Reference no: EM132607311
Question - On March 19, 2019, Ashaq & Mosa , Inc., sold 1,155 Laptops to XYZ Supplies. Immediately prior to this sale, AMI's perpetual inventory records for these units included the following cost layers: (10) Purchase Date Quantity Unit Cost January 10, 2018 650 Rs.30 Total Cost 19,500 March 16, 2019. 1,350 Rs.36 48,600 Total on hand 2,000 68,100
Instructions -
a) Compute the following 1. Specific identification (530 of the units sold had been purchased on January 10, and the Remaining 625 had been purchased on March 16). 2. LIFO. 3. FIFO
b) Make a subsidiary ledger record for the laptops using each of the inventory valuation methods listed above. Your inventory records should show both purchases of this product, the sale on March 19, and the balance on hand at January 10, March 16, and March 19.
c) Refer to the cost of goods sold figures computed in part a. For financial reporting purposes, can the company use the valuation method that resulted in the highest cost of goods sold if, for tax purposes, it used the method that resulted in the lowest cost of goods sold? Explain.
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