{"id":31434,"date":"2022-02-09T10:53:14","date_gmt":"2022-02-09T10:53:14","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/the-following-data-regarding-purchases-and-sales-of-a-commodity-were\/"},"modified":"2022-02-09T10:53:14","modified_gmt":"2022-02-09T10:53:14","slug":"the-following-data-regarding-purchases-and-sales-of-a-commodity-were","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/the-following-data-regarding-purchases-and-sales-of-a-commodity-were\/","title":{"rendered":"The following data regarding purchases and sales of a commodity were"},"content":{"rendered":"<div>\n<p>The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:<\/p>\n<p>\u00a0<\/p>\n<p>June 1 \u00a0 \u00a0Balance \u00a0 \u00a025 units at $60<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 6 \u00a0 \u00a0Sale\u00a0 \u00a0 20 units<\/p>\n<p>\u00a0 \u00a0 \u00a0 \u00a0 8 \u00a0 \u00a0Purchase \u00a020 units at $61<\/p>\n<p>\u00a0 \u00a0 \u00a0 16 \u00a0 \u00a0Sale\u00a0 \u00a010 units<\/p>\n<p>\u00a0 \u00a0 \u00a0 20 \u00a0 \u00a0Purchase \u00a020 units at $62<\/p>\n<p>\u00a0 \u00a0 \u00a0 23 \u00a0 \u00a0Sale\u00a0\u00a025 units<\/p>\n<p>\u00a0 \u00a0 \u00a0 30 \u00a0 \u00a0 Purchase \u00a015 units at $63<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>Required:<\/p>\n<p>\u00a0<\/p>\n<p>1. \u00a0Calculate the Cost of Merchandise Sold and Ending Inventory using FIFO<\/p>\n<p>\u00a0<\/p>\n<p>2. \u00a0Calculate the Cost of Merchandise Sold and Ending Inventory using LIFO<\/p>\n<p>\u00a0<\/p>\n<p>3. \u00a0Calculate the Cost of Merchandise Sold and Ending Inventory using Weighted Average Method<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account: \u00a0 June 1 \u00a0 \u00a0Balance \u00a0 \u00a025 units at $60 \u00a0 \u00a0 \u00a0 \u00a0 6 \u00a0 \u00a0Sale\u00a0 \u00a0 20 units \u00a0 \u00a0 \u00a0 \u00a0 8 \u00a0 \u00a0Purchase \u00a020 units at $61 \u00a0 \u00a0 \u00a0 16 \u00a0 \u00a0Sale\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-31434","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/31434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=31434"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/31434\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=31434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=31434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=31434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}