Question

Ilustration on Inventory Valuation
1. Phillips has closing inventory of 10 units at a cost of $6.0 per unit at 31 December 2015. During
the first week of January 2016, Phillips entered into the following transactions:
Purchases-
1st January - 7 units at $6.50 per unit
Sth January - 6 units at $7.00 per unit
8th January - 8 units at $7.50 per unit
Philips sold 7 units for $12.50 per unit on 7th January.
Required:
(a) Calculate the value of the closing inventory at the end of the first week of trading using the
following inventory valuation methods:
(1) Periodic weighted average cost
(2) Continuous weighted average cost.
(b) Prepare the statement of profit or loss (sales revenue, cost of sales, gross profit) for the first
week of trading using each method of inventory valuation.​

Answer 1

Answer:

calculate the value of the closing inventory

Answer 2

Answer:

calculate the value of the closing inventory valuation..

Explanation:

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