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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
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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23:23 A Ims.uef.edu.vn 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 inventory 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 in October for $600 and which had cost $400. 4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them. What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this information? 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 7,900 15,000 Sales of goods (gross profit margin 40% on sales) Goods returned to a supplier 800 What inventory value should be included in Mitex Co's financial statements at 31 December 20x1? QUESTION S An inventory record card shows the following details. February 1 50 units in stock at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 80 units sold 21 50 units purchased at a cost of $50 per unit pa 60 units sold What is the value of inventory at 28 February using the FIFO method? QUESTION 6 The inventory value for the financial statements of Q for the year ended 31 December 20x4 was based on an inventory count on 4 January 20X5, which gave a total inventory value of $836,200. Between 31 December and 4 January 20X5, the following transactions took place:
Transcribed Image Text:23:23 A Ims.uef.edu.vn 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 inventory 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 in October for $600 and which had cost $400. 4 The company returned goods that had cost $1,800 in October to the supplier, and received a credit note for them. What figure should appear in the company's financial statements at 31 October 20X3 for closing inventory, based on this information? 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 7,900 15,000 Sales of goods (gross profit margin 40% on sales) Goods returned to a supplier 800 What inventory value should be included in Mitex Co's financial statements at 31 December 20x1? QUESTION S An inventory record card shows the following details. February 1 50 units in stock at a cost of $40 per unit 7 100 units purchased at a cost of $45 per unit 14 80 units sold 21 50 units purchased at a cost of $50 per unit pa 60 units sold What is the value of inventory at 28 February using the FIFO method? QUESTION 6 The inventory value for the financial statements of Q for the year ended 31 December 20x4 was based on an inventory count on 4 January 20X5, which gave a total inventory value of $836,200. Between 31 December and 4 January 20X5, the following transactions took place:
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