TRANSACTIONS DURING January 2019Cost (OMR) Amount(OMR)30003000DateParticularsUnitsBeginning Inventory3002001015January 1January 2January 11 PurchaseJanuary 18 PurchasePurchase100171700300206000Total Purchase90013,700DateParticularsUnitsCost (OMR) Amount(OMR)January 8Sales300309000January 15 Sales2504010000Total Sales55019000Requireda) How would issues and closing inventory be valued using FIFOb) Give journal entry assuming that if the business follows perpetualinventory method

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Description: TRANSACTIONS DURING January 2019Cost (OMR) Amount(OMR)30003000DateParticularsUnitsBeginning Inventory3002001015January 1January 2January 11 PurchaseJanuary 18 PurchasePurchase100171700300206000Total Purchase90013,700DateParticularsUnitsCost (OMR) Am

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TRANSACTIONS DURING January 2019 Date Particulars Units Cost (OMR) Amount (OMR) 3000 3000 Beginning Inventory 300 200 10 15 January 1 January 2 Purchase January 11 Purchase January 18 Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Cost (OMR) Amount (OMR) Date Particulars Units Sales January 15 Sales Total Sales January 8 300 30 9000 250 | 40 10000 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetu inventory method

TRANSACTIONS DURING January 2019 Date Particulars Units Cost (OMR) Amount (OMR) 3000 3000 Beginning Inventory 300 200 10 15 January 1 January 2 Purchase January 11 Purchase January 18 Purchase 100 17 1700 300 20 6000 Total Purchase 900 13,700 Cost (OMR) Amount (OMR) Date Particulars Units Sales January 15 Sales Total Sales January 8 300 30 9000 250 | 40 10000 550 19000 Required a) How would issues and closing inventory be valued using FIFO b) Give journal entry assuming that if the business follows perpetu inventory method

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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H1.
Using Perpetual Inventory, identify cost of goods sold expense for Oct 2021 # Units Cost Sale price 01-Oct Opening Inventory 500 $10,000.00 04-Oct Sales 100 $4,000.00 07-Oct Purchase 300 $6,300.00 11-Oct Sales 225 $9,225.00 15-Oct Purchase 350 $6,650.00 17-Oct Sales 175 $6,650.00 18-Oct Sales 275 $10,725.00 Using FIFO, provide Closing Inventory Question 5 options: 7565.23 7415.65 7433.44 7395.58
Knowledge Check Crane Works' uses a periodic inventory system. Its accounting records show the following as of December 31, 2025. Inventory, Dec. 31, 2025 Purchase Returns and Allowances Inventory, Jan. 1, 2025 Cost of goods purchased Cost of goods sold $ $4,050 $ 730 5,550 Compute cost of goods purchased and cost of goods sold. Freight-In Purchases Purchase Discounts $1,800 95,100 1,480 Sused Submit Answer
AL LUSE AL RELdi Beginning inventory Net purchases $127, 600 231,240 $256, 800 393, 600 Assume that in addition to estimating its ending Inventory by the retall method, Harmony Co. also took a physical Iinventory at the marked selling prices of the Inventory Items at the end of 2020. Assume further that the total of this physical Inventory at marked selling prices was $109,200. a. Determine the amount of this Inventory at cost. (Round your intermedlete calculatlons and final answer to 2 decimal places.) Inventory at cost b. Determine Harmony's 2020 Inventory shrinkage from breakage, theft, or other causes at retall and at cost. (Round your Intermedlate calculatlons and final answers to 2 decimal places.) At Cost At Retail Estimated inventory that should have been on hand Physical inventory Inventory shrinkage
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Required information Skip to question [The following information applies to the questions displayed below.]Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 78 $ 123 Purchases 669 1,004 Freight-in on purchases 28 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 914 Required:1. Use the retail method to approximate cost of ending inventory valued under Average cost method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.) 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55)
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I computed 72,540 but is checked wrong why?
Date Bought Date Sold 01 July 2021 45 at N$ 18.25 08 July 2021 28 07 July 2021 25 at N$ 18.55 12 July 2021 24 14 July 2021 16 at N$ 17.95 23 July 2021 22 18 July 2021 31 at N$ 14.85 29 july 2021 27 31 July 2021 14 at N$ 13.10 Selling price : N$ 29.50 Use the above information to calculate closing inventory that would be shown using below methods for 31 July 2021 financial year. Fifo AVCO Calculate purchasing using FIFO and AVCO Calculate cost sale using FIFO and AVCO Calculate sales using FIFO and AVCO Prepare trading statement as at 31 March 2020.
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