The following information relates to the inventory of a retailing business named Sports Ltd. during the month of October. Ignore GST.
| Units | Units cost ($) | Total cost ($) | ||
| 1/10 | Beginning inventory | 315 | 110 | 34,650 |
| 5/10 | Sales @ $250 | 180 | ? | |
| 10/10 | Purchase | 225 | 116 | 26,100 |
| 12/10 | Sales @ $250 | 165 | ? | |
| 15/10 | Purchase | 135 | 122 | 16,470 |
| 20/10 | Sales @ $250 | 170 | ? | |
| 23/10 | Purchase | 205 | 130 | 26,650 |
Sports Ltd uses the Perpetual Inventory System.
Required:
- Determine the Ending inventory and Cost of Sales for the month of October, using the average method.
- Contrast the Perpetual and Periodic Inventory systems.
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