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help me with this task please. This is Accounting reporting No3 ABC Ltd is a start-up, wholesaler with a mark-up of 50%. ABC Ltd had
help me with this task please. This is Accounting reporting No3 ABC Ltd is a start-up, wholesaler with a mark-up of 50%. ABC Ltd had the following transactions for the year 2021: January 21 purchased 2000 units of inventory at $100 each February 20 purchased 1500 units of inventory at $120 each March 10 purchased 1700 units of inventory at $115 each April 23 purchased 1900 units of inventory at $119 each May 15 purchased 1900 units of inventory at $128 each June 29 purchased 2300 units of inventory at $114 each At the end of each month physical count of inventories showed constant level of inventories of 100 units for the 1st quarter and " 150 units for the 2nd quarter. There were no inventories at January 1 2021. ABC Ltd applied WACO for 2021 and decided to change it for FIFO in 2022. ABC Ltd had the following transactions for the year 2022: March 31 purchased 5000 units of inventory at $130 each June 30 purchased 7500 units of inventory at $135 each September 1 purchased 2000 units of inventory at $130 each ABC Ltd sold 1000 units each month (inventory system was unchanged). Required: Show relevant extracts from financial statements for 2021 and 2022
help me with this task please. This is Accounting reporting
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