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Question 4: Hamid Software reported the following: Beginning Inventory ...

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Question

Accounting

Question 4: Hamid Software reported the following:

Beginning Inventory

July 1

250 units @ BD 12

BD 3,000

Purchases:

July 3

125 units @ BD 11

BD 1,375

July 10

342 units @ BD 10

BD 3,420

July 25

400 units @ BD 12

BD 4,800

July 30

100 units @ BD 10

BD 1,000

Sales

July 4

150 units

July 13

230 units

July 25

400 units

Instructions:

Determine the COGS and ending inventory cost at July 31 using the assumtions (a) FIFO (4 marks) and (b) average-cost (4 marks)

Answer & Explanation Solved by verified expert
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