Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below.       Units  Unit price $ June 1 Inventory 6,100  2.20   4 Purchases 4,600 2.25   9 Sales 4100     12 Purchases 4100 2.40   21 Sales 6000     26 Purchases 3100 2.50 Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST. Required: a) Using the FIFO method, prepare an appropriate inventory record for Product EF5089 for June.  b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June

Salmone Company reported the following purchases and sales of its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using FIFO. Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning inventory 162 units @ $10 = $1,620 May 5 Purchase 232 units @ $12 = $2,784 May 10 Sales 152 units @ $20 May 15 Purchase 112 units @ $13 = $1,456 May 24 Sales 102 units @ $21 Multiple Choice

Joy Elle's Vegatable Market had to following transactions during 2017: (1) Issued $100,000 of par value ordinary shares for cash. (2) Repaid a 6-year bank loan in the amount of $44,000. (3) Acquired land by issuing ordinary shares of per value $200,000. (4) Declared and paid a cash dividend of $4,000. (5) Sold a non-current investment (cost $84,000) for cash of $12,000. (6) Acquired an investment in IBM shares for casah of $24,000. What is the net cash provided by financing activities? a) $52,000 b) $100,000 c) $36,000 d) $56,000

Deala Ltd. (DL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory with a total cost of $41,800. During the month of October, DL had the following inventory-related transactions: Date Oct. 9 12 17 25 Oct. 31 28 Explanation Purchase Purchases Sale Purchase: Cost of ending inventory Cost of goods sold Inventory Sale Purchases Cost of Goods Sold Units 5,100 $ Inventory 4.400 Date Account Titles and Explanation (5,100) 4,100 (6.300 Y Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) average cost. (Round average cost per unit to 2 decimal places, e.g. 50.25 and all other answers to the nearest whole dollar, e.g. 5,275.) FIFO Unit Cost/Price $23.00 93480 22.50 258100 38.00 22.80 38.00 Total Cost $117,300 99,000 Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the Inventory and Cost of Goods Sold…