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GGG Pty. Ltd. uses a periodic inventory system. GGG had the following records during the month of September:
Date Description Units Unit Cost Total Cost
Sept 1 Beginning inventory 5,000 $2.00 $10,000
Sept 13 Inventory purchased 8,000 $2.40 $19,200
Sept 21 Inventory purchased 7,000 $2.60 $18,200
Total 20,000 $47,400
GGG sold 14,000 units during the month.
Required:
Calculate inventory on 30th September and COGS for the month using each of the following inventory costing methods:
a. FIFO method (show your workings):
