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JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the...

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Accounting

JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the perpetual inventory system. All sales return from customers result in the goods being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for JUSCO Inc for the month of January 2021

Date

Description

Quantity

Unit cost (OMR)

January 1

Opening Inventory

24,500

14

January 5

Purchase

25,500

15

January 6

Sales

23,500

January 8

Purchase

24,500

16

January 10

Purchase

26,600

16

January 14

Sales

24,300

January 20

Purchase

23,600

18

January 22

Purchase

25,300

19

January 24

Sales

2,700

January 29

Sales

3,200

January 30

Purchase

2,900

11

You are required to compute:

  1. Cost of goods sold under FIFO and Weighted Average Method (4 marks)
  2. Ending Inventory Value under FIFO and Weighted Average Method (3 marks
  3. Ending Inventory in Units under FIFO and Weighted Average Method (3 marks)

I need it with all steps

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