QUESTION 2: A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X3 the following transactions took place: 20X2 1 July 1 November Purchased 500 engines at $220 each Sold 400 engines for $160,000 20X3 1 February 15 April Purchased 300 engines at $230 each Sold 250 engines for $125,000 What is the value of the company's closing inventory of engines at 30 April 20X3?
QUESTION 2: A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2 the company had 700 engines in inventory, valued at $190 each. During the year ended 30 April 20X3 the following transactions took place: 20X2 1 July 1 November Purchased 500 engines at $220 each Sold 400 engines for $160,000 20X3 1 February 15 April Purchased 300 engines at $230 each Sold 250 engines for $125,000 What is the value of the company's closing inventory of engines at 30 April 20X3?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 2,help me
Transcribed Image Text:The inventory value for the financial statements of Global Co for the year ended 30 June
20X3 was based on a inventory count on 7 July 20X3, which gave a total inventory value
of $950,000.
Between 30 June and 7 July 20X6, the following transactions took place.
Purchase of goods
Sale of goods (mark up on cost at 15%)
Goods returned by Global Co to supplier
11,750
14,950
1,500
What figure should be included in the financial statements for inventories at 30 June
20X3?
QUESTION 2:
A company values its inventory using the first in, first out (FIFO) method. At 1 May 20X2
the company had 700 engines in inventory, valued at $190 each.
During the year ended 30 April 20X3 the following transactions took place:
20X2
1 July
1 November
Purchased 500 engines at $220 each
Sold 400 engines for $160,000
20X3
1 February
15 April
Purchased 300 engines at $230 each
Sold 250 engines for $125,000
What is the value of the company's closing inventory of engines at 30 April 20X3?
QUESTION 3:
A company with an accounting date of 31 October carried out a physical check of
nvent
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