You have the following information about the Jordanian Commercial Company for the year 2022 Total cost price quantity date 1/1 20 4000 Goods 1/4 22 7000 Purchases 1/7 18 10,000 purchases 1/11 21 3000 purchases The total quantity sold was 20,000 units at a price of 30, and the total expenses were 150,000 dinars. Required Calculating the value of the goods at the end of the period using the first-in, first-out method 1 2 Calculate the value of the goods at the end of the period using the weighted average method 3. Determining the cost of goods sold is based on the end-of-period merchandise count Using the weighted mean method. 4. Prepare the income statement on the basis that the end-of-period goods were inventoried using the weighted mean method.
You have the following information about the Jordanian Commercial Company for the year 2022 Total cost price quantity date 1/1 20 4000 Goods 1/4 22 7000 Purchases 1/7 18 10,000 purchases 1/11 21 3000 purchases The total quantity sold was 20,000 units at a price of 30, and the total expenses were 150,000 dinars. Required Calculating the value of the goods at the end of the period using the first-in, first-out method 1 2 Calculate the value of the goods at the end of the period using the weighted average method 3. Determining the cost of goods sold is based on the end-of-period merchandise count Using the weighted mean method. 4. Prepare the income statement on the basis that the end-of-period goods were inventoried using the weighted mean method.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:You have the following information about the Jordanian Commercial Company for the year 2022
Total cost price quantity date
1/1 20 4000 Goods
1/4 22 7000 Purchases
1/7 18 10,000 purchases
1/11 21 3000 purchases
The total quantity sold was 20,000 units at a price of 30, and the total
expenses were 150,000 dinars.
Required
Calculating the value of the goods at the end of the period using the first-in, first-out method 1
2 Calculate the value of the goods at the end of the period using the weighted average method
3. Determining the cost of goods sold is based on the end-of-period merchandise count
Using the weighted mean method.
4. Prepare the income statement on the basis that the end-of-period goods were inventoried
using the weighted mean method.
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