The following information is available for Vikings : March 1 Opening Inventory 35 units at $12.5 per unit 6 Purchases 67
Posted: Wed May 04, 2022 4:21 pm
The following information is available for Vikings :
March 1 Opening Inventory 35 units at $12.5 per unit
6 Purchases 67 units at $14per unit
15 Purchases 121 units at $12.75per unit
30 Sales 140 units at $ 18 per unit
31 Sales 10 units at $20 per unit
Business expenses amounted to $ 170.
Calculate the profit for the month if inventory is valued as
per:
i. First In First Out method
ii. Average Cost method
March 1 Opening Inventory 35 units at $12.5 per unit
6 Purchases 67 units at $14per unit
15 Purchases 121 units at $12.75per unit
30 Sales 140 units at $ 18 per unit
31 Sales 10 units at $20 per unit
Business expenses amounted to $ 170.
Calculate the profit for the month if inventory is valued as
per:
i. First In First Out method
ii. Average Cost method