The Breakfast Coffee Club's (TBCC) inventory activity for their House Blend is shown below for the...

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The Breakfast Coffee Club's (TBCC) inventory activity for their House Blend is shown below for the month of July. TBCC use a perpetual inventory system: Date 1 July 7 July 9 July 14 July 30 July Required a) b) c) Transaction Beginning inventory Purchase Sale Purchase Sale Kg 125 250 300 100 100 Cost per Kg $25 $22 $30 Calculate the ending inventory and cost of each sale under the FIFO method. [5 marks] Calculate the ending inventory and cost of each sale using the weighted average method. [5 marks] Identify and briefly explain the three methods that The Breakfast Coffee Club could use to assign a cost to inventory. [5 marks] The Breakfast Coffee Club's (TBCC) inventory activity for their House Blend is shown below for the month of July. TBCC use a perpetual inventory system: Date 1 July 7 July 9 July 14 July 30 July Required a) b) c) Transaction Beginning inventory Purchase Sale Purchase Sale Kg 125 250 300 100 100 Cost per Kg $25 $22 $30 Calculate the ending inventory and cost of each sale under the FIFO method. [5 marks] Calculate the ending inventory and cost of each sale using the weighted average method. [5 marks] Identify and briefly explain the three methods that The Breakfast Coffee Club could use to assign a cost to inventory. [5 marks]

Answer rating: 100% (QA)

Answer a FIFO Method FirstInFirstOut Calculate Ending Inventory First we assume that the first inven... View the full answer