Question 8 , helpMe 23:21....A Ims.uef.edu.vn28 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 goodsSales of 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 inventory held for item Z at the end of March 31?QUESTION 9A firm has the following transactions with its product R.1 January 20X11 February 20X1 Buys 10 units at $300 per unit11 February 20X1 Buys 12 units at $250 per unit1 April 20X11 August 20X11 December 20X1 Sells 12 units at $400 per unitOpening inventory: nilSells 8 units at $400 per unitBuys 6 units at $200 per unitThe firm uses periodic weighted average cost (AVCO) to value its inventory. What is theinventory value at the end of the year?

AVCO method means average cost method where cost of all units in hand in added up and divided by…

QUESTION 8 The information below relates to inventory item Z. 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 March Under AVCO, what is the value of inventory held for item Z at the end of March 31?

QUESTION 8 The information below relates to inventory item Z. 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 March Under AVCO, what is the value of inventory held for item Z at the end of March 31?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please provide answer to questions a to c
Is there a way you can provide an example for number 3?
Not a previously submitted question. Thank you
I need help with questions 1 and 2
Not a previously submitted question. Thank you
Question 25 Case studies are usually descriptive in nature. O True O False
Kindly answer #4 will surely given an upvote thank you
Not a previously submitted question. Thank you
what are the solutions for questions 4 & 5?
only answer d now please
hrl.3 answer must be in proper format or i will give down vote
V5. Explain 5 reasons that can help you with the theory of descriptive decision-making during your undergraduate studies