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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You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory 55 Purchase Sale Purchase Sale Purchase Sale Ending inventory Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 $ tA 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO tA $ 28 LA 45 29 50 31 50 FIFO tA tA tA AVERAGE-COST
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
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Date Line Item Description Value Oct. 1 Inventory 39 units @ $15 Oct. 7 Sale 31 units Oct. 15 Purchase 39 units @ $17 Oct. 24 Sale 13 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31.a. Cost of goods sold on October 24 fill in the blank 1 of 2b. Inventory on October 31 fill in the blank 2 of 2
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Perpetual Inventory Using FIFO Beginning Inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 47 units @ $20 7 Sale 31 units 15 Purchase 35 units @ $23 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine, (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 - $412 b. Inventory on October 31 - $ ??????
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)
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.
You have the following information for Ivanhoe Inc. for the month ended October 31, 2025. Ivanhoe uses a periodic system for inventory. Date Oct. 1 Oct. 9 Oct. 11 Oct. 17 Oct. 22 Oct. 25 Oct. 29 (a1) (a2) Description Beginning inventory Purchase Sale Purchase Sale Purchase Sale Ending inventory $ Cost of goods sold Gross profit Units Unit Cost or Selling Price $26 +A 55 - Your answer is partially correct. $ 140 tA 100 1.LIFO. 2. FIFO. 3. Average-cost. (Round answers to O decimal places, e.g. 125.) 100 55 65 110 Calculate ending inventory, cost of goods sold, and gross profit under each of the following methods. LIFO 2424 7841 4034 $ $ 28 $ 45 29 50 31 50 FIFO 2885 7380 5370 i +A tA $ LA AVERAGE-COST 2580 7685 4190
Date August 1 August 4 August 11 August 13 August 20 August 26 August 29 Transactions Beginning inventory Sale ($140 each) Purchase Sale ($155 each) Purchase Sale ($165 each) Purchase ∞++ Units 8 Required 1 Required 2 5 10 8 10 11 10 Unit Cost $143 133 123 Required 3 113 For the specific identification method, the August 4 sale consists of rackets from beginning inventory, the August 13 sale consists of rackets from the August 11 purchase, and the August 26 sale consists of one racket from beginning inventory and 10 rackets from the August 20 purchase. Required: 1. Calculate ending inventory and cost of goods sold at August 31, using the specific identification method. 2. Using FIFO, calculate ending inventory and cost of goods sold at August 31. 3. Using LIFO, calculate ending inventory and cost of goods sold at August 31. 4. Using weighted-average cost, calculate ending inventory and cost of goods sold at August 31. 5. Calculate sales revenue and gross profit under each of the four…
Required information [The following information applies to the questions displayed below.] Total Date March 1 March 5 March 9 March 18 March 25 March 29 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Saved Required: 1. Compute cost of goods available for sale and the number of units available for sale. # of units Cost per Unit Units Acquired at Cost 100 units @ $51.00 per unit 225 units @ $56.00 per unit 130 units @ $96.00 per unit 390 units Subn