3- The following data relates to the inventory of ALI & CO. which uses "Periodic Inventory System" DATE Jdnuary 01. January 13. January 15. January 30. January 31. COST OF GOODS SOLD Rs.233,200. REQUIRED: Assuming the use of (LIFO) Method O Determine the cost of the ending inventory. C Deremine tle anit eost ahotal cost pfthe January 30. purchases. Beg. Inventory Purchases Purchases Purchases UNIT COST @ Rs.0.40 @ Rs.0.42 @ Rs.0.41 @ Rs. ? End. Inventory. @Rs.? UNITS 80,000 200,000 300,000 100,000 120,000 COST Rs.32,000 Rs.84,000 Rs.123,000 Rs. 7 Rs. ?

3- The following data relates to the inventory of ALI & CO. which uses "Periodic Inventory System" DATE Jdnuary 01. January 13. January 15. January 30. January 31. COST OF GOODS SOLD Rs.233,200. REQUIRED: Assuming the use of (LIFO) Method O Determine the cost of the ending inventory. C Deremine tle anit eost ahotal cost pfthe January 30. purchases. Beg. Inventory Purchases Purchases Purchases UNIT COST @ Rs.0.40 @ Rs.0.42 @ Rs.0.41 @ Rs. ? End. Inventory. @Rs.? UNITS 80,000 200,000 300,000 100,000 120,000 COST Rs.32,000 Rs.84,000 Rs.123,000 Rs. 7 Rs. ?

Name: 3- The following data relates to the inventoiy of ALI & CO. which use
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: 3- The following data relates to the inventoiy of ALI & CO. which uses "PeriodicInventory System"DATEJdnuary 01.January 13.January 15.January 30.January 31.-COST OF GOODS SOLD R.s.233,200.REQUIRED:Assuming the use of (LIFO) MethodDetermine the cost

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

1 ) By using FIFO method: Post Journal entries for Sales and CGS?
Determine the cost of the inventory on December 31 by the weighted average cost method. Please see attached information.
DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI ALSPREADSHEET: PERIODIC INVENTORY SYSTEM From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
31. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00
Sold merchandise inventory to Hayes Company,5500,on account .Term3/15, n/35.Cost of goods ,2,530. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expenses related to the sale. We will do that in the following step.
Subject: accounting
! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…
Bremmer uses a periodic inventory system and the following information is available: Sales Beginning Inventory Ending Inventory Purchases What is the cost of goods sold? Select one: Oa. $230,400 Ob. $96,800 Oc. $133,600 Od. $132,200 $ 230,400 21,200 19,800 132,200
A2
. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a. fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3 fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b. fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9 fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c. fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15 fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…
Assume that Pronghorn Company uses a periodic inventory system and has these account balances: Purchases $451.600, Purchase Returns and Allowances $14,600, Purchase Discounts $9,500, and Freight-In $18,500. Assume also that Pronghorn Company has beginning inventory of $69,200. ending inventory of $98,500, and net sales of $747,600. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit