2)

A company that commenced operations on July 1, 2021, uses a perpetual inventory system and made the following cash purchases and sales: July 1 - purchased 25 units at $15.00/unit July 10 - purchased 50 units @ $12.00/unit July 12 - Sold 60 units at $32.00/unit a) Present general journal entries to record the sale assuming the First-in First-out (FIFO) inventory valuation method is used: (Show Calculations) Date Account Debit Credit TE b) What would be the cost of inventory sold on March 1 if the Weighted Average Method were used to value the inventory? (Show Calculations) The equity section of XYZ Limited balance sheet for 2020 and 2021 showed the following information: 2021 2020 $268,920 $240,000 Contributed Capital: Common Shares issues and outstanding 18,900 and 8,500 respectively Retained Earnings Total Equity 480,000 $748,920 162,000 $402,000 The following occurred during 2021: Feb. 15 A $0.48 per share cash dividend was declared. The cash dividend was paid to the shareholders of record on March 1st. The cash dividends were paid out five days later. Mar. 2 500 common shares were issued at $27.60 per share May 15 A $0.48 per share cash dividend was declared. The cash dividend was paid to the shareholders of record on June 1st The cash dividends were paid out five days later. Aug. 15 A 2:1 share split was declared and was distributed to shareholders of record five days later Oct. 4 A 5% share dividend was declared when the market value was $16.80 per share. The dividend shares were issued on October 20th Nov. 15 A $0.48 per share cash dividend was declared and the cash dividend was paid to the shareholders of record on November 20th. The cash dividends were paid out five days later. Required: 1) Determine the number of shares outstanding on each of the cash dividend dates. 2) How much profit did XYZ Limited earn in 2021