Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following purchases and sales: Purchase Date Sales Unit Units Unit Cost July 1 5 $87 July 6 3 July 11 4 $96 July 14 3 July 21 3 $105 July 27 5 Required: Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.
Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following purchases and sales: Purchase Date Sales Unit Units Unit Cost July 1 5 $87 July 6 3 July 11 4 $96 July 14 3 July 21 3 $105 July 27 5 Required: Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following
purchases and sales:
Purchase
Date
Sales Unit
Units
Unit Cost
July 1
5
$87
July 6
3
July 11
4
$96
July 14
3
July 21
3
$105
July 27
5
Required:
Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb16ebefe-76e0-416b-b80b-43de8454a29c%2Faf1008a0-a7e9-4daf-94a1-3f24a5832e0a%2Fko7ohue_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Betty Pty Ltd began operations on 1 July 2024. It uses a perpetual inventory system. During July the business had the following
purchases and sales:
Purchase
Date
Sales Unit
Units
Unit Cost
July 1
5
$87
July 6
3
July 11
4
$96
July 14
3
July 21
3
$105
July 27
5
Required:
Determine the ending inventory under a perpetual inventory system using (1) FIFO and (2) average cost. Show all workings.
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