P3-4 Alex Company runs a computer supplies company. Durlng the first few months of the year, the accounting records shows the following transactions: January Opening stock of 400 units at a cost of P30.00 each February Bought 200 units at a cost of P35.00 each March Sold 350 units for P50.00 each Bought 120 units at a cost of P38.00 each Аpril May Sold 280 units for P50.00 each Total operating expenses during the period amounted to P5,000. Required: a, Calculate the ending inventory using FIFO, LIFO and average method b. Determine the net income under each method

1- CPI sells computer peripherals. At December 31, year 1, CPI's inventory amounted to $680,000. During the first week in January, year 2, the company made only one purchase and one sale. These transactions were as follows. Jan. 2 Purchased 20 modems and 80 printers from Sharp. The total cost of these machines was $43,000, terms 3/10, n/60. Jan. 6 Sold 30 different types of products on account to Pace Corporation. The total sales price was $28,000, terms 5/10, n/90. The total cost of these 30 units to CPI was $14,280 (net of the purchase discount). CPI has a full-time accountant and a computer-based accounting system. It records sales at the gross sales price and purchases at net cost and maintains subsidiary ledgers for accounts receivable, inventory, and accounts payable. Required: b. Prepare journal entries to record these transactions, assuming that CPI uses a perpetual inventory system. c. Compute the balance in the Inventory account at the close of business on January 6. d.…

2. A gift store reported the following records for its operation during the month of February. @Cost $280,000 @Retail Inventory on Feb. 1 $435,000 $440,000 $88,000 $20,000 Net sales Markdowns Returns to vendors $15,000 $15,000 $498,000 Employee discounts Purchases $320,000 What was the book value of the closing inventory at retail in February? a. b. What was the cumulative markup% of total merchandise handled in February? (Hint: Cumulative MU% is the MU% for Total Merchandise Handled (TMH), and TMH = Opening inventory + Purchases – RTV) Cost Retail c. What was the book inventory at cost on February 28 when the store closed?

Yui Sum Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £60 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £116,000. How much was the cost of each briefcase? O A. £17.85 OB. £40.00 O C. £35.69 O D. £20.00

Yui Sum Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £60 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £116,000. How much was the cost of each briefcase? O A. £17.85 OB. £40.00 O C. £35.69 O D. £20.00

Subject: accounting

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