Homework Answers
COST OF GOODS SOLD ON JAN 31 = 690 + 650 = $1340
WORKINGS :
| DATE | PARTICULARS | RATE | UNITS |
VALUE (RATE * UNITS) |
BALANCE INVENTORY |
| JAN 1 | BEGINNING INVENTORY | 2.5 | 400 | 1000 | 1000 (400 UNITS @ 2.5) |
| JAN 12 | PURCHASES | 2.3 | 500 | 1150 |
1000 (400 UNITS @ 2.5) 1150 (500 UNITS @ 2.3) |
| JAN 18 | SALES (600 UNITS) |
2.5 2.3 |
(400) (200) |
(1000) (460) |
690 (300 UNITS @ 2.3) |
| JAN 21 | PURCHASES | 2.6 | 400 | 1040 |
690 (300 UNITS @ 2.3) 1040 (400 UNITS @ 2.6) |
| JAN 25 | PURCHASES | 2.4 | 200 | 480 |
690 (300 UNITS @ 2.3) 1040 (400 UNITS @ 2.6) 480 (200 UNITS @ 2.4) |
| JAN 31 | SALES ( 550 UNITS) |
2.3 2.6 |
(300) (250) |
690 650 |
390 (150 UNITS @ 2.6) 480 (200 UNITS @ 2.4) |
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