Minerals Limited has just begun buying and selling sulfur powder as an additional product to its main business of selling mineral products. The powder is purchased in bulk and resold in smaller quantities to customers. Laura, the manager, provides the following sulfur powder inventory information that relates to the month of June :

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The company operates on an accruals basis assume that all sales are on credit and ignore GST For this question, show all you calculations and answers to decimal places where applicable. Qa: Using FIFO assuming a periodic inventory system calculate the value of the sulfur powder ending inventory as at the end of th June Show your workings Qb: Using FIFO assuming a periodic inventory system calculate the total cost of sales from the sale of sulfur powder for the month ended th June Show your workings Qc: Using FIFO assuming a periodic inventory system calculate the total gross profit from the sale of sulfur powder for the month ended th June Show your workings Qd: Using WAC assuming a perpetual inventory system calculate the value of the sulfur powder ending inventory as at the end of the day on th June Show your workings Qe: Using WAC assuming a perpetual inventory system calculate the total cost of sales from the sale of sulfur powder from the beginning of the day on st June through to the end of the day on th June Show your workings Question ACCTG S Midsemester Test Question

Required:

Qa: Using FIFO assuming a periodic inventory system calculate the value of the sulfur powder ending inventory as at the end of th June Show your workings

Qb: Using FIFO assuming a periodic inventory system calculate the total cost of sales from the sale of sulfur powder for the month ended th June Show your workings

Qc: Using FIFO assuming a periodic inventory system calculate the total gross profit from the sale of sulfur powder for the month ended th June Show your workings

Qd: Using WAC assuming a perpetual inventory system calculate the value of the sulfur powder ending inventory as at the end of the day on th June Show your workings

Qe: Using WAC assuming a perpetual inventory system calculate the total cost of sales from the sale of sulfur powder from the beginning of the day on st June through to the end of the day on th June Show your workings

Qf: Using WAC assuming a perpetual inventory system calculate the total gross profit from the sale of sulfur powder from the beginning of the day on st June through to the end of the day on th June Show your workings