Reference no: EM132649910

ukit Group has the following beginning inventory, purchases, sales and ending inventory information for the year ended 31 December 20X8: Number Unit cost 20X8 of units

$ 1 Jan Beginning inventory . ........ 20,000 20

15 Feb Purchases ..... ... 30,400 21

25 Mar Sales . . .. 10,100

2 Apr Purchases 10,500 22

9 Jul Purchases 50,000 23

25 Oct Sales 53,000

20Nov Purchases . . .. 12,200 24

31 Dec Ending inventory 60,000

REQUIRED: [Show all your workings]

Question 1: Determine the cost of goods sold, and the cost of ending inventory as at 31 December 20X8 under the following methods:

(a) The FIFO method when the group adopts a periodic inventory system;

(b) The weighted average cost method when the group adopts a periodic inventory system.