The ABC Company sells a single product for Rs.2 per unit and uses a periodic inventory system. The following data are available for the year Date…
BBS Financial Accounting and Analysis · 2080 · Solved Question with Answer
The ABC Company sells a single product for Rs.2 per unit and uses a periodic inventory system. The following data are available for the year
| Date | Transaction | Number of Units | Unit Cost Rs. | Total Rs. |
| Baisakh 9 | Beginning inventory | 1,200 | 1 | 1,200 |
| Ashad 12 | Purchase | 800 | 1.2 | 960 |
| Shrawan 17 | Sale | (1,300) | ||
| Ashwin 30 | Sale | (300) | ||
| Poush 12 | Purchase | 600 | 1.3 | 780 |
| Chaitra 19 | Sale | (700) |
Required:
a. Cost of goods sold, ending inventory and gross profit under weighted average costing method
b. Cost of goods sold, ending inventory and gross profit under FIFO method