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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: Purchases of goods Sales of goods (profit margin 30% on sales) Goods returned by Q to supplier 8,600 14,000 700 What adjusted figure should be included in the financial statements for inventories at 31 December 20x4?

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: Purchases of goods Sales of goods (profit margin 30% on sales) Goods returned by Q to supplier 8,600 14,000 700 What adjusted figure should be included in the financial statements for inventories at 31 December 20x4?

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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Question 6, help me
23:22 .... A Ims.uef.edu.vn 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 5 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 28 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: Purchases of goods of goods (profit margin 30% on sales) Goods returned by Q to supplier 8,600 14,000 700 What adjusted figure should be included in the financial statements for inventories at 31 December 20X4? QUESTION 7 A company has decided to switch from using the FIFO method of inventory valuation to using the average cost method (AVCO). In the first accounting period where the change is made, opening inventory valued by the FIFO method was $53,200. Closing inventory valued by the AVCO method was $59,800. Total purchases and during the period were $136,500. Using the continuous AVCO method, opening inventory would have been valued at $56,200. What is the cost of materials that should be included in the statement of profit or loss for the period? QUESTION 8 The information below relates to inventory item Z. March 1 50 units held in opening inventory at a cost of $40 per unit 17 50 units purchased at a cost of $50 per unit 31 60 units sold at a selling price of $100 per unit Under AVCO. what is the value of inventorv held for item 7 at the end of March 312
Transcribed Image Text:23:22 .... A Ims.uef.edu.vn 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 5 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 28 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: Purchases of goods of goods (profit margin 30% on sales) Goods returned by Q to supplier 8,600 14,000 700 What adjusted figure should be included in the financial statements for inventories at 31 December 20X4? QUESTION 7 A company has decided to switch from using the FIFO method of inventory valuation to using the average cost method (AVCO). In the first accounting period where the change is made, opening inventory valued by the FIFO method was $53,200. Closing inventory valued by the AVCO method was $59,800. Total purchases and during the period were $136,500. Using the continuous AVCO method, opening inventory would have been valued at $56,200. What is the cost of materials that should be included in the statement of profit or loss for the period? QUESTION 8 The information below relates to inventory item Z. March 1 50 units held in opening inventory at a cost of $40 per unit 17 50 units purchased at a cost of $50 per unit 31 60 units sold at a selling price of $100 per unit Under AVCO. what is the value of inventorv held for item 7 at the end of March 312
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