Solution-Calculate the costs of goods sold and profit

Calculate the costs of goods sold and profit

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Reference no: EM132418812

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

a) Based on the Average costing method, calculate the Costs of Goods Sold and Profit.

b) Based on FIFO costing method, calculate the Costs of Goods Sold and Profit.

Show your working clearly.

Reference no: EM132418812

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Calculate the costs of goods sold and profit

Reference no: EM132418812

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