B unt Summative met M2000 - Word Insert View Q Tel me what you want to Design Ariel I Layout V X References Maling XnA A. . A Revies . a Holy 91 . Baca AaBbc Aab Ab Said Aastalica Ace Normal Spec. Heading Title Site em. Emphas Song . . Thending KKI PART APPLICATION 31 MARKS 1 On August ARC Salon Funghada opening wory wed 000. During August the following bansactions and events occurred Aug 2 Purchased the barcha tom ACME Custom Furniture 56000 Terme 30 RB shipping point Freight charges are 1200 dpa din cash 11 Soldwechas and we lobby's Barber Shop 600 Merchandihada cost of $4600 Term 30 FOB shipping point Freight charge .200 and paid 15 Red a barber har to ACME Custom Future, 2.000 . 1000 worth 26 Gra d e Com 's Custom Cuts for them merchandise Merchandise had a cost of $650 Prepare the maries to record the action the company Home Insert Mailings Review View Help Tell me what you want to do Cut Design Layout References Arial V12 VXA A B IU al X, X A E 21 Copy AaBbCel AaBbcd 1 Heading 5 T Normal . A. 15. - Format Painter Clipboard Paragraph 2. ACME Supplies uses the periodic Inventory system to account for Inventories. Information related to ACME Supplies inventory at April 30 is given below. April 1 Beginning inventory 700 units @ $19.00 APPLICATION 8 Purchase 900 units $15.00 16 Purchase 450 units $13.50 24 Purchase 250 units $12.50 A physical count of inventory on April 30 revealed that there were 300 units on hand. Instructions Answer the following independent questions and show calculations supporting your answers. a) Calculate the cost of Goods Available for Sale the end of April (2 marks) b). Assume that the company uses the FIFO method. Calculate - Show calculations Ending Inventory = $ 2 Marks) Cost of Goods Sold = $ (1 Mark). c). Assume that the company uses the Weighted Average Cost method Calculate - Show calculations Ending Inventory = $ 2 Marks) Cost of Goods Sold = 5 11 Mark) d) Assume that the company uses the LIFO method Calculate - Show calculations Ending Inventory = _ 12 Marks) Cost of Goods Sold 5 1 Mark) e) Determine the difference in the amount of net income that the company would have reported if it had used the FIFO method instead of the LIFO method. Which method results in the higher net income? Why? (3 Marks) age 5 of 1 1513 word English Canada Type here to search