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JUSCO Inc. is a retailer operating in many parts of the world. JUSCO uses the perpetual inventory system. All sales return from customer’s result in the goods
being returned to inventory, the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the
following information for JUSCO Inc for the month of January 2021
Date Description Quantity Unit cost (OMR)
January 1 Opening Inventory 24,500 14
January 5 Purchase 25,500 15
January 6 Sales 23,500
January 8 Purchase 24,500 16
January 10 Purchase 26,600 16
January 14 Sales 24,300
January 20 Purchase 23,600 18
January 22 Purchase 25,300 19
January 24 Sales 2,700
January 29 Sales 3,200
January 30 Purchase 2,900 11
You are required to compute:
A) Cost of goods sold under FIFO and Weighted Average Method
B) Ending Inventory Value under FIFO and Weighted Average Method
C) Ending Inventory in Units under FIFO and Weighted Average Method
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- Required Information [The following information applies to the questions displayed below.] Wernerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Activities Units Sold at Retail Units Acquired at Cost 100 units e $67.00 per unit 400 units e $72.00 per unit Date 1 Beginning iventory Mar. Mar. 5 Purchase Mar, 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales 428 units e $182.00 per unit 120 units e $77.00 per unit 200 units e $79.00 per unit 168 unitse $112.80 per unit Totals 82e units 588 units 4. Compute gross profit esmed by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchese; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchose. (Round welghted average cost per unit to two decimals and final answers to nearest whole…arrow_forwardGive me correct answer with explanation vkarrow_forwardConcord Inc. is a retailer using a perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Concord Inc. for the month of January. Date Description Quantity Unit Cost orSelling Price Dec. 31 Beginning inventory 160 $21 Jan. 2 Purchase 100 22 Jan. 6 Sale 180 40 Jan. 9 Sale return 10 40 Jan. 9 Purchase 75 24 Jan. 10 Purchase return 15 24 Jan. 10 Sale 50 45 Jan. 23 Purchase 100 26 Jan. 30 Sale 120 51arrow_forward
- Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00arrow_forwardPlease help me. Thankyou.arrow_forward! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 145 units @ $63.40 per unit 270 units @ $65.40 per unit # of units 920 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 unitsarrow_forward
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