1.ABC PJSC follows FIFO for valuation of its finished goodsinventory. During the Jan 2020 the company made the following transactions:

Jan 1Balance1000 units @ $ 10

Jan 2Purchases 10000 units @ $11 , Jan 3- 15Sold : 8500 units

Jan 16 Purchases 12000 units @ $12, Jan 17- 29 Sold : 11200 units

Jan 30 Purchases10000 units @ $11

Find out value of closing inventory as on 31 Jan 2020 .

$ 149600

$148900

$ 150000

$148700

2. ABC PJSC has provided the following information for the Quarter 2 of 2020 :

Sales$ 600,000, Opening stock $ 10,000, Closing stock $ 12000, Purchases of stock $ 320,000, Office expenses $ 50,000, Salaries $ 80,000, Interest on Bank Loan $ 8000 , Income from investments $ 2000, Depreciation on assets $ 20000, Loss on sale of assets $ 1000.Profit Before Taxof the company for Quarter 2 of 2020 is -

$132000

$130000

$124000

$125000

3. ABC PJSC purchased an equipment as on 1 Jan 2016 for $ 600,000. The useful life of the asset is estimated to be 10 years and expected scrap value at the end is estimated at $ 2000. The company follows calendar year as its accounting period. What should annual depreciation charge for the equipment under straight line method?

$59800

$60000

$62000

$57000

4. ABC PJSC follows FIFO for valuation of its finished goodsinventory. During the Jan 2020 the company made the following transactions:

Jan 1Balance1000 units @ $ 10

Jan 2Purchases 10000 units @ $11 , Jan 3- 15Sold : 8500 units

Jan 16 Purchases 12000 units @ $12, Jan 17- 29 Sold : 11200 units

Jan 30 Purchases10000 units @ $11

Find out cost of goods soldfor Jan 2020 .

$224400

$223500

$225200

$224000

5. BC PJSC follows FIFO for valuation of its finished goodsinventory. During the Jan 2020 the company made the following transactions:

Jan 1Balance1000 units @ $ 10

Jan 2Purchases 10000 units @ $11 , Jan 3- 15Sold : 8500 units @ 16

Jan 16 Purchases 12000 units @ $12, Jan 17- 29 Sold : 11200 units @ 17

Jan 30 Purchases10000 units @ $11

Find out Gross profit for the month of Jan 2020

$103500

$102000

$104000

$100000