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Compute the ending inventory value

    Assignment Instructions

    Assignment ID: FG133134277

    Question – JUSCO, a chain of “general merchandise stores” and the largest of its type in Japan. The company follows Perpetual Inventory System.

    The company furnishes the following information for the month of January 2018:

    Date Description Quantity Unit cost (OMR) January 1 Opening Inventory 1,500

    15 January 6 Purchase 4,500

    16 January 9 Sales 1,200

    January 11 Purchase 3,300

    16 January 12 Purchase 4,500

    17 January 14 Sales 2,300

    January 20 Purchase 1,600

    18 January 22 Purchase 1,300

    19 January 24 Sales 500

    Required –

    a) Compute the amount of Cost of goods sold based on Weighted Average Method using periodic inventory system?

    b) Compute the Ending Inventory Value based on Weighted Average Method using periodic inventory system.

    c) Show journal entries based on Weighted Average Method using periodic inventory system.

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