Fountain Ltd started a business on 1 December 2020 trading in office water coolers e month to 31 December 2020 the following transactions occurred: Tonnes Unit cost Purchases Qty £ 01-Dec 18 22 09-Dec 24 20-Dec 10 27 Sales Tonnes Sell price 11-Dec 20 30 22-Dec 11 32
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- Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500Beginning inventory, purchases, and sales for Item Zebra 9x are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30.
- The following information was obtained from the accor February 2020, the end of the financial year: Opening inventory Closing inventory Purchases Import duties Carriage on sales The cost of sales for the year ended 29 February 2020 amounted to Select one: a. R1 030 000 b. R1 080 000 c. R1 115 000 d. R1 065 000A. At the end of December 2020, the accounting records of XYZ firm present the following transactions for a particular merchandise that sold at €20 per unit: Transaction Units Amount Inventory, 1/12/2020 200 2,000 € Purchase, 10/12/2020 150 1,800 € Purchase, 15/12/2020 120 1,800 €Purchase, 23/12/2020 170 2,720 € Sale 180 Sale 120 In addition, the level of operating expenses in December is €1,500 and the tax rate is 20%. The firm has decided to distribute the after-tax profits to shareholders. 1. If XYZ firm uses a periodic inventory system, prepare a summarized income statement for December 2020 under each inventory cost flow assumption: (a) weighted average, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was out of the beginning inventory and the second sale was out of the December 23 purchase. Exhibit inventory calculations in detail. 2. Which…K Baldwin Company had the following balances and transactions during 2019: Beginning Merchandise Inventory as of January 1, 2019 175 units at $82 March 10 Sold 50 units June 10 October 30 Purchased 225 units at $84 Sold 225 units What would be reported as Cost of Goods Sold on the income statement for the year ending December 31, 2019 if the perpetual inventory system and the first - in, first-out inventory costing method are used? OA. $14,350 OB. $22,750 OC. $18,650 OD. $33,250
- presented below is information related to Ayayai industries for the month of january 2020. Ending Inventory per ; 1. perpetual records €24.710 Ending inventory actually; 1. on hand 23.910 2. cost of goods sold 213.050 3. freight out 7.270 4. insurance expenses €11.820 5. rent expenses 22.450 6. salaries and wages expense 55.490 7. sales discounts 13.080 8. sales returns and allowances 15.060 9. sales revenue 401.870 prepare the necessary adjusting entry for inventory.7. Cost Flow (Single Transaction). VRL Enterprises uses the moving average method to determine the cost of its inventory. During August 2020, VRL recorded the following information pertaining to its inventory: Units Unit cost Total cost Balance, August 1 20,000 P10 P200,000 Sale, August 15 17,500 Purchase, August 22 10,000 P16 P160,000 What amount of inventory should VRL report in its August 31, 2020 statement of financial position?The information which followS, was obtained from the accounting records of Vista Traders on 29 February 2020, the end of the accounting period. Inventory on 28 February 2019 250 000 Inventory on 29 February 2020 200 000 Purchases 900 000 Carriage on purchases 50 000 Carnage on sales 10 000 Sales 1900 000 Which of the following represents the cost of sales for the vear ended 29 February 2020? A. R990 000 B. R1 000 000 C. R1 400 000 D. R900 000
- A perpetual inventory system is used by EhsaanTraders and an inventory record card is maintained for each type of product in stock. The following transaction show beginning inventory, purchases, and sales of product JC209 for the month of May 2020 : May 01 : Balance on hand, 20 units, cost Rs. 40 each. May 05 : Sales, 8 units, sales price Rs. 60 each. May 06 : Purchases, 20 units, cost Rs. 45 each. May 11 : Purchases, 15 units, cost Rs. 50 each. May 21 : Sales, 10 units, sales price Rs. 60 each. May 31 : Sales, 15 units, sales price Rs. 65 each. May 31 : Purchases, 10 units, cost Rs. 55 each. Required : Calculate the cost of ending inventory under FIFO and Weighted Average Cost Method. Calculate the amount of cost of goods sold under FIFO and total sales during the month. Instead of perpetual, if Ehsaan Traders follows periodic inventory system, do you think if it will be beneficial in all business…1-8. The following data were taken from the inventory records of Landmark Enterprises for January 2024: Balance at January 1 Purchases: January 5 24 Sales: January 8 30 Balance at January 31 (b) Units 2,400 1,900 3,800 2,200 3,600 2,300 (c) Unit cost P10.75 11.35 11.80 REQUIRED: Determine the inventory value at January 31 assuming that - (Round off the unit cost to the nearest centavo and total cost to the nearest peso.) (a) Total cost P25,800 21,565 44,840 Landmark Enterprises maintains perpetual inventory records and uses the average costing method. Landmark Enterprises does not maintain perpetual inventory records and uses the average costing method. Landmark's goods are specifically identifiable and the 2,300 unsold goods on January 31 consist of 1,500 units from the January 5 purchases and the remainder from the January 24 purchases.The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost