Question 6, help me 23:22....A Ims.uef.edu.vnThe 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 goodsSales of goods (gross profit margin 40% on sales)Goods returned to a supplier7,90015,000800What inventory value should be included in Mitex Co's financial statements at 31December 20X1?QUESTION 5An 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 unit28 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:Purchases of goodsof goods (profit margin 30% on sales)Goods returned by Q to supplier8,60014,000700What adjusted figure should be included in the financial statements for inventories at 31December 20X4?QUESTION 7A company has decided to switch from using the FIFO method of inventory valuation tousing the average cost method (AVCO).In the first accounting period where the change is made, opening inventory valued bythe 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 AVCOmethod, 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 lossfor the period?QUESTION 8The information below relates to inventory item Z.March150 units held in opening inventory at a cost of $40 per unit1750 units purchased at a cost of $50 per unit3160 units sold at a selling price of $100 per unitUnder AVCO. what is the value of inventorv held for item 7 at the end of March 312

Financial statement: Financial statements are organized summaries of detailed information about the…

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?