UNIVERSITAS ADVENT INDONESIA Nama: _________________________

N Final Exam: Principle Accounting 1

Monday, 14 Des. 2020

Problem
Pop Company has following inventory purchase and sales data the month of December :
Dec 1 Inventory,beginning 500 units @ $10 = $5,000
Dec 4 Sale 100 units @ $20 = 2,000
Dec 6 Purchase 200 units @ $11 = 2,200
Dec 9 Sale 200 units @ $22 = 4,400
Dec 15 Sale 150 units @ $23 = 3,450
Dec 17 Purchase 300 units @ $9 = 2,700
Dec 20 Sale 400 units @ $21 = 8400

Required:
1. Calculate Gross Profit under FIFO and Average Cost (Assume Company use Perpetual Inventory System)
2. Calculate Gross Profit under FIFO and Average Cost (Assume Company use Periodic Inventory System)

Solution