Calculate COGS, Ending Inventory and Gross Profit through:

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DATE DESCRIPTION UNITS UNIT COST/SELLING PRICE
1-Oct Beginning Inventory 60 25
9-Oct Purchase 120 26
11-Oct Sale 100 35
17-Oct Purchase 70 27
22-Oct Sale 60 40
25-Oct Purchase 80 28
29-Oct Sale 150 40

• Calculate COGS, Ending Inventory and Gross Profit
  through
• FIFO Method
• WA Method

2
DATE DESCRIPTION UNITS UNIT COST/SELLING PRICE
1-Jan Beginning Inventory 4 400
6-Jul Purchase 2 410
15-Jul Purchase 4 415
On 18 July ,the Company sold six units of this
product. The other four units remained in
inventory at 31 July.
Refer to the above data. Assuming that the
Company uses the FIFO, the cost of goods sold
and the ending inventory are (in thousands)
a. TL 2400,1680. b. TL 2420,1660.
c. TL 2480,1600. d. Some other amount.
Assuming that the Company uses the weighted
average cost flow assumption, the cost of
goods sold to be recorded at 18 July is a.
TL2448. b. TL2445. c. TL2460.
d. Some other amount.
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