The XYZ 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 · 2078 · Solved Question with Answer
The XYZ 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 14 | Beginning inventory | 1,100 | 1 | 1,100 |
| Ashad 18 | Purchase | 600 | 1.1 | 660 |
| Bhadra 24 | Sale | (1,000) | - | - |
| Kartik 25 | Sale | (500) | - | - |
| Magh 19 | Purchase | 900 | 1.2 | 1,080 |
| Chaitra 25 | 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 LIFO method.