Answer:
Explanation:
Part 1)
Ending Inventory(Periodic System)
We know that:
Sales=Opening stock +Purchases-Closing Stock
Closing Stock=Opening stock+purchases-Sales
Thus; Closing Stock=20+(10+10+9)-(15+8+12)
=14 units
These, 14 units must be from last purchase, thus,
9 units@220=$1,980
5 units@200=$1,000
Total (1980+1000)=$2,980
Part 2)
COGS=Opening stock+Purchases-Closing Stock
Opening Stock=20@170=3400
Purchases=(10*190)+(10*200)+(9*220)=1900+2000+1980=5880
Closing Stock=2980
Thus, COGS=3400+5880-2980=$6,300
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