Y6
The purchases of these guides from the offshore supplier have been received by Study Solutions as follows:
Opening inventory at 1 January 2023 Nil
Purchases on 10 January 2023 950 units @ $3.00
Purchases on 27 February 2023 600 units @ $3.50
Purchases on 06 March 2023 800 units @ $3.80
Study Solutions sold 1,750 guides to major universities during the March 2023 quarter (from 1 January 2023 to 31 March 2023). Details of the sales are as follows:
22 January 2023 TIMR University 600 units @ $6.00
28 January 2023 Shomam University 300 Units @ $6.00
28 February 2023 Borunemel University 450 units @ $6.00
10 March 2023 Kindea University 400 units @ $6.00
Requirements:
a. In relation to the guides, determine the cost of sales and ending inventory amounts
for the quarter ending 31 March 2023 on the basis that ASD adopts a FIFO cost flow
assumption and employs a perpetual inventory system. Show all workings.
b. In relation to the guides, determine the cost of sales and ending inventory amounts
for the quarter ending 31 March 2023 on the basis that ASD adopts a LIFO cost flow
assumption and employs a perpetual inventory system. Show all workings.
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