Richardson Ltd. sells many products. Hela is one of its popular items. Below is an analysis of the inventory purchases and sales of Hela for the month of March. Richardson uses the perpetual inventory system.
Requirements:
(a) Using the FIFO cost formula, calculate the amount of the cost of goods sold for March. (Show calculations)
(b) Using the average cost formula, calculate the amount of the ending inventory on March 31. (Sho calculations)

Question

Richardson Ltd. sells many products. Hela is one of its popular items. Below is an analysis of the inventory purchases and sales of Hela for the month of March. Richardson uses the perpetual inventory system.
  Requirements:
(a) Using the FIFO cost formula, calculate the amount of the cost of goods sold for March. (Show calculations)
(b) Using the average cost formula, calculate the amount of the ending inventory on March 31. (Sho calculations)

Quizplus · Accepted Answer

The Answer of Richardson Ltd. sells many products. Hela is one of its popular items. Below is an analysis of the inventory purchases and sales of Hela for the month of March. Richardson uses the perpetual inventory system.
  Requirements:
(a) Using the FIFO cost formula, calculate the amount of the cost of goods sold for March. (Show calculations)
(b) Using the average cost formula, calculate the amount of the ending inventory on March 31. (Sho calculations)