A) Homework Ltd. has the following information on its inventories. Date Transaction 01.01.20X1Opening inventory 01.10.20X1 Purchase 01.25.20X1 Purchase 01.30.20X1Sale 01.31.20X1 Closing Quantity (unit) Purchase price ($/unit)Sales price($/unit) 4 205 9 210 17 215 24 300 ? Calculate the missing figures on 31st January with FIFO method Inventory balance on 31.December 20X1: $
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- Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = daysWhat is the correct ending balance of Inventory under the LIFO method given the following information? Beginning Inventory: 35 units @€17, Purchase 1: 10 units @€22, Purchase 2: 15 units @€35, Ending Inventory: 40 units. Assume that the sale occurs after all inventory purchases. Answer: X
- The following information is taken from a company’s records. Costper Unit Market valueper Unit Inventory Item 1 (10 units) $39 $38 Inventory Item 2 (22 units) 19 19 Inventory Item 3 (12 units) 9 11 Applying the lower-of-cost-or-market approach, what is the correct value that should be reported on the balance sheet for the inventory? $fill in the blank 1Display Financial Statement What is the G/L account number for Inventory-Suspense (Heaven)? Please use the following: company code = US00, Ledger 0L = (Leading Ledger), Statement Version = G000, Statement Type = Normal (Actual – Actual), End Period = 8/ 2020, Comparison End Period = 1 /2016, currency = US00. Select one: A. 200500 B. 200532 C. 200200 D. 202422Required:a. Complete a subsidiary ledger record for the computer using each of the three inventory valuation methods listed below 1. Average cost.2. FIFO.3. LIFO. Your inventory records should show both purchases of this product, the sale on Mar 31, and the balance on hand on Mar 31, 2020. b. Which of the three cost flow assumptions will result in reporting the lowest net income for the current year? Explain
- The following table shows some selected financial information of ABC Company. Gross sales. . OMR 227000, Sales returns and discounts.... OMR 27000. Opening Inventory..OMR 5000 Total Purchases.. OMR 155000 Purchase returns... OMR 5000 Closing Inventory.. OMR 15000 According to the given information, which of the following shows the correct Average Inventory processing period (AIP)? Select one: O a. 52.14 Days O b. 20.16 Days O c. 36.5 Days O d. 26.07 DaysEAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 21 units @ $13 30 Sale 19 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale ar (b) the inventory on September 30. a. Cost of merchandise sold 391 b. Inventory, September 30 %$4 537 Previous Next 3:3 5/9/The following information is taken from the records of WeBs Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dec1 Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 Dec 12 Purchase 125 3 Dec 13 Sale 300 Dec 19 Purchase 350 2 Dec 29 Purchase 150 1 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: (i) FIFO (ii) Weighted average. (b) Assume each unit was sold for RM5. Complete the following partial income statements : FIFO Weightage Average Sales Less: Cost of Sales Gross Profit
- Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210If the begning inventory is 0 and purchases during the period are as follows: Date of purchase Units Unit Cost 1st April 120 2 7th April 80 2 12 - Aug 50 3 9th Sept 100 5 3rd Nov 150 6 2nd Feb 120 5 31st March Ending Inventory 220 What will be the COGS for the period using FIFO method Question 1Answer a. 1250 b . 1150 c. 1350 d. 1450 which is write ans plz explai step by stepABC Ltd. Uses the periodic inventory system and provided the following data: Cost Per Unit Date 1/2 4/3 5/9 9/18 10/17 11/5 $29,780 O $29,990 O $29,660 Beginning Inventory Purchase Sale Purchase Sale Purchase What is Cost of Goods Sold using the FIFO cost flow assumption? O $30,675 Units 120 150 175 140 180 120 $80 $85 $86 $88