Reference no: EM132719389
Malik Company uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:
Jan. 1 Beginning inventory...........................60 units @ Rs. 105 = Rs. 6,300
Mar. 8 Purchase............................................30 units @ 115 = 3,450
Aug. 11 Purchase.............................................90 units @ 125 = 11,250
Oct. 23 Purchase .......................................... 20 units @ 135 = 2,700
Total available for sale.......................................200 units Rs. 23,700
At December 31, the ending inventory of this product consisted of 55 and selling price during year was Rs. 150
Question a: Using periodic costing procedures, determine:
(1) Cost of goods sold relating to this product and
(2) Cost of the year-end inventory under each (LIFO, FIFO and W. Avg.) of the flow assumptions?