About 2.Smith Corp. specifies the Ending Inventory that it has on cost and LCNRVvalues as follows data:Year EndCostLCNRV31-Dec-19 $ 650.0002$650.00031-Dec-20 $780.0002$712.00031-Dec-21 $ 905.000$830.000Asked :1. Keep the required journal for December 31, 2020 and December 31, 2021,assume Smith Corp. uses perpetual recording method and Cost of Goods Soldmethod for Cost adjustment to LCNRV.2. Keep the necessary journals for December 31, 2020 and December 31,2021, assume Smith Corp. uses perpetual recording method and Lossmethod for Cost adjustment to LCNRV Question 1PT Water Canon sells 2 types of water pumps. HP7 Pumps are used forfactories and WP7 Pumps for housing. The following is presented dataobtained from inventory control cards during March 2022.Incoming GoodsTotal Cost/unitGood outTotal Price/unitDateInventory28-Feb-22200 $500 $40010-Mar-2245015-Mar-22WP7 Pumps 20-Mar-2225-Mar-22500 $450400 $475400 $57030-Mar-22300 $50028-Feb-22600 $600 $300 $8003-Mar-2290012-Mar-22HP7 Pumps 18-Mar-22950900 $1.08021-Mar-2229-Mar-22500 $1.000600 $1.140Asked:1. From the data above, calculate the Ending Inventory (quantity and cost), Cost ofGoods Sold, and Gross Profit for March 2022, using the FIFO and Average costassumption methods, if the inventory recording system uses:a. Periodic Inventory Systemb. Perpetual Inventory2. Systemlt is an analysis of the ratio relevant to the above data, give your opinionfrom the results of the analysis, which cost assumption method provides a betterratio? (recording method using PeriodicInventorySystem).

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Question 1 PT Water Canon sells 2 types of water pumps. HP7 Pumps are used for factories and WP7 Pumps for housing. The following is presented data obtained from inventory control cards during March 2022. | Date Incoming Goods Total Cost/unit Good out Total Price/unit Inventory 28-Feb-22 200 $ 400 10-Mar-22 500 $ 450 15-Mar-22 500 $ 450 WP7 Pumps 20-Mar-22 400 $ 475 25-Mar-22 400 $ 570 30-Mar-22 300 $ 500 28-Feb-22 600 $ 800 3-Mar-22 600 $ 900 12-Mar-22 300 $ 950 HP7 Pumps 18-Mar-22 900 $ 1.080 21-Mar-22 500 $ 1.000 29-Mar-22 600 $ 1.140 Asked: 1. From the data above, calculate the Ending Inventory (quantity and cost), Cost of Goods Sold, and Gross Profit for March 2022, using the FIFO and Average cost assumption methods, if the inventory recording system uses: a. Periodic Inventory System b. Perpetual Inventory 2. SystemIt is an analysis of the ratio relevant to the above data, give your opinion from the results of the analysis, which cost assumption method provides a better ratio? (recording method using PeriodicInventorySystem).

Question 1 PT Water Canon sells 2 types of water pumps. HP7 Pumps are used for factories and WP7 Pumps for housing. The following is presented data obtained from inventory control cards during March 2022. | Date Incoming Goods Total Cost/unit Good out Total Price/unit Inventory 28-Feb-22 200 $ 400 10-Mar-22 500 $ 450 15-Mar-22 500 $ 450 WP7 Pumps 20-Mar-22 400 $ 475 25-Mar-22 400 $ 570 30-Mar-22 300 $ 500 28-Feb-22 600 $ 800 3-Mar-22 600 $ 900 12-Mar-22 300 $ 950 HP7 Pumps 18-Mar-22 900 $ 1.080 21-Mar-22 500 $ 1.000 29-Mar-22 600 $ 1.140 Asked: 1. From the data above, calculate the Ending Inventory (quantity and cost), Cost of Goods Sold, and Gross Profit for March 2022, using the FIFO and Average cost assumption methods, if the inventory recording system uses: a. Periodic Inventory System b. Perpetual Inventory 2. SystemIt is an analysis of the ratio relevant to the above data, give your opinion from the results of the analysis, which cost assumption method provides a better ratio? (recording method using PeriodicInventorySystem).

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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Done Jedi Knights_Prob.pdf Q Problem Jedi Knights purchases and sells light-sabers. The accounting records shows the following data related to its light saber purchases. Item Beginning inventory Purchases Purchases Date March 1 March 16 March 27 Units 200 600 400 Unit Cost $150 160 170 Required: Show your work! 1.) What is the cost of goods available for the company? $ D Total Cost $30,000 96,000 68,000 On March 18, Jedi Knights sold 450 light sabers for $175 each. On March 31, Jedi Knights sold another 450 units at $180 each. Assume a perpetual inventory system. 2.) Using the FIFO costing method, what is the cost of ending inventory? $ 3.) Using the LIFO costing method, what is the cost of the ending inventory? $ 4.) Using the weighted average method, what is the cost of the ending inventory? $ Round average cost per unit to two decimals and final answer to the nearest dollar 5.) What will be the company's gross profit for March (under the FIFO method)? $
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QUESTION 3 EPR Industries is a wholesaler that distributes boxes of toy cars to local shops. Thecompany has a 31 December financial year end. The following inventory transactions occurred during January 2018: January Purchases January Sales1 220 boxes at R220 10 220 boxes at R2863 440 boxes at R231 14 110 boxes at R28616 110 boxes at R236 18 220 boxes at R26425 660 boxes at R249 24 110 boxes at R28628 220 boxes at R253 26 220 boxes at R26429 220 boxes at R264 27 330 boxes at R30831 330 boxes at R308 There was no opening inventory in January 2018.Required:Calculate the gross profit using:3.1. FIFO method (10) 3.2. Weighted average method (10)
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find cost of goods sold ending inventory and gross margin using FIFO and weighted average Kindly answer in text with all workings
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