Q 10 -Eshaq Company's record of transactions concerning part X for the month of Februarywas as follows.DateTransactionFebruary 1 Beginning inventory 3.5007 PurchaseUnitsAmount$42,0004,50054,45010 Sale4,00018Sale3,00025 Purchase4,000$49,00028 Sale3,500InstructionsCompute the inventory at February 28 on each of the following bases. Assume that thecompany uses a periodic inventory system. (Carry unit costs to the nearest cent.)(a). Specific identification; ending inventory is comprised of 100 units frombeginning inventory and 250 units from the April 26 purchase.(b). First-in, first-out (FIFO).(c). Moving-Average-cost.

Name: Q 10 -Eshaq Company's record of transactions concerning part X for th
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Description: Q 10 -Eshaq Company's record of transactions concerning part X for the month of Februarywas as follows.DateTransactionFebruary 1 Beginning inventory 3.5007 PurchaseUnitsAmount$42,0004,50054,45010 Sale4,00018Sale3,00025 Purchase4,000$49,00028 Sale3,5

Calculation of closing stock(Units): Closing inventory = Opening inventory + purchases - Sales…

Answered: (a). Specific identification; ending…

Business

Accounting

(a). Specific identification; ending inventory is comprised of 100 units from beginning inventory and 250 units from the April 26 purchase. (b). First-in, first-out (FIFO). (c). Moving-Average-cost.

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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