(b) Following are the details of material of Raman Traders:ParticularsUnits and Cost per unit200 units @ Rs 55 per unit50 units @ Rs 60 per unitDate1.1.2020Opening Stock1.1.2020Purchases150 units @ Rs 64 per unit100 units @ Rs 70 per unit15.1.2020Sales1.2.2020Purchases10.2.2020Purchase Return (Dated 1.2.2020)20 unitsSales100 units @ 75 per unit50 units @ 74 per unit200 units @ 80 per unit15.2.202020.2.2020Sales20.2.2020Purchases21.2.2020Loss by fire50 unitsFind out the cost of closing stock as on 31.03.2020 weighted average cost method usingperpetual inventory system. Also calculate the cost of goods sold and gross profit.

Weighted average cost method says that weighted average cost will be calculated by dividing total…

(b) Following are the details of material of Raman Traders: Date Particulars Units and Cost per unit 1.1.2020 Opening Stock 200 units @ Rs 55 per unit 50 units @ Rs 60 per unit 150 units @ Rs 64 per unit 100 units @ Rs 70 per unit 1.1.2020 Purchases 15.1.2020 Sales 1.2.2020 Purchases 10.2.2020 Purchase Return (Dated 1.2.2020) 20 units 100 units @ 75 per unit 50 units @ 74 per unit 200 units @ 80 per unit 15.2.2020 Sales 20.2.2020 Sales 20.2.2020 Purchases 21.2.2020 Loss by fire 50 units Find out the cost of closing stock as on 31.03.2020 weighted average cost method using perpetual inventory system. Also calculate the cost of goods sold and gross profit.

(b) Following are the details of material of Raman Traders: Date Particulars Units and Cost per unit 1.1.2020 Opening Stock 200 units @ Rs 55 per unit 50 units @ Rs 60 per unit 150 units @ Rs 64 per unit 100 units @ Rs 70 per unit 1.1.2020 Purchases 15.1.2020 Sales 1.2.2020 Purchases 10.2.2020 Purchase Return (Dated 1.2.2020) 20 units 100 units @ 75 per unit 50 units @ 74 per unit 200 units @ 80 per unit 15.2.2020 Sales 20.2.2020 Sales 20.2.2020 Purchases 21.2.2020 Loss by fire 50 units Find out the cost of closing stock as on 31.03.2020 weighted average cost method using perpetual inventory system. Also calculate the cost of goods sold and gross profit.

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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UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Samson, Inc had the foliowing balances and transactions dunng 2025 Boginning Merchandise Inventory March 10 Juno 10 October 30 15 units at $01 Sold 12 units Purchased 45 units at 07 Sold 30 units What is the balance of the company's Merchandise Inventory, an disclosod in the December 31, 2025 batance hoet an per the periodic FIFOventory costing metho
How to do this. Please explain. Thank you.
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance - 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32, 33 and 34 MCQS Identify the units in closing stock for the month of March 2021 for Al Reem Manufacturing LLC. O a. 450 units O b. 280 units O c. 320 units O d. 220 units
Sunshine Store manages its inventory on a "First in, First out" basis. On 1 February 2020, there were 20 units of stock costing $3 600. bought (up) Sold (CP) The business had the following credit transactions in February 2020: (a) (b) 2020₁ (c) Feb 5 7 9 20 X Bought 10 units Bought 20 units< Sold 30 units X 14 20 22 Sold 20 units Bought 10 units Bought 10 units REQUIRED $ 1 400 2-700 6 400 (JP) 2 000 7400 3800 1 800 4 600 (sr) (d) State how ending inventory is valued. 30 (3600+ 1400.5000) 20 (2700) SP-saver revenue Explain what is meant by "cost of sales". Calculate the cost of sales for the month ended 29 February 2020. Prepare the trading portion of the Statement of Financial Performance for the month ended 29 February 2020. Ysri Expenses, Income, cost of sales
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32 MCQ 32. Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a.RO 765 b.RO 1,480 c.RO 1,285 d.RO 1,850
5. Fountain Ltd started a business on 1 December 2020 trading in office water coolers. In the month to 31 December 2020 the following transactions occurred: Tonnes Unit cost Purchases Qty £ 01-Dec 18 22 09-Dec 7 24 20-Dec 10 27 Sales Tonnes Sell price 11-Dec 20 30 22-Dec 11 32 Required: a) Calculate the gross profit for December 2020 and the value of closing inventory on 31 December 2020 using FIFO and AVCO. b) Briefly describe the following inventory valuation methods: i. FIFO ii. LIFO ii. AVCO
QUESTIONS FOURThe following information was provided by Dzemkple Limited for the two weeks month ofAugust, 2018 for material ZorklaleyStock on 01/08/2018 100 units @ GHc 5 per unitDATE PURCHASES DATE ISSUES05/08/2018 300 units @ GHc 6 per unit 06/08/2018 250 units08/08/2018 500 units @ GHc 7 per unit 10/08/2018 400 units12/08/2018 600 units @ GHc 8 per unit 14/08/2018 500 unitsYou are required to calculate using FIFO and Weighted Average methods of pricing issues:(a) The value of materials consumed during the period(b) The value of stock of materials on the 31/08/2018