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Q1) OJU Company uses periodic inventory system and applied FIFO inventory costing. At the end of annual accounting period, December 31, 20D, accounting records for best selling items in inventory showed:

Transactions  Units    Unit Cost
Beginning inventory, Jan. 1, 20D  200 $1
1.Purchase,Feb.1       400 12
2.Sale, March15 (sold at $20 each)  (300)  
3.Purchase May 15     350 14
4.Sale, July 31(sold at $25 each)  (500)  

Find out the following (illustrate computations and round to the nearest dollar):

Goods available for sale:
Ending inventory:
Cost of goods sold:

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921349

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