Economics (Book Only)
12th Edition
ISBN: 9781285738321
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 35, Problem 2QP
To determine
Relation between the dollar
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POAI Assignment-3_Questions_ispac
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(ii) If a company uses perpetual inventory system, is it necessary to report an inventory count at the end
of the period? Why or why not?
(2 marks)
ACCT2043 Assignment 3
Question 2 (Total 20 marks)
Part A (16 marks)
Semester one, 2024-25
Cayman Company entered into the following purchases and sales transactions in June:
Units Acquired at Cost
Units Sold at Retail
Date
Activities
Units
Unit Cost
Units
Unit Price
Jun-1
Beginning Inventory
160 @
$10.00
Jun-4
Purchase
230 @
$12.00
Jun-8
Purchase
90 @
$16.00
Jun-12
Sales
240 @
$20.00
Jun-20
Purchase
100 @ $19.00
Jun-25
Sales
220 @
$25.00
2
The company uses a perpetual inventory system and all purchases and sales in June were made on credit.
Required:
1) Set up a table with column headings as shown below and determine the cost assigned to each ending
inventory and each cost of goods sold using:
i.
Frist in first out (FIFO)
(8 marks)
ii. Weight Average (Round per unit costs to three decimals,…
Please correct answer and don't used hand raiting
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1
ACCT2043 Assignment 3
Question 1 (Total 20 marks)
Part A (16 marks)
Semester one, 2024-25
Fantastic Company is a distributor of consumer products and perpetual system is used for inventory. The
following are the transactions completed in September.
Date
Transactions
1
Purchased merchandise for $25,000 from Best Company. on account,
terms 1/10, n/45, FOB shipping point.
3
6
Paid cash $150 freight charge for the goods purchased on September 1.
Sold merchandise to A&B company on account for $15,000, terms
2/15, n/30, FOB shipping destination. The merchandise cost was
$8,000.
9
A&B returned merchandise of $3,000 that sold on 6 September with
cost of $1,600.
13
Purchased merchandise from Medium Company on account for
$18,000, terms 1/10, n/30, FOB destination.
19
21
23
After negotiation, Fantastic received a price reduction of $500 from
Medium Company for the defective goods purchased on September 13.
Received payment from A&B for the…
Chapter 35 Solutions
Economics (Book Only)
Ch. 35.2 - Prob. 1STCh. 35.2 - Prob. 2STCh. 35.2 - Prob. 3STCh. 35.2 - Prob. 4STCh. 35.3 - Prob. 1STCh. 35.3 - Prob. 2STCh. 35.3 - Prob. 3STCh. 35.3 - Prob. 4STCh. 35 - Prob. 1VQPCh. 35 - Prob. 2VQP
Ch. 35 - Prob. 3VQPCh. 35 - Prob. 4VQPCh. 35 - Prob. 5VQPCh. 35 - Prob. 1QPCh. 35 - Prob. 2QPCh. 35 - Prob. 3QPCh. 35 - Prob. 4QPCh. 35 - Prob. 5QPCh. 35 - Prob. 6QPCh. 35 - Prob. 7QPCh. 35 - Prob. 8QPCh. 35 - Prob. 9QPCh. 35 - Prob. 10QPCh. 35 - Prob. 11QPCh. 35 - Prob. 12QPCh. 35 - Prob. 13QPCh. 35 - Prob. 14QPCh. 35 - Prob. 15QPCh. 35 - Prob. 16QPCh. 35 - Prob. 1WNGCh. 35 - Prob. 2WNGCh. 35 - Prob. 3WNGCh. 35 - Prob. 4WNGCh. 35 - Prob. 5WNG
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