Fountain Ltd started a business on 1 December 2020 trading in office water coolers e month to 31 December 2020 the following transactions occurred: Tonnes Unit cost Purchases Qty £ 01-Dec 18 22 09-Dec 24 20-Dec 10 27 Sales Tonnes Sell price 11-Dec 20 30 22-Dec 11 32

Fountain Ltd started a business on 1 December 2020 trading in office water coolers e month to 31 December 2020 the following transactions occurred: Tonnes Unit cost Purchases Qty £ 01-Dec 18 22 09-Dec 24 20-Dec 10 27 Sales Tonnes Sell price 11-Dec 20 30 22-Dec 11 32

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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First semester 2020 Q1: ABC company had the following purchases and sales information: Purchases Sales 10 units at $110 January February 20 units at $115 May 11 units November 10 units at $150 Using the FIFO inventory costing method, what is the cost of the ending inventory on 30 November? A. $3,400 B. $3,685 C. 2,185 D. $1,215
moodle1.du.edu.om/mod/quiz/atte Moodle English (en) - The following sales and purchases are expected over the Four-month period from December to March Purchases Sales December OMR 30000 OMR 26000 January OMR 25000 OMR 30000 February OMR 24000 OMR 24000 March OMR 26000 OMR 28000 Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 30% of the Sales are on credit - and we allow one-month credit period - and 70% of the sales for immediate settlement 3. 40% of the Purchases are on credit - and 1 month credit period - and 60% of the purchases are for immediate settlement 4. The balance of cash as at 1 January was OMR 9000 If the company is preparing a budget from January to March, what will be the Closing balance of cash on March ? Select one: O a. OMR 7800 Oh OMR 2500 to search DELL F5 F6 F10 44 41 # 24 % % & 3 4 5 8 A E Y F GY H i RY NI ÍM この * 00
Kind Gestures Company is a leading producer of Akohia Soap in the Eastern Region of Ghana. The following information relate to a component part used in manufacturing Akohia Soap for the period ended 31st August, 2020. Stock on hand at January 1, 2020 Purchases made during the period; January March May July Issues made during the period; February April June August Units Total Cost (GH¢) 2,000 100,000 4,000 200,000 3,000 180,000 8,000 640,000 2,000 200,000 5,000 1,000 1,800 2,500 a. Usingthefirst-in-first-outmethod,preparetheStoreLedgerAccountfortheperiod ended 31st August, 2020. b. 4 (four) importance of Cost Accounting to your programme of study.
Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $177 April 15 Purchase 1 179 April 20 Purchase 1 181 Total 3 $537 Average cost per unit $179 ($537 ÷ 3 units) Assume that one unit is sold on April 27 for $234. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
Question 1 Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale and retail customers in Klang Valley. There was an opening inventory (900 kg at RM2 each) brought forward from December 2021 During January 2022, the company's operations had the following transactions: Transferred from production 350 kg at RM2.10 each Date | Issued out to customer Jan 2 Jan 3 980 kg @RM6 480 kg at RM2.20 each 630 kg at RM2.30 each Jan 9 Jan 13 Jan 18 Jan 25 390 kg at RM2.40 each 1,050 kg@RM8 Additional information: The operating expenses for the month amounted to RM9,000. Required: (a) Using the following methods calculate the cost of goods sold as at 31 January 2022. (Round your answers to 2 decimal points. Eg: 3.127 =3.13) (i) First in, First out method (FIFO) (ii) Moving Average method (MAVG) (iii) Last in, First out method (LIFO) (b) Prepare a profit and loss statement (in columnar format) showing Tropical Mill's net profit or loss for the month ended 31…
(b2) Determine the ending inventory and the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, eg. 1.250.) FIFO LIFO AVERAGE-COST The ending inventory $ $ $ The cost of goods sold $ 5 $ Save for Later Attempts: 0 of 3 used (c) The parts of this question must be completed in order. This part will be available when you complete the part above. PRA Submit Answer
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 40 units @ $2 = $ 80 January 3 Sales 30 units @ $8 February 14 Purchase 70 units @ $3 = $ 210 February 15 Sales 60 units @ $8 June 30 Purchase 90 units @ $4 = $ 360 November 6 Sales 86 units @ $8 November 19 Purchase 20 units @ $5 = $ 100 Totals 220 units $ 750 176 units record a journal entry worksheet
Samone Company reported the following purchases and sales for its onty product. Saimone unes a perpetual mventory system Determine the cost assigned to cost of goods sold using LIFO Date Activities Units Sold at Retail Units Acquired at Cost 150 units e sie.00 220 units e s12.00 May 1 Beginning Inventory Purchase Sales Purchase 10 140 units e s20.00 15 100 units e s13.00 24 Sales 90 units e s21.00 Mple Choce $2.0 $2.460
Cost Flow Methods The following three identical units of Item P401C are purchased during April: Item Beta Units Cost April 2 Purchase 1 $100 15 Purchase 1 120 20 Purchase 1 140 Total 3 $360 Average cost per unit $120 ($360 ÷ 3 units) Assume that one unit is sold on April 27 for $300. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6
The following information is taken from the financial statement of Al Reem Manufacturing LLC for the month of March 2021, the company follows FIFO method for material issue pricing: 1st March 2021: Opening balance – 50 units @ RO 4 Receipts: 5th March: 100 units @ RO 5 12th March: 200 units @ RO 4.50 24th March: 150 units @ RO 3 Issues: 2nd March: 30 units 18th March: 150 units 30th March: 100 units Use the above information and answer 32 MCQ 32. Identify the total receipts amount for the month of March 2021 for Al Reem Manufacturing LLC. a.RO 765 b.RO 1,480 c.RO 1,285 d.RO 1,850
A company had the folowing purchases during its first year of operations Purchases January, 10 units at $120 February 20 units at $130 May 15 units at 5140 September. 12 units at $150 November: 10 units at $160 On December 31, there were 26 units remaining in ending inventory. These 26 units consisted of 2 from January, 4 from february, 6 from May, 4 trom September, and 10 from November. Lising the specific identification method, what is the cost of the ending inventory?
Date Activities Units Acquired at Cost Units Sold at Retail January 1 Beginning inventory 580 units @ $40 per unit February 10 Purchase 420 units @ $38 per unit March 13 Purchase 180 units @ $25 per unit March 15 Sales 755 units @ $70 per unit August 21 Purchase 190 units @ $45 per unit September 5 Purchase 560 units @ $41 per unit September 10 Sales 750 units @ $70 per unit Totals 1,930 units 1,505 units