Q3: Company Q has the following information regarding its merchandise for 2018.DateEventDetails200 units @ RO3100 units @ RO4Jan. 1BalanceMay 1July 15Oct. 10PurchaseSale200 unitsPurchase150 units @ RO5250 units100 units @ RO 875 unitsNov. 14SaleDec. 9PurchaseDec. 18SaleRequired:a. Using the periodic system, determine cost of goods sold and the ending Merchandise Inventorybalance under FIFO, LIFO, and weighted average.b. Determine FIFO, LIFO, and moving average under the perpetual system.

Answer (a): (i) (ii) (iii) Cost of Goods Sold = 525 units x RO 4.64 = RO 2,435 (approx).…

Answered: Q3: Company Q has the following…

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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Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 33 units @ $21 5 Sale 19 units 17 Purchase 34 units 30 Sale 36 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 @ $22

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