Reference no: EM133129548
Question - Nova Scotia Eco kits is a wholesaler specialized in high end and environmental friendly kits very popular with elementary school students. In the industry the month of June is one of the worst for sales, but not as bad as July. Transactions in the month of June are summarized as follows:
Opening Inventory June 1st $32,000 (4,000 units @ $8)
Purchase #1 June 5th 9,890 units @ $11
Purchase #2 June 15th 6,000 units @ $12
Sale #1 June 17th 16,890 units @ $20
Purchase #3 June 22th 2,000 units @ $14
Required -
1: What is the cost of goods sold for June if the company uses the FIFO periodic inventory method?
2: What is the cost of goods sold for June if the company uses the FIFO perpetual inventory method?
3: What is the Cost of Goods Sold for June if the company uses the LIFO periodic inventory system?
4: What is the Cost of Goods Sold for June if the company uses the LIFO perpetual inventory system?
5: What is the Cost of Goods Sold for June if the company uses the Weighted Average periodic inventory system?
6: What is the Cost of Goods Sold for June if the company uses the Weighted Average perpetual inventory system?
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