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Solve cost price of closing inventory using weighted average

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Reference no: EM132706378

Nike Ltd incurred the following transactions relating to inventory, during the month of April 2020:

1 Apr 2020: Opening balance: 400 units at $25 per unit

2 Apr 2020: Sales: 100 units at $30

7 Apr 2020: Purchases: 275 units at $27

15 Apr 2020: Sales: 300 units at $35

25 Apr 2020: Purchases: 500 units at $30

30 Apr 2020: Sales: 250 units at $36

Problem 1: Calculate the cost price of closing inventory using the FIFO method, for both the perpetual and periodic inventories recording systems.

Problem 2: Calculate the cost price of closing inventory using the weighted average method for both the perpetual and periodic inventories recording systems.

Reference no: EM132706378

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