Calculating Ending Inventory, Cost of Goods Sold and Comparing Results You are provided with the following information for Senta…

Calculating Ending Inventory, Cost of Goods Sold and Comparing Results You are provided with the following information for Senta…

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Calculating Ending Inventory, Cost of Goods Sold and Comparing Results
You are provided with the following information for Senta Ltd. for the month ended January 31, 2017.
Senta uses a periodic inventory system.
October 3..
October 6..
October 11.
October 15.
October 22.
October 27.
October 29.
1.
Date
Description
Beginning inventory
Purchase
Sale
Purchase
Sale
Purchase
Sale
Calculate (i) ending ventory, and (ii) cost of
formulas.
a. FIFO
b. Weighted average cost
2. Compare results for the two cost formulas.
Units
120
240
200
140
130
160
240
Unit Cost / Selling Price
€48
52
70
54
80
56
80
sold under each of the following cost

Expert Answer:

Answer rating: 100% (QA)

1 FIFO First In First Out Method i Ending Inventory Since FIFO assumes that the first units purchased are the first ones sold we need to track the uni
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