Mathematics, 22.05.2021 14:10 raoufhanna
The Eccentric Store had a beginning inventory on August 1 of 50 units of goods at a cost of $30 per unit. During the year, the following purchases, purchase returns, sales and sales returns were made.
Aug 05 Sale 30 units at $82 Aug 15 Sale 65 units at $90
Aug 07 Sale return 5 units at $82 Aug 16 Sale return 10 units at $90
Aug 10 Purchase 95 units at $44 Aug 20 Purchase 50 units at $50
Aug 10 Purchase return 10 units at $44 Aug 28 Sale 35 units at $90
The Eccentric Store uses a periodic inventory system.
(a) Determine the cost of goods available for sale.
(b) Determine the (1) cost of ending inventory and (2) cost of goods sold under FIFO
and LIFO method of cost flow.
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