Calculate the Costs of Goods Sold and Profit

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Reference no: EM132462284

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.

Reference no: EM132462284

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