Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period. FIFO : In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items. LIFO : In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items. Average cost method : In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale. Formula for weighted average cost method: Weighted-average Cost = Total Cost of Goods Available For Sale Total Number of Units Available For Sale To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

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Answer 1

Question

Chapter 6, Problem 6.4E

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under FIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under LIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

To determine

To prove: The amount allocated to cost of goods sold under average-cost method.

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1.3 1.2.5 za When using a computerised accounting system, the paper work will be reduced in the organisation. Calculate the omitting figures: Enter only the answer next to the question number (1.3.1-1.3.5) in the NOTE. Round off to TWO decimals. VAT report of Comfy shoes as at 30 April 2021 OUTPUT TAX INPUT TAX NETT TAX Tax Gross Tax(15%) Gross (15%) Standard 75 614,04 1.3.1 Capital 1.3.2 9 893,36 94 924,94 Tax (15%) 1.3.3 Gross 484 782,70 75 849,08 -9 893,36 -75 849,08 Bad Debts TOTAL 1.3.4 4 400,00 1 922,27 14 737,42 -1 348,36 1.3.5 (5 x 2) (10

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Answer 2

Question

Chapter 6, Problem 6.4E

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under FIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under LIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

To determine

To prove: The amount allocated to cost of goods sold under average-cost method.

Expert Solution & Answer

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Answer 3

Question

Chapter 6, Problem 6.4E

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under FIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under LIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

To determine

To prove: The amount allocated to cost of goods sold under average-cost method.

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 6.4E

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under FIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under LIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

To determine

To prove: The amount allocated to cost of goods sold under average-cost method.

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 6.4E

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under FIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

To determine

To prove: The amount allocated to cost of goods sold under LIFO method.

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

To determine

To prove: The amount allocated to cost of goods sold under average-cost method.

Answer 6

Chapter 6, Problem 6.4E

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

Answer 7

Chapter 6, Problem 6.4E

To determine

Periodic Inventory System: It is a system in which the inventory is updated in the accounting records on a periodic basis such as at the end of each month, quarter or year. In other words, it is an accounting method which is used to determine the amount of inventory at the end of each accounting period.

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the ending inventory consists the recent cost for the remaining unsold items.

LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the ending inventory consists the initial cost for the remaining unsold items.

Average cost method: In Average Cost Method the cost of inventory is priced at the average rate of the goods available for sale.

Formula for weighted average cost method:

Weighted-average Cost=Total Cost of Goods Available For SaleTotal Number of Units Available For Sale

To compute: The ending inventory at September 30, and cost of goods sold using the FIFO methods.

Answer 8

To determine

To prove: The amount allocated to cost of goods sold under FIFO method.

Answer 9

To determine

To prove: The amount allocated to cost of goods sold under FIFO method.

Answer 10

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

Answer 11

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

Answer 12

To determine

To prove: The amount allocated to cost of goods sold under LIFO method.

Answer 13

To determine

To prove: The amount allocated to cost of goods sold under LIFO method.

Answer 14

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

Answer 15

To determine

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

Answer 16

To determine

To prove: The amount allocated to cost of goods sold under average-cost method.

Answer 17

To determine

To prove: The amount allocated to cost of goods sold under average-cost method.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 6 - The key to successful business operations is...Ch. 6 - Prob. 2Q Ch. 6 - What is just-in-time inventory management? What...Ch. 6 - Prob. 4Q Ch. 6 - Prob. 5Q Ch. 6 - Prob. 6Q Ch. 6 - Prob. 7Q Ch. 6 - Prob. 8Q Ch. 6 - What is the major advantage and major disadvantage...Ch. 6 - The selection of an inventory cost flow method is...

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To prove: The amount allocated to cost of goods sold under FIFO method.

To compute: The ending inventory at September 30, and cost of goods sold using the LIFO methods.

To prove: The amount allocated to cost of goods sold under LIFO method.

To compute: The ending inventory at September 30, and cost of goods sold using the average-cost methods.

To prove: The amount allocated to cost of goods sold under average-cost method.

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