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Question 3- Merchandise Costing (10 marks) Below is the purchase and sale...

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Accounting

Question 3- Merchandise Costing (10 marks)
Below is the purchase and sale history of a company's product, maintained under the First-In, First Out method, following the perpetual approach:
Date
Jul 1
Jul 6
Jul13 Jul 23
Required:
Transaction Units
$/Unit
Opening Balance
Purchase
Sale
Purchase 18
??? $ 7.01
49 $ 4.33
12 $ 6.35
53
a) Determine the balances for ending Inventory and Cost of Goods Sold for the month of July under the First- In, First Out method. Make sure you show all your work.
(5 marks)
Date Inventory Cost of Goods Sold
b) How would your answer change if you used the Weighted Average method instead?
(5 marks)
Date Inventory Cost of Goods SoldQuestion 3- Merchandise Costing (10 marks)
Below is the purchase and sale history of a company's product, maintained
under the First-In, First Out method, following the perpetual approach:
Required:
a) Determine the balances for ending Inventory and Cost of Goods Sold for the month of
July under the First- In, First Out method. Make sure you show all your work.
(5 marks)
b) How would your answer change if you used the Weighted Average method
instead?
(5 marks)
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