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Determine cost of ending inventory and cost of goods sold

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Reference no: EM132800902

Question - On January 1, 2010, Zia Trading Company had 8,000 units in inventory costing Rs. 120,000.

During the period ended June 30, purchases were made as follows:

4th February 1,500 units @ Rs. 16

2nd April 2,500 units @ Rs.18

31st May 6,000 units @ Rs. 19

Sales made during the period ended June 30, are as under:-

10th January Sold 4,000 units at Rs. 20 per unit.

6th February Sold 1,000 units at Rs. 21 per unit.

15th April Sold 2,000 units at Rs. 22 per unit.

16th June Sold 4,000 units at Rs. 23 per unit.

Required - Determine the Cost of ending inventory and Cost of goods sold at June 30, assuming that the business uses the perpetual inventory system.

a) FIFO b) LIFO c) Average method

Reference no: EM132800902

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