QUESTION ONE 1.1 Calculate the economic order quantity (EOQ) per annum. Economic order quantity Startrek Secondary School purchases 700 math's sets per annum. The cost of each math set is N$80. Each set is sold for N$100. The cost of placing a single order is N$45. The holding cost is 11% of the unit purchase price. 1.2 Calculate the value of closing inventory using the Weighted average cost inventory valuation method. Inventory valuation The following information concerning blankets appeared in the journal of Casio Traders for the month of September 2022: Date Units Cost per Unit N$85 Details Opening Inventory 1 20 7 Purchases 23 N$90 16 Purchases 33 N$95 25 Purchases 18 N$100 31 Sales for the 69 month

QUESTION ONE 1.1 Calculate the economic order quantity (EOQ) per annum. Economic order quantity Startrek Secondary School purchases 700 math's sets per annum. The cost of each math set is N$80. Each set is sold for N$100. The cost of placing a single order is N$45. The holding cost is 11% of the unit purchase price. 1.2 Calculate the value of closing inventory using the Weighted average cost inventory valuation method. Inventory valuation The following information concerning blankets appeared in the journal of Casio Traders for the month of September 2022: Date Units Cost per Unit N$85 Details Opening Inventory 1 20 7 Purchases 23 N$90 16 Purchases 33 N$95 25 Purchases 18 N$100 31 Sales for the 69 month

Name: QUESTION ONE1.1 Calculate the economic order quantity (EOQ) per annum
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Description: QUESTION ONE1.1 Calculate the economic order quantity (EOQ) per annum.Economic order quantityStartrek Secondary School purchases 700 math's sets per annum. Thecost of each math set is N$80. Each set is sold for N$100. The cost ofplacing a single ord

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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< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year:: Beginning inventory 34 units at $45 Sale 23 units at $68 First purchase 21 units at $46 Sale 18 units at $69 Second purchase 23 units at $48 22 units at $69 Sale The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? x b. What is the total cost of the ending inventory according to LIFO?
PROBLEM 12: DDD Company uses the perpetual inventory system. The inventory transactions for August of the current year were us follows: Number Unil Transaction Begnning balance of Units 20,000 Date 8/1 8/7 8/10 8/12 Cost P 4.00 Purchase 10,000 4.20 Purchase 20,000 15,000 4,30 Sale 8/16 Purchase 20,000 4.60 8/20 8/28 Sale Sale return 40,000 3.000 The sclo roturn on August 28 rolatos to the salc madc on August 20. 15. If the FIFC ccst flow method is used, the sae retum shall be costed back into inventory at what unit cost? 16. If the average cost flow method is used, the sale retum shall be costed back into inventory at what unit cost?
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b) Assessment #1 _Cost Classification Inventory valuation Question 2 RAZR WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. RAZR began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the "TOZO T6" earbuds: c) October 8 October 31 November 4 November 10 November 30 December 4 December 10 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. December 30 December 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) A new batch of 67 cases…
Inventory Write-Down ITT Palmquist Company has five different inventory items and applies the inventory valuation rules on an individual item basis. The normal markup on all items is 20% of cost. The following information is obtained from the company's records: Item Units Cost Replacement Cost Net Realizable Value 1 500 $10.00 $ 9.10 $ 9.20 2 400 8.00 8.10 7.80 3 300 15.00 13.50 14.00 4 200 18.00 12.00 17.00 5 100 25.00 25.50 25.30 Required: 1. Assume that Palmquist uses the FIFO cost flow assumption. Compute the correct inventory value under the lower of cost or net realizable value rule. Round your answers to the nearest cent. Lower of Item Cost or NRV $ 2. 3 4 Compute the total inventory value if the lower of cost or net realizable value is applied to each individual item. $ 2. Assume that Palmquist uses the LIFO cost flow assumption. Compute the correct inventory value under the lower of cost or market rule. Round your answers to the nearest cent. Lower of Item Cost or Market 1 2.…
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Cost of good sold over this period ?
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Question 3 (5%) Inventory data for Hot Buys Company for January 2020 are as follows: January I balance January 10 purchase 100 units at $28 January 15 sale January 21 purchase 90 units at $32 January 28 sale 80 units at $25 120 units 110 units Using FIFO, compute ending inventory as of January 31, 2020, and determine cost of goods sold for January.