QUESTION 4 Big Market Company keeps inventory based on Last in First out (LIFO) method. Their record disclosed that 3,500 units were in store at the beginning of the current period (March 2022) which constitute of 1,300 units' price at RM12 purchased in February 2022. Next, 700 units' price at RM10 purchased in January 2022 and the balance, price at RM8 purchased in December 2021. The following transactions took place in March 2022: March 5 9 12 15 18 21 27 28 29 Issued Purchased Issued Purchased Purchased Issued Issued Returned to supplier Issued 2,800 units 1,900 units at RM13 each 1,400 units 4,200 units at RM9 each 1,500 units at RM11 each 1,800 units 1,400 units 2,100 units (for purchased made on 15 March 2022) 200 units Physical stock count on 31 March 2022 was 1,250 units. Required: a. Prepare store ledger card for the month of March 2022. b. Calculate the cost of material issued to the production department and the value of closing stock for the month of March 2022.

QUESTION 4 Big Market Company keeps inventory based on Last in First out (LIFO) method. Their record disclosed that 3,500 units were in store at the beginning of the current period (March 2022) which constitute of 1,300 units' price at RM12 purchased in February 2022. Next, 700 units' price at RM10 purchased in January 2022 and the balance, price at RM8 purchased in December 2021. The following transactions took place in March 2022: March 5 9 12 15 18 21 27 28 29 Issued Purchased Issued Purchased Purchased Issued Issued Returned to supplier Issued 2,800 units 1,900 units at RM13 each 1,400 units 4,200 units at RM9 each 1,500 units at RM11 each 1,800 units 1,400 units 2,100 units (for purchased made on 15 March 2022) 200 units Physical stock count on 31 March 2022 was 1,250 units. Required: a. Prepare store ledger card for the month of March 2022. b. Calculate the cost of material issued to the production department and the value of closing stock for the month of March 2022.

Name: QUESTION 4Big Market Company keeps inventory based on Last in First o
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: QUESTION 4Big Market Company keeps inventory based on Last in First out (LIFO) method. Theirrecord disclosed that 3,500 units were in store at the beginning of the current period(March 2022) which constitute of 1,300 units' price at RM12 purchased i

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Inventory Analysis A company reports the following: Cost of goods sold $800,445 Average inventory 94,170 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. a. Inventory turnover fill in the blank 1 b. Number of days' sales in inventory fill in the blank 2 days
Subject: accounting
Date January 1 May 5 November 3 Weighted Average Transaction Beginning inventory Purchase Purchase Cost Beginning Inventory Purchases: May 5 November 3 Total Calculate ending inventory and cost of goods sold for the year, assuming the company uses weighted-average cost. (Round your average cost per unit to 4 decimal places.) Number of units Number of Units 60 Cost of Goods Available for Sale 60 Average Cost per unit 220 140 420 Cost of Goods Available for Sale $ 220 140 420 $33,700.0000 $ Unit Cost $76 4,560 79 84 17,380 11,760 33,700 Total Cost $4,560 17,380 11,760 $33,700 Cost of Goods Sold - Weighted Average Cost Number of units sold Average Cost per Unit Cost of Goods Sold 375 $30,280.0000 $ 11,355,000.00 Ending Inventory - Weighted Average Cost Number of units in ending inventory Average Cost per unit 45 $ Ending Inventory 3,420.0000 $ 153,900.00
DONT GIVE ANSWER IN IMAGE FORMAT
Inventory turnover and number of days’ sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Y6 Cost of goods sold $3,791,255 $4,079,970 Inventories: Beginning of year 773,800 737,300 End of year 839,500 773,800 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Y7 20Y6 Inventory turnover b. Determine the number of days’ sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Y7 20Y6 Number of days’ sales in inventory days days c. Are the changes in inventory turnover and the number of days’ sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
21
None
LIFO During the year, TRC Corporation has the following inventory transactions. Unit Cost $ 52 54 57 58 Date Transaction Jan. 1 Beginning inventory Apr. 7 Purchase Jul.16 Purchase Oct. 6 Purchase Total Beginning Inventory Purchases: 2. Using LIFO, calculate ending inventory, cost of goods sold, sales revenue, and gross profit. Apr 07 Jul 16 Oct 06 For the entire year, the company sells 450 units of inventory for $70 each. Sales revenue Gross profit Cost of Goods Available for Sale Cost of Goods Available for Sale $ # of units 0 Number of Units 60 140 210 120 530 Cost per unit 69 $ 0 0 0 0 0 Total Cost $ 3,120 7,560 11,970 6,960 $29,610 # of units Cost of Goods Sold Cost per unit Cost of Goods Sold Ending Inventory # of units Cost Ending per unit Inventory