Please provide detailed answers for C). Ignore A and B. Sales : 15,400Calculated COGS in Jan 2020 : 12,750 (using FIFO)Ending inventory balance : 13,850 CBA Ltd sells smartphones. The following information relates to its best-selling model Tex forthe month of January 2022.Beginning inventory of 10 units at $300 per unitPurchased 30 units at $280 per unitPurchased 20 units at $270 per unitSold 10 units at $350 per unitPurchased 50 units at $245 per unitReturned 10 units purchased on Jan 20Sold 35 units at $340 per unitJan 1Jan 5Jan 8Jan 10Jan 20Jan 21Jan 25The company uses the perpetual inventory system and FIFO method to account for itsinventories.(a)Present the cost of goods sold for the month ending January 2022 and ending inventorycost on 31 January 2022. You have to show the inventory movements and balance foreach transaction.The company is considering weighted-average method to account the inventories.Explain without computations whether FIFO method or weighted-average method willgive a higher gross profit for January 2022. You have to discuss both methods in your(b)answer.Due to some defects, it is estimated that the remaining inventories at end of January2022 can be sold for only $230 each (assumes no selling costs). Compute the newending inventory cost on 31 January 2022 and new gross profit for January 2022.(c)

Ending inventory refers to the stock or the product value which remains at the end of the accounting…

Answered: CBA Ltd sells smartphones. The…

CBA Ltd sells smartphones. The following information relates to its best-selling mod the month of January 2022. Jan 1 Beginning inventory of 10 units at $300 per unit

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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B15.
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