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Accounting Principles

05 / 03 / 2018 Assignment

This paper circulates around the core theme of Accounting Principles together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.

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):


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