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

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FIFO, LIFO and average cost method in periodic inventory system Okello Plc uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July 2016 are given below: July 1: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The company sold 1,400 units during the month of July. Required: Compute inventory on July 31, 2016, and cost of goods sold for the month of July using following inventory costing methods: LIFO FIFO Average cos
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…
required: a) Prepare the Stock Ledger card using the WAC method under perpetual system. b) Calculate the total amount of purchases. c) Calculate the cost of goods sold. d) Calculate the gross profit or loss made if the selling price of the dress is $15 each. e) Calculate the amount of closing stock. please answer this question I need a help on this.
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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…
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
Prepare tne stores ledger account showing how issues and closing stock balance will be recorded under standard price method. The debit balạnce of Material variance is 1,000 on 1st November 2010. The following are the purchases and issues made during November 2010. November 2010 Quantity 1,000 units · 500 units 400 units 800 units 400 units 1,000 units 700 units Rate Opening balance Purchased 1 11 4 12 5 Purchased 13 Issued 7 Issued : 10 Purchased 18 Issued 20 Issued 200 units 25 Purchased 400 units 11 29 Issued 300 units Calculate the Material price variance at the end of November 1998. 14
required: a.Calculate the gross profit or loss made if the selling price of the dress is $15 each. b. Calculate the amount of closing stock. please answer this question I need a help on this.
May I ask for a solution and explanation to the problem for a better understanding. Thank you! 4. Using Carrot Corp., what is the Days' supply in inventory for year 2? a. 50 days b. 55 days c. 60 days d. 65 days
The average cost of AD computer modems on 30 March, as per the stock card, is $21.06. If 200 modems are sold at $24.00 each, what is the cost of the modems charged to the income statement, assuming the weighted average method of costing is used?a. $4000b. $4800c. $4212d. $3800
Please provide detailed answers for C). Ignore A and B. Sales : 15,400 Calculated COGS in Jan 2020 : 12,750 (using FIFO) Ending inventory balance : 13,850

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