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Determine cost of goods sold and value of closing stock

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Reference no: EM132985528

On 1 January, a company had an opening inventory of 100 units which cost at Rs.50 each. During the year, it made following purchases and sales.

Purchases:

5th April- 300 units at Rs.60 each, 14th July-500 units at Rs.70 each, 22nd Oct-200 units at Rs.80 each.

Sales:

9th May 200 units, 25th July 200 units, 23rd November 200 units, 12th December 200 units.

Required:

Problem 1: Based on perpetual inventory system, calculate the following.

a. In FIFO method, determine cost of goods sold and value of closing stock.
b. In Weighted average method, determine cost of goods sold and value of closing stock.

Reference no: EM132985528

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