Determine cost of the year-end inventory under each lifo

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Reference no: EM132719389

Malik Company uses a periodic inventory system. The beginning inventory of a particular product, and the purchases during the current year, were as follows:

Jan. 1 Beginning inventory...........................60 units @ Rs. 105 = Rs. 6,300

Mar. 8 Purchase............................................30 units @ 115 = 3,450

Aug. 11 Purchase.............................................90 units @ 125 = 11,250

Oct. 23 Purchase .......................................... 20 units @ 135 = 2,700

Total available for sale.......................................200 units Rs. 23,700

At December 31, the ending inventory of this product consisted of 55 and selling price during year was Rs. 150

Question a: Using periodic costing procedures, determine:

(1) Cost of goods sold relating to this product and

(2) Cost of the year-end inventory under each (LIFO, FIFO and W. Avg.) of the flow assumptions?

Reference no: EM132719389

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