Assignment Problem: Cost of goods sold Available for Sale of Product X:
|
Date
|
Description
|
Quantity
|
Unit Cost (S$)
|
|
15-Mar
|
Beginning Inventory
|
1000
|
12
|
|
20-Mar
|
Purchase
|
500
|
15
|
Sales of Product X:
|
Date
|
Description
|
Quantity
|
Unit Price (S$)
|
|
31-Mar
|
Sale
|
1200
|
30
|
Required - Show working clearly.
1. Based on the Average costing method, calculate the Costs of Goods Sold and Profit.
2. Based on FIFO costing method, calculate the Costs of Goods Sold and Profit.
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