only give answer question 2 Homework Question no. 1: -Ahmed Co incurred the following transactions during the month of December 2020.December 1: Beginning Inventory (100 units @ 5.00 per unit).December 6: Purchased 50 units @ 5.25 per unit.December 10: Purchased 30 units @ 5.50 per unit.December 13: Sold 140 units.December 15 Sold 25 units.December 19 Purchased 120 units @ 6.00 per unit.December 31: Sold 70 units.Required: You have to use "FIFO" and "Average Method" and calculate the following:i. Calculate cost of ending inventory on December 31, 2020ii. Calculate cost of goods sold for the period ending on December 31, 2020Homework Question no. 2: -Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January2021.Units Sold at RetailDateActivitiesJan. 1 Beginning inventoryJanSales10Jan20Jan25Jan30Purchase.Sales..PurchaseTotalsUnits Acquired at Cost140 units @ $6.00-$ 84060 units @ $5.00-300180 units @ $4.50- 810300 units$1.950100 units @ $1580 units @ $15180 unitsRequired: You have to use "FIFO" and "Average Method" and calculate the following:a) Calculate cost of ending inventory on Jan 31, 2021.b) Calculate cost of goods sold for the period ending on Jan 31", 2021,c) Calculate gross profit for the period ending on Jan 31, 2021.

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Description: only give answer question 2 Homework Question no. 1: -Ahmed Co incurred the following transactions during the month of December 2020.December 1: Beginning Inventory (100 units @ 5.00 per unit).December 6: Purchased 50 units @ 5.25 per unit.December 1

Cost of goods sold is the total cost of the inventories which are sold by an entity to its…

Business

Accounting

Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January 2021. Units Sold at Retail Date Jan 1 Beginning inventory. Sales Jan 10 Jan 20 Jan 25 Jan 30 Purchase Sales Purchase. Totals.. Activities Units Acquired at Cost 140 units @ $6.00-$340 60 units @ $5.00- 180 units @ $4.50- 300 810 $1.950 100 units @ $15 30 units @ $15 180 units Required: You have to use "FIFO" and "Average Method" and calculate the following: a) Calculate cost of ending inventory on Jan 31, 2021. b) Calculate cost of goods sold for the period ending on Jan 31, 2021, c) Calculate gross profit for the period ending on Jan 31", 2021.

Gulf Trading Company reported the following January purchases and sales data for its only product for the month of January 2021. Units Sold at Retail Date Jan 1 Beginning inventory. Sales Jan 10 Jan 20 Jan 25 Jan 30 Purchase Sales Purchase. Totals.. Activities Units Acquired at Cost 140 units @ $6.00-$340 60 units @ $5.00- 180 units @ $4.50- 300 810 $1.950 100 units @ $15 30 units @ $15 180 units Required: You have to use "FIFO" and "Average Method" and calculate the following: a) Calculate cost of ending inventory on Jan 31, 2021. b) Calculate cost of goods sold for the period ending on Jan 31, 2021, c) Calculate gross profit for the period ending on Jan 31", 2021.

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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