company had the following ransaction for the month of feburary 2021 pushase sale feb 1 200@$4 feb 4 40@$10 Feb13 80@$5 feb 17 200@$12 1.what is the value of closing stock using the FIFO? 2.using the fifo method ,determine the value of stock on hand at feb28,2020 3.using the fifo method ,determine the value of stock on hand at april 30,,2020

company had the following ransaction for the month of feburary 2021 pushase sale feb 1 200@$4 feb 4 40@$10 Feb13 80@$5 feb 17 200@$12 1.what is the value of closing stock using the FIFO? 2.using the fifo method ,determine the value of stock on hand at feb28,2020 3.using the fifo method ,determine the value of stock on hand at april 30,,2020

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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Windsor Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the end of the year. Date 1/15 11/24 Voucher 3/15 6/20 21332 9/12 10624 (a) 11437 27644 31269 Totals Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 Units Received 58 73 98 92 84 405 Unit Invoice Cost Ending inventory using the FIFO method $ LA $25 20 19 15 14 Gross Invoice Amount $1,450 1,460 1,862 1,380 A physical inventory on December 31, 2025, reveals that 115 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Windsor Sports uses the invoice price less discount for recording purchases. 1,176 $7,328 Compute the December 31, 2025, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)
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1. Prepare the statement for changes in equity for the year ended 30 April 2020.
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