Bell are now in the month of July and make purchases and few sales. Calculate...
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Accounting
Bell are now in the month of July and make purchases and few sales. Calculate the Gross profit and Cost of Good Sold for Bell. Co by using perpetual inventory system
a. FIFO
b. Moving Weighted Average Method
Bell has following purchases and sales on the respective dates.
Date
Inventory
Units
Price $
July1
Beg. Inventory
211@
61
July 7
Purchases
100@
59
July 10
Purchases
42 @
55
July 13
Purchases
76@
75
July17
Purchases
42 @
36
August 15
Purchases
100@
63
S. P= Selling Price C.P = Cost Price
Date
Inventory
Units
Price $
July 10
Sales
111@
70
July 15
sales
61 @
75
July 29
Sales
152 @
80
August 2
Sales
60@
70
August 12
Sales
15@
65
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