Reference no: EM132632605

Swapno is a merchandise company. Given below is their transaction for the month of January.

Date       Explanation            Unit Cost/ Unit  Total cost

1/1       Beginning inventory         600                   $18

5/1        Purchase                    450                      $22

10/1       Purchase                     500                      $26

18/1        Purchase                   300                            $28

During the year 1340 units were sold. A total of 600 units were sold for $35 and remaining for $37. The administrative cost was $1450 and tax was 22%

Required:

Problem 1: Determine (i) the ending inventory (ii) the cost of goods sold iii) income statement under all methods