Question4, help me 23:23A Ims.uef.edu.vn1 July1 NovemberPurchased 500 engines at $220 eachSold 400 engines for $160,00020X31 February15 AprilPurchased 300 engines at $230 eachSold 250 engines for $125,000What 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 ofinventory on 4 November 20X3, leading to an inventory value at cost at this date of$483,700.Between 1 November 20X3 and 4 November 20X3 the following transactions took place:1 Goods costing $38,400 were received from suppliers.2 Goods that had cost $14,800 were sold for $20,000.3 A customer returned, in good condition, some goods which had been sold to him inOctober for $600 and which had cost $400.4 The company returned goods that had cost $1,800 in October to the supplier, andreceived a credit note for them.What figure should appear in the company's financial statements at 31 October 20X3 forclosing inventory, based on this information?QUESTION 4The financial year of Mitex Co ended on 31 December 20X1. An inventory count onJanuary 4 20X2 gave a total inventory value of $527,300.The following transactions occurred between January 1 and January 4.Purchases of goods7,90015,000Sales of goods (gross profit margin 40% on sales)Goods returned to a supplier800What inventory value should be included in Mitex Co's financial statements at 31December 20x1?QUESTION SAn inventory record card shows the following details.February 1 50 units in stock at a cost of $40 per unit7 100 units purchased at a cost of $45 per unit14 80 units sold21 50 units purchased at a cost of $50 per unitpa 60 units soldWhat is the value of inventory at 28 February using the FIFO method?QUESTION 6The inventory value for the financial statements of Q for the year ended 31 December20x4 was based on an inventory count on 4 January 20X5, which gave a total inventoryvalue of $836,200.Between 31 December and 4 January 20X5, the following transactions took place:

As posted to answer only question number 4. So we are answering only specifically mentioned…

QUESTION 4 The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4 20X2 gave a total inventory value of $527,300. The following transactions occurred between January 1 and January 4. Purchases of goods Sales of goods (gross profit margin 40% on sales) Goods returned to a supplier 7,900 15,000 800 What inventory value should be included in Mitex Co's financial statements at 31 December 20X1?

QUESTION 4 The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4 20X2 gave a total inventory value of $527,300. The following transactions occurred between January 1 and January 4. Purchases of goods Sales of goods (gross profit margin 40% on sales) Goods returned to a supplier 7,900 15,000 800 What inventory value should be included in Mitex Co's financial statements at 31 December 20X1?

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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