The following data pertains to an inventory item of GHI Company: Date Particulars Units Unit Cost...

 

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The following data pertains to an inventory item of GHI Company: Date Particulars Units Unit Cost Total Cost Sales in units Jan. 1 Beg. balance 900 100.00 90,000.00 11 Sale 600 Purchase Purchase 20 800 105.00 84,000 71,500 25 650 110.00 31 Sale 750 The ending inventory is 1,000 units. Required: Compute for ending inventory and cost of goods sold using the following: 1. First in, First out (FIFO Method) a. FIFO - Periodic b. FIFO - Perpetual 2. Weighted Average a. Weighted Average - Periodic b. Weighted Average – Perpetual (Moving Average Method) 3. Last in, First Out (LIFO Method) LIFO – Periodic a. b. LIFO - Perpetual The following data pertains to an inventory item of GHI Company: Date Particulars Units Unit Cost Total Cost Sales in units Jan. 1 Beg. balance 900 100.00 90,000.00 11 Sale 600 Purchase Purchase 20 800 105.00 84,000 71,500 25 650 110.00 31 Sale 750 The ending inventory is 1,000 units. Required: Compute for ending inventory and cost of goods sold using the following: 1. First in, First out (FIFO Method) a. FIFO - Periodic b. FIFO - Perpetual 2. Weighted Average a. Weighted Average - Periodic b. Weighted Average – Perpetual (Moving Average Method) 3. Last in, First Out (LIFO Method) LIFO – Periodic a. b. LIFO - Perpetual

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Notes The Firstin Firstout method assumes that the units sold are the first units acquiredBe... View the full answer