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Problem: Cost of goods sold Available for Sale of Product X
Date Description Quantity Unit Cost (S$)
15 Mar Beginning Inventory 1000 12
20 Mar Purchase 500 15
Sales of Product X
Date Description Quantity Unit Price (S$)
31 Mar Sale 1200 30
a) Based on the Average costing method, calculate the Costs of Goods Sold and Profit.
b) Based on FIFO costing method, calculate the Costs of Goods Sold and Profit.
Show your working clearly.
Classify the costs as either variable or fixed costs. Assume there are no mixed costs. Enter the dollar amount of each cost in the appropriate column and total each classification.
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