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What is the value of the inventory

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Question - Hans Corporation uses IFRS and the perpetual inventory system. The information available for one of their products for the beginning of 2022 is represented below:

Number of Units

Unit Cost

Total Cost of the transaction

Jan

1

Beginning inventory

17

$4,00

$68

20

Purchase

50

$4,40

$220

21

Sale

62

-

-

25

Purchase

30

$4,20

$126

Feb

2

Purchase

45

$4,80

$216

9

Sale

75

-

-

Required - Answer the following independent questions and show calculations supporting your answers:

(a) Assume that the company uses the FIFO cost formula. What is the cost of goods sold for the Jan 21 sale?

(b) Assume that the company uses the average cost formula. What is the cost of goods sold for the Jan 21 sale?

(c) Assume that the company uses the average cost formula. What is the value of the inventory after the February 9 sale?

(d) Assume that the company uses the FIFO cost formula. What is the value of the inventory after the February 2nd purchase?

Reference no: EM133113339

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