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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F725d63d5-c7b3-481b-b06c-139f6d6156d9%2F73acb4bf-bb65-4b67-9ae5-cdb2cec31e00%2Ffhtkvxu_processed.jpeg&w=3840&q=75)
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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