Fundamentals of Acccounting 2 worksheet 1

Ques 1. Lg tv company purchases three identical 50 inch tvs on different dates at cost of $700,
$750, $800. During the year lg sold two tvs at $1200 each.
Purchases
February 3 one tv at $700
March 5 one tv at $750
May 22 one tv at $800
Sales
June 1 two tvs for $1200 each. If lg sold the tvs it purchased on February 3 and may 22,
compute the CGS and Ending Inventory using specific identification method.
Ques 2. Data for ABC company
Date explanation units unit cost total cost
January 1 beg. Inventory 10 $100 $1000
April 15 purchase 20 $110 $2200
Augst 24 purchase 30 $120 $3600
November 27 purhase 40 $130 $5200
December 30 sale 45
Using this data determine the CGS and Ending Inventory amount by using FIFO and Average
costing method in Periodic and Perpetual inventory system.
Ques 3. Determine CGS and Ending Invenrory using perpetual system.
Date explanation units unit cost
Jan. 1 beg. Inventory 15 $10
Jan 6 sale 5
Jan 10 purchase 10 $12
Jan 20 sale 8
Jan 25 purchase 8 $12.5
Jan 27 sale 10
Jan 30 purchase 15 $14