory system and made the following cash purchases and sales during the month.

January 1

Beginning inventory 40 units at SAR. 10 per unit

January 10

Purchased 20 units at SAR15 per unit

January 18

Purchased 60 units at SAR 20 per unit

January 30

Sold 100 Units for SAR 30 per unit

  1. Compute the cost of goods sold and ending inventory, using FIFO, LIFO, and Weighted average?
  2. Prepare general journal entries to record the transactions

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