Baking Supplies Pte Ltd is a wholesaler for baking equipment and accessories. Thecompany uses the periodic inventory system. The following information in relation to aparticular product for the month of April is given below. The ending inventory count on30 April 20X1 is 200 units.TransactionNo. of units. Unit cost ($)1001-Apr Beginning inventory4-Аpr7-Apr14-Apr17-Apr24-Apr26-Аpr70.00Purchased40068.00Sold150Purchased50064.00Sold600Purchased40062.00Sold450Required:Apply FRS 2 Inventory and compute the cost of goods sold and ending inventory for themonth of April using the following inventory costing method:(a)First-in, first-out (FIFO) method.(6 marks)(b)Weighted-average cost method.(6 marks)

Name: Baking Supplies Pte Ltd is a wholesaler for baking equipment and acce
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Description: Baking Supplies Pte Ltd is a wholesaler for baking equipment and accessories. Thecompany uses the periodic inventory system. The following information in relation to aparticular product for the month of April is given below. The ending inventory cou

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Baking Supplies Pte Ltd is a wholesaler for baking equipment and accessories. The company uses the periodic inventory system. The following information in relation to a particular product for the month of April is given below. The ending inventory count on 30 April 20X1 is 200 units. No. of units. Unit cost ($) 100 400 150 Transaction 1-Apr Beginning inventory 4-Apr 7-Apr 14-Apr 17-Apr 24-Apr 26-Аpr 70.00 Purchased Sold Purchased 68.00 500 600 400 64.00 Sold Purchased Sold 62.00 450 Required: Apply FRS 2 Inventory and compute the cost of goods sold and ending inventory for the month of April using the following inventory costing method: (a) First-in, first-out (FIFO) method. (6 marks) (b) Weighted-average cost method. (6 marks)

Baking Supplies Pte Ltd is a wholesaler for baking equipment and accessories. The company uses the periodic inventory system. The following information in relation to a particular product for the month of April is given below. The ending inventory count on 30 April 20X1 is 200 units. No. of units. Unit cost ($) 100 400 150 Transaction 1-Apr Beginning inventory 4-Apr 7-Apr 14-Apr 17-Apr 24-Apr 26-Аpr 70.00 Purchased Sold Purchased 68.00 500 600 400 64.00 Sold Purchased Sold 62.00 450 Required: Apply FRS 2 Inventory and compute the cost of goods sold and ending inventory for the month of April using the following inventory costing method: (a) First-in, first-out (FIFO) method. (6 marks) (b) Weighted-average cost method. (6 marks)

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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