1 If the Identified Cost method is used, calculate the following Cost of Good Sold $ Gross Profit $ Value of stock at 31 May 2018 $ 2 If the FIFO method is used, calculate the following Cost of Good Sold $ Gross Profit $ Value of stock at 31 May 2018 $ 3 (a) Th I method gives a better matching of Revenue and Expense 4 The N f Video Special's inventory (stock) at 31 May 2018 was estimated at $10 000 If the FIFO method were used, the Inventory value in the Balance Sheet at 31 May would be $ If the Identified cost method were used, the Inventory value in the Balance Sheet at 31 May would be $ 1 If the Identified Cost method is used, calculate the following Cost of Good Sold $ Gross Profit $ Value of stock at 31 May 2018 $ 2 If the FIFO method is used, calculate the following Cost of Good Sold $ Gross Profit $ Value of stock at 31 May 2018 $ 3 (a) The method gives a better matching of Revenue and Expense 4 The Net Realizable value of Video Special's inventory (stock) at 31 May 2018 was estimated at $10000 If the FIFO method were used, the Inventory value in the Balance Sheet at 31 May would be $ If the Identified cost method were used, the Inventory value in the Balance Sheet at 31 May would be $ Video Specials commenced business on 1 May 2018, selling only one model of big screen television During the first month of trading it made the following purchases and sales The units were sold for $1500 each The business uses the perpetual continuous method of recording inventory Use this information to complete the stock cards below Video Specials commenced business on 1 May 2018, selling only one model of big screen television During the first month of trading it made the following purchases and sales The units were sold for $1500 each The business uses the perpetual continuous method of recording inventory Use this information to complete the stock cards below

Question

1  If the Identified Cost method is used, calculate the following  Cost of Good Sold    $ Gross Profit  $ Value of stock at 31 May 2018 $ 2  If the FIFO method is used, calculate the following  Cost of Good Sold    $ Gross Profit $ Value of stock at 31 May 2018 $ 3 (a)  Th I method gives a better matching of Revenue and Expense  4  The N f Video Special's inventory (stock) at 31 May 2018 was estimated at $10 000  If the FIFO method were used, the Inventory value in the Balance Sheet at 31 May would be $ If the Identified cost method were used, the Inventory value in the Balance Sheet at 31 May would be  $ 1  If the Identified Cost method is used, calculate the following  Cost of Good Sold  $ Gross Profit  $ Value of stock at 31 May 2018 $ 2  If the FIFO method is used, calculate the following  Cost of Good Sold  $ Gross Profit $ Value of stock at 31 May 2018 $ 3 (a)  The method gives a better matching of Revenue and Expense  4  The Net Realizable value of Video Special's inventory (stock) at 31 May 2018 was estimated at $10000  If the FIFO method were used, the Inventory value in the Balance Sheet at 31 May would be $ If the Identified cost method were used, the Inventory value in the Balance Sheet at 31 May would be $ Video Specials commenced business on 1 May 2018, selling only one model of big screen television  During the first month of trading it made the following purchases and sales  The units were sold for $1500 each  The business uses the perpetual  continuous method of recording inventory  Use this information to complete the stock cards below  Video Specials commenced business on 1 May 2018, selling only one model of big screen television  During the first month of trading it made the following purchases and sales  The units were sold for $1500 each  The business uses the perpetual  continuous method of recording inventory  Use this information to complete the stock cards below

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1. If the Identified Cost method is used, calculate the following: Cost of Good Sold = $ Gross Profit =$ Value of stock at 31

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