ABC Company provides you the following information related to the inventories for 6 months.Jan 1: Beginning Inventory 600 units @ Rs 10 each.Feb 9:…
BBS Financial Accounting and Analysis · 2081 · Solved Question with Answer
ABC Company provides you the following information related to the inventories for 6 months.Jan 1: Beginning Inventory 600 units @ Rs 10 each.Feb 9: Purchased 1,100 units @ Rs.12 eachMarch16: Sold 1,500 units @ 15 eachApril 24: Purchased 500 units @ Rs.13 eachMay 27: Purchased 300 units @ Rs.14 eachJune 30: Sold 800 units @ Rs.17 eachRequired:a. Ending inventory and cost of goods sold under the FIFO and weighted average costing methodb. Income statement showing net income, assume depreciation expenses Rs.5,000 and other operating expenses Rs.10,000. [6+4=10]