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