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The beginning inventory of laptops at Open Co and data on purchases and sales in Jan as follows
Date
1
2
5
6
8
11
14
15
16
Transaction
Opening Bal
Purchase
Sale
Sale
Purchase
Purchase
Sale
Purchase
Sale
Number of units
200
200
250
100
150
100
250
400
250
Cost per unit ($)
400
390
350
410
380
Assume that Open Co maintains perpetual inventory system, prepare the stock cards using
(a) FIFO method
(b) LIFO method
(c) Weighted average cost method
Also, prepare profit and loss statement for each of above method, given that, during Jan, Open Co has
incurred following expense:
-
Sale commission: $10 per unit sold
Staff salary: $20,000
Depreciation: $3,000
Revenue during the month: $500,000
Tax rate: 20%
