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Transactions for the month of June were:
Purchases Sales
June 1 (balance) 1,200 ₱3.20 June 2 900 @ ₱5.50
3 3,300 @ 3.10 6 2,400 @ 5.50
7 1,800 @ 3.30 9 1,500 @ 5.50
15 2,700 @ 3.40 10 600 @ 6.00
22 750 @ 3.50 18 2,100 @ 6.00
25 300 @ 6.00
1. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is?
2. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is?
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- question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.arrow_forward▶Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69,750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69,750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…arrow_forwardWhat is the balance of accounts payable at May 31st?arrow_forward
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