Homework Help is Here – Start Your Trial Now!
Business
Accounting
Homework Question no. 1:- Ahmed Co incurred the following transactions during the month of December 2020. December 1: Beginning Inventory (100 units @ 5.00 per unit). December 6: Purchased 50 units @ 5.25 per unit. December 10: Purchased 30 units @ 5.50 per unit. December 13: Sold 140 units. December 15 Sold 25 units. December 19 Purchased 120 units @ 6.00 per unit.

Homework Question no. 1:- Ahmed Co incurred the following transactions during the month of December 2020. December 1: Beginning Inventory (100 units @ 5.00 per unit). December 6: Purchased 50 units @ 5.25 per unit. December 10: Purchased 30 units @ 5.50 per unit. December 13: Sold 140 units. December 15 Sold 25 units. December 19 Purchased 120 units @ 6.00 per unit.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

please help me

Homework Question no. 1: - Ahmed Co incurred the following transactions during the month of December 2020. December 1: Beginning Inventory (100 units @ 5.00 per unit). December 6: Purchased 50 units @ 5.25 per unit. December 10: Purchased 30 units @ 5.50 per unit. December 13: Sold 140 units. December 15 Sold 25 units. December 19 Purchased 120 units @ 6.00 per unit. December 31: Sold 70 units. Required: You have to use "FIFO" and "Average Method" and calculate the following: i. Calculate cost of ending inventory on December 31, 2020 ii. Calculate cost of goods sold for the period ending on December 31, 2020 Homework Question no. 2: - Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January 2021. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Jan Sales 10 Jan 20 Jan 25 Jan 30 Purchase. Sales.. Purchase Totals Units Acquired at Cost 140 units @ $6.00-$ 840 60 units @ $5.00- 300 180 units @ $4.50- 810 300 units $1.950 100 units @ $15 80 units @ $15 180 units Required: You have to use "FIFO" and "Average Method" and calculate the following: a) Calculate cost of ending inventory on Jan 31, 2021. b) Calculate cost of goods sold for the period ending on Jan 31", 2021, c) Calculate gross profit for the period ending on Jan 31, 2021.
Transcribed Image Text:Homework Question no. 1: - Ahmed Co incurred the following transactions during the month of December 2020. December 1: Beginning Inventory (100 units @ 5.00 per unit). December 6: Purchased 50 units @ 5.25 per unit. December 10: Purchased 30 units @ 5.50 per unit. December 13: Sold 140 units. December 15 Sold 25 units. December 19 Purchased 120 units @ 6.00 per unit. December 31: Sold 70 units. Required: You have to use "FIFO" and "Average Method" and calculate the following: i. Calculate cost of ending inventory on December 31, 2020 ii. Calculate cost of goods sold for the period ending on December 31, 2020 Homework Question no. 2: - Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January 2021. Units Sold at Retail Date Activities Jan. 1 Beginning inventory Jan Sales 10 Jan 20 Jan 25 Jan 30 Purchase. Sales.. Purchase Totals Units Acquired at Cost 140 units @ $6.00-$ 840 60 units @ $5.00- 300 180 units @ $4.50- 810 300 units $1.950 100 units @ $15 80 units @ $15 180 units Required: You have to use "FIFO" and "Average Method" and calculate the following: a) Calculate cost of ending inventory on Jan 31, 2021. b) Calculate cost of goods sold for the period ending on Jan 31", 2021, c) Calculate gross profit for the period ending on Jan 31, 2021.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
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