3 - Question:- 3. Calculated cost of goods sold, ending...

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Question:- 3. Calculated cost of goods sold, ending inventory, and inventory turnover ratio based on the following merchandise inventory transactions occurred during the month of May for the Super Star, Inc. 5/1/2009 inventory on hand was 2,000 units at $10.00 each 5/9/2009 Sold 1,000 units at $15.00 5/15/2009 Purchased 1,500 units at $11.00 each 5/21/2009 Sold 1,250 units at $14.00 each 5/29/2009 Purchased 3,000 units at $9.00 Requirements: Assume Super Stars uses a periodic record-keeping system and compute the cost of goods sold monthly: Calculate cost of goods sold for the month ended May 31, 2009 based on each o the following methods: 1. FIFO 2. LIFO 3. Weighted Average Solution:- Computation of the following Given information Units rate Cost Opening inventory 2000 $10 $20,000 Purchases on 15th 1500 $11 $16,500 Purchases on 29th 3000 $9 $27,000 Sales 9th 1000 $15 $15,000 Sales 21st 1250 $14 $17,500 Ending inventory 4250 units Computation of Cost of Goods sold 1. FIFO Opening Inventory
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3 - Question:- 3. Calculated cost of goods sold, ending...

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