1. Using the following information Sales 10,000 Beginning inventory $200,000 30,000 Net purchases Ending inventory Operating...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6655ad8d14675_0216655ad8d07eb4.jpg)
Transcribed Image Text:
1. Using the following information Sales 10,000 Beginning inventory $200,000 30,000 Net purchases Ending inventory Operating expenses 5% of beginning inventory 10,000 Find Total cost of goods available for sale, Gross profit, and Net income. (9 marks) Marking Scheme: Correct computation & final answer = 3marks each 2. The Gucci trading company discloses the following information for the month of August 2021. Beginning Inventory: Purchases: Sales: Aug 1 20 units @ $2 $40 Aug 8 30 units @ $3 90 Aug 9 40 units @ $4 160 Aug 12 30 units Aug 25 40 units Instructions: Under a periodic inventory system, compute the cost of good sold & ending inventory cost at Aug 31 under FIFO & LIFO 1. Using the following information Sales 10,000 Beginning inventory $200,000 30,000 Net purchases Ending inventory Operating expenses 5% of beginning inventory 10,000 Find Total cost of goods available for sale, Gross profit, and Net income. (9 marks) Marking Scheme: Correct computation & final answer = 3marks each 2. The Gucci trading company discloses the following information for the month of August 2021. Beginning Inventory: Purchases: Sales: Aug 1 20 units @ $2 $40 Aug 8 30 units @ $3 90 Aug 9 40 units @ $4 160 Aug 12 30 units Aug 25 40 units Instructions: Under a periodic inventory system, compute the cost of good sold & ending inventory cost at Aug 31 under FIFO & LIFO
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
What is MAD, and why is it important in the selection and use of forecasting models?
-
Calculate \(\iint_{\mathcal{S}} f(x, y, z) d S\) for the given surface and function. \(y=4-z^{2}, \quad 0 \leq x \leq 2,0 \leq z \leq 2 ; \quad f(x, y, z)=3 z\)
-
Apply Its lemma to confirm this result.
-
On February 25, Madison County Rocks Inc., a marble contractor, issued for cash 120,000 shares of $36 par common stock at $40, and on June 3, it issued for cash 50,000 shares of preferred stock, $8...
-
10 I of 20 Marks You have recently started an internship in BankRec, Inc., a financial services company Your supervisor provided you with the following information and asked you to prepare a bank...
-
RHIM 4322 * Demo Exercise 5 * Characteristics and Valuation of Bonds Information Sheet Bond Valuation 1. Consider a bond issued by Wal-Mart with a maturity date of December 2022 and a stated annual...
-
As part of the study on ongoing fright symptoms due to exposure to horror movies at a young age, the following table was presented to describe the lasting impact these movies have had during bedtime...
-
Exercise 1.10: State space realization Define a state vector and realize the following models as state space models by hand. One should do a few by hand to understand what the Octave or MATLAB calls...
-
Solve: (5)*+1 = 25x
-
The ball bearing made of steel is to be heat treated. It is heated to a temperature of 620C and then quenched in water that is at a temperature of 50C. The ball bearing has a diameter of 5 cm and the...
-
1. Using the net present value? method, calculate the comparative cost of each of the three payment plans being considered by New Med 2. Which payment plan should New Med choose? Explain. 3. Discuss...
-
Which step in the integrated strategic change process requires leaders to communicate the vision and strategy, including the rationale for the change and how the leadership team arrived at major...
-
First, using the WVS dataset, run a regular regression model using ETHDIVORCE as the dependent variable and RELIGIONIMP as the independent variable. Then, imagine you didnt have the ETHDIVORCE...
-
First, using the WVS dataset, run a regular regression model using PCUSE as the dependent variable and SAVING as the independent variable. Then imagine you didnt have the PCUSE variable and instead...
-
Use the PewSocialMedia dataset to run a set of nested logistic regression models using as your dependent variable whether or not the respondent uses LinkedIn (XYuse5linkedin). In your first model,...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App