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Help me this 2 problems.. Thanks Part III - Multiple-Step Income Statement (15 points) Below is a partial listing of the adjusted account balances of
Help me this 2 problems.. Thanks Part III - Multiple-Step Income Statement (15 points) Below is a partial listing of the adjusted account balances of Chelsea Department Store at year- end on December 31, 2018. Accounts Receivable $ 34,000 Sales Discounts 46,000 Cost of Goods Sold 508,000 Merchandise Inventory 90,000 Selling Expenses 74,000 Administrative Expenses 30,000 (includes depreciation) (includes depreciation) Interest Expense 4,000 Sales 700,000 Accumulated Depreciation 20,000 Accounts Payable 28,000 - Building Interest Revenue 1,600 Instructions: Using whatever data you believe appropriate, prepare a multiple-step income statement for Chelsea Department Store for the year ended December 31, 2018. Part IV - Periodic Inventories (15 points) South Company uses the periodic inventory method and had the following inventory information available for the month of November. Date Transaction Units Unit Cost 11/1 Beginning inventory 1,000 $8 11/5 Purchase No. 1 1,200 $12 11/12 Sale No. 1 (600) 11/18 Purchase No. 2 1,000 $16 11/25 Sale No. 2 (1,200) Answer the following independent questions and show your computations 1. Assume that the company uses the average cost method. What is the dollar value of the ending inventory on November 30? What is the dollar value of the cost of goods sold during November? 2. Assume that the company uses the LIFO inventory method. What is the dollar value of the ending inventory on November 30? What is the dollar value of the cost of goods sold during November? 3. Assume that the company uses the FIFO inventory method. What is the dollar value of the ending inventory on November 30? What is the dollar value of the cost of goods sold during November
Help me this 2 problems.. Thanks
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