2. J.K Manufacturing Ltd., a small computer manufacturer and inventory maker for the Perpatual Inventory system.-Demonstrate how to record this stock in Store Record using: 1 / FIFO costing 2/ Weighted Average Costing 1- Sept Balance On Hand 100 at 1.90 each$ 1908 - Sept Purchase 250 at $2 each$ 50014- Sept Isue 110 to Production line20Issued 80 to Production line2220 Returned to store as excess material26Purchase 100 at $2.2 each$22029Return 20 to Supplier (Purchased on 26 sept)

Name: 2. J.K Manufacturing Ltd., a small computer manufacturer and inventor
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Description: 2. J.K Manufacturing Ltd., a small computer manufacturer and inventory maker for the Perpatual Inventory system.-Demonstrate how to record this stock in Store Record using: 1 / FIFO costing 2/ Weighted Average Costing 1- Sept Balance On Hand 100 at

First and First Out (FIFO) is a method of inventory value computation in which the inventory which…

Business

Accounting

2. J.K Manufacturing Ltd., a small computer manufacturer and inventory maker for the Perpatual Inventory system. -Demonstrate how to record this stock in Store Record using: 1 / FIFO costing 2/ Weighted Average Costing

2. J.K Manufacturing Ltd., a small computer manufacturer and inventory maker for the Perpatual Inventory system. -Demonstrate how to record this stock in Store Record using: 1 / FIFO costing 2/ Weighted Average Costing

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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eBook Question Content Area Challenge Problem Bhushan Company has been using LIFO for inventory purposes because it would prefer to keep gross profits low for tax purposes. In its second year of operation (20-2), the controller pointed out that this strategy did not appear to work and suggested that FIFO cost of goods sold would have been higher than LIFO cost of goods sold for 20-2. Is this possible? 20 - 1 Units Cost/Unit Purchase 1 100 $1.00 Purchase 2 200 2.00 Purchase 3 300 3.00 Ending inventory 200 20-2 Units Cost/Unit Beginning inventory 200 Purchase 4 150 $4.00 Purchase 5 250 5.00 Purchase 6 350 6.00 Ending inventory 50 Required: Question Content Area Using the information provided, complete the various charts below and compute the cost of goods sold for 20 - 1 and 20-2 comparing the LIFO and FIFO methods. If units are in inventory at two different costs, enter the OLDEST units first.Check My Work determine units sold and the cost of goods sold under each method.
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