The following information is taken from the records of Wees Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dect Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 2 Dec 12 Purchase 125 3 Dec 13 Sala 300 Dec 19 Purchase 350 2 Dec 29 Purchase 150 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: FIFO (1) Weighted average. Assume each unit was sold for RM5. Complete the folowing partial income statements : (b) Weightage Average FIFO Sales Less: Cost of Sales Gross Profit

The following information is taken from the records of Wees Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dect Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 2 Dec 12 Purchase 125 3 Dec 13 Sala 300 Dec 19 Purchase 350 2 Dec 29 Purchase 150 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: FIFO (1) Weighted average. Assume each unit was sold for RM5. Complete the folowing partial income statements : (b) Weightage Average FIFO Sales Less: Cost of Sales Gross Profit

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 24CE: Inventory Costing: Average Cost Refer to the information for Filimonov Inc. and assume that the...

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Subject: acounting
The following information is taken from the records of WeBs Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dec1 Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 Dec 12 Purchase 125 3 Dec 13 Sale 300 Dec 19 Purchase 350 2 Dec 29 Purchase 150 1 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: (i) FIFO (ii) Weighted average. (b) Assume each unit was sold for RM5. Complete the following partial income statements : FIFO Weightage Average Sales Less: Cost of Sales Gross Profit
Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
ventory record for each of the 60 types of products the company keeps in stock. The following Perptual Imentory Raco Frecutive Suites, Inc., uses a perpetual inventory, systém. This system includes a perpetual in- pROnLNAN transactions show the purchases and sales of a particular desk chair (product code DC-7) during pl Imentory Ruco September: Balance on hand, 50 units, cost $60 each .., Sept. 1 Sept. Sept. 8 Sept. 9 Sept. 20 Sept. 25 Sept. 30 Sale, 5 units, sales price $110 each ...$3,000 4 Purchase, 20 unita, cost $65 each ...1,300 Sale, 35 units, sales price $100 each.. 3,500 2,00 ...6,000 Purchase, 40 units, cost $65 each Sale, 60 units, sales price $100 each.. 2.800 Purchase, 40 units, cost $70 each 550
Cost of goods sold is debited each time a sale is made under which of the following inventory systems?A. Perpetual systemB. COGS systemC. Periodic systemD. Perpetual and Periodic system