Question 3
(9 marks)
CCL Company uses a periodic inventory system to manage their inventory. The opening inventory
purchases and closing inventory of CLL Company are given in Table 2 below.
Table 2. Purchases and Inventories of CLL Company
Date
Detail
1 September 2022
3 September 2022
15 September 2022
20 September 2022
30 September 2022
Inventory
Purchase
Purchase
Purchase
Inventory
Required:
Based on the above data, calculate each of the following:
a) Cost of Sales under the cost flow assumption of FIFO
ANSWER a):
Units
4,000
3,500
6,000
7,500
9,000
b) Cost of Closing Inventory under the cost flow assumption of FIFO
ANSWER b):
c) Cost of Sales under the cost flow assumption of Weighted Average
ANSWER C):
Cost per unit
$9
$10
$10
$11
d) Cost of Closing Inventory under the cost flow assumption of Weighted Average
ANSWER d):
(3 marks)
(2 marks)
(2 marks)
(2 marks)
HI5001 Mid Term Final Assessment T2 2022