The Company has the following inventory, purchases, and sales data for the month of Jan. Instructions...
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The Company has the following inventory, purchases, and sales data for the month of Jan. Instructions Inventory: Jan I 150 units @ SR4.00 SR600 Purchases: Jan 5 600 units @ SR4.50 SR2,700 Jan 10 400 units SR4.0X0 SR1,600 Jan 24 300 units SR 3.50 SRI D50 Sales: Jan 16 600 Jan 25 500 The physical inventory count on Jan 31 shows 350 units on hand. L'nder a periodic inventory system. determine the cost of inventory on hand at Jan 31 and the cost of goods sold for Jan under tal FIFO (b) average cost. The Company has the following inventory, purchases, and sales data for the month of Jan. Instructions Inventory: Jan I 150 units @ SR4.00 SR600 Purchases: Jan 5 600 units @ SR4.50 SR2,700 Jan 10 400 units SR4.0X0 SR1,600 Jan 24 300 units SR 3.50 SRI D50 Sales: Jan 16 600 Jan 25 500 The physical inventory count on Jan 31 shows 350 units on hand. L'nder a periodic inventory system. determine the cost of inventory on hand at Jan 31 and the cost of goods sold for Jan under tal FIFO (b) average cost.
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Answer rating: 100% (QA)
Solution Ending Inventory Cost of Goods Sold FIFO Method SR 1250 SR 4700 Average Cost SR 1440 SR 451... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
Posted Date:
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