Determine the cost of sales and cost of closing stock

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Reference no: EM132719394

Prepare Store Ledger Card (SLC) from the following information for July.

1 Beginning Inventory 50 P..;@Rs. 20 Rs. 1,000

2 Purchases 100 Pieces @Rs. 25 Rs. 2,500

9 Purchases 50 Pieces @Rs. 28 Rs. 1,400

18 Sales 125 Pieces @Rs. 30 Rs. 3,725

20 Purchases 85 P..;@Rs. 32 Rs. 2,720

22 Purchase 100 Pieces @Rs. 34 Rs. 3,400

27 Sales 150 Pieces @Rs. 29 Rs. 4,350

Required:

Question 1: Determine the Cost of Sales, Cost of Closing Stock, Sales and Gross profit / loss under each of the following method by using perpetual inventory system, Cost are assigned on the basis of FIFO and Cost are assigned on the basis of Weighted Average.

Reference no: EM132719394

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