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Bell are now in the month of July and make purchases and few sales. Calculate...

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Question

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

July 17

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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