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Julia has recently opened a dry fruits THE NUTHOUSE Since 2020 wholesale company dedicated to the sale of peanuts, almonds and pistachios. The company's name
Julia has recently opened a dry fruits
THE NUTHOUSE
Since 2020
wholesale company dedicated to the
sale of peanuts, almonds and pistachios. The
company's name is "The Nuthouse" The Nuthouse
was founded during 2020. Julia's passion, longevity
and wealth of knowledge in the industry led to The
Nuthouse expanding rapidly, creating a network of
partners that spans farming operations in the key
growing territories of South Africa, Australia, Kenya,
Malawi, Zimbabwe, Mozambique and Brazil.
During February, its first month of activity, The
Nuthouse made the following transactions:
QUESTION 2
Prepare an Income statement of the company at the end of February for each one of the products sold by Julia using the following methods of valuation of theinventory: You can ignore all tax consequences.
a. The average cost method
b. FIFO method and
Calculate the balances of the inventory at the end of the month for each valuation method and provide explanations of the calculations.
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