Boxit Ltd. sells box juices and had the fo lowing transactions for the month ofDecember. Stock on hand December 1, 2013 was 45 units @$200,PurchasesSalesDec 0275 units @$205Dec 0655 units @ $250Dec 0830 units210Dec 1040 units @$260Dec 1520 units @ $215Dec 2270 units (@$225Dec 2385 units @ $270Required:Calculate the closing stock using FIFO, LIPO and AVCO for Boxit Ltd.

The objective of the question is to calculate the closing stock of Boxit Ltd. using three different…

Answered: Boxit Ltd. sells box juices and had the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Gregarious Games sells board games to customers. The following are the beginning balances of its accounts for the month of March. Account Debit Credit Cash $ 80,000 Accounts Receivable 10,000 Allowance for Doubtful Accounts $ 300 Inventory 57,000 Equipment 60,000 Accumulated Depreciation 5,000 Accounts Payable 6,000 Common Stock 180,000 Retained Earnings 15,700 The beginning inventory has 1,500 units. Gregarious Games uses the perpetual inventory method for its inventory transactions and the LIFO method for calculating Cost of Goods Sold. March transactions: Sold 1,000 units of inventory for $60,000 to a customer in exchange for a note receivable. The note is due in eighteen months and the interest rate is 10%. Purchased 700 units of inventory for $28,000 on account with credit terms 2/10, n/30. Paid cash for our supplier for the inventory purchased on March 3rd. Sold 900 units of…
The 2021 inventory data for Island Corporation is presented below. Assume that Island uses periodic inventory tracking. 2021 Beginning Inventory (purchased in 2020) 100 units @ $28 per unit Purchases: Purchase 1 on 1/20/21 300 units @ $30 per unit Purchase 2 on 6/15/21 1,100 units @ $34 per unit Sales: Sale 1 on 4/8/21 520 units @ $60 per unit Sale 2 on 9/25/21 860 units @ $60 per unit When Island examines the actual units in ending inventory, they see that 30 of the units are from 2021 beginning inventory, 40 units are from the 1/20/21 purchase, and 50 units are from the 6/15/21 purchase. What is Inventory on the 12/31/21 Balance Sheet if Island uses FIFO? $3,400 $4,080 $45,120 $45,800 What is Cost of Goods Sold on the 2021 Income Statement if Island uses LIFO? $3,400 $4,080 $45,120 $45,800 What is Inventory on the 12/31/21 Balance Sheet if Island…

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS