Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were:

	Date	Units	Unit cost $
Beginning Inventory	1-Aug	2900	2.226
Purchase	10-Aug	6800	3.0982
Purchase	21-Aug	2500	4.4319
Purchase	29-Aug	8200	5.0572

Sales during the year were 12300 units. Peter Co uses the FIFO assumption with the periodic inventory method. The value of the closing inventory at the end of the period is:

(In your answer you should include at least 2 decimal places)

Answer:Question 12Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 1 - 6

Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were:

	Date	Units	Unit cost $
Beginning Inventory	1-Aug	2900	2.226
Purchase	10-Aug	6800	3.0982
Purchase	21-Aug	2500	4.4319
Purchase	29-Aug	8200	5.0572

Sales during the year were 12300 units. Peter Co uses the LIFO assumption with the periodic inventory method. The value of the closing inventory at the end of the period is:

(In your answer you should include at least 2 decimal places)

Answer:Question 13Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 1 - 6

Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were:

	Date	Units	Unit cost $
Beginning Inventory	1-Aug	2900	2.226
Purchase	10-Aug	6800	3.0982
Purchase	21-Aug	2500	4.4319
Purchase	29-Aug	8200	5.0572

Sales during the year were 12300 units. Peter Co uses the Weighted Average cost assumption with the periodic inventory method. The value of the closing inventory at the end of the period is:

(In your answer you should include at least 2 decimal places)

Answer:Question 14Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 1 - 6

Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were:

	Date	Units	Unit cost $
Beginning Inventory	1-Aug	2900	2.226
Purchase	10-Aug	6800	3.0982
Purchase	21-Aug	2500	4.4319
Purchase	29-Aug	8200	5.0572

Sales during the year were 12300 units. Peter Co uses the FIFO assumption with the periodic inventory method. The value of the cost of sales is:

(In your answer you should include at least 2 decimal places)

Answer:Question 15Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 1 - 6

Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were:

	Date	Units	Unit cost $
Beginning Inventory	1-Aug	2900	2.226
Purchase	10-Aug	6800	3.0982
Purchase	21-Aug	2500	4.4319
Purchase	29-Aug	8200	5.0572

Sales during the year were 12300 units. Peter Co uses the LIFO assumption with the periodic inventory method. The value of the cost of sales is:

(In your answer you should include at least 2 decimal places)

Answer:Question 16Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 1 - 6

Peter Co uses a periodic inventory system and purchases (use 4 decimal points for unit cost) for the month of August were:

	Date	Units	Unit cost $
Beginning Inventory	1-Aug	2900	2.226
Purchase	10-Aug	6800	3.0982
Purchase	21-Aug	2500	4.4319
Purchase	29-Aug	8200	5.0572

Sales during the year were 12300 units. Peter Co uses the Weighted Average cost assumption with the periodic inventory method. The value of the cost of sales is:

(In your answer you should include at least 2 decimal places)

Answer:Question 17Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 7 - 10, the answers from question 7 and 8 are required.

What will be the closing balance of Allowance for doubtful debt shown on the balance sheet after write of bad debts as at 31 July 2022? (Hint : use the information in the previous 2 questions )

Answer:Question 18Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 7 - 10, the answers from question 7, 8 and 9 are required.

What will be the Net Realisable Value of Accounts receivable shown on the balance sheet as at 31 July 2022?

Answer:Question 19Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 7 - 10

At 30 June 2022, the trial balance of XERO PTY Ltd contained the following amounts before adjustment:

	Debit	Credit
Accounts receivable	379000
Allowance for Doubtful Debts		37900
Sales revenue		758000

Prepare the adjusting entry at 30 June 2022 for bad debts expense assuming that the ageing schedule indicates that $22300 of accounts receivable will be uncollectable. Ignore GST.

Bad debt expense Dr $22300 Allowance for Doubtful Debt Cr $22300Bad debt expense Dr $37900 Allowance for Doubtful Debt Cr $37900Accounts Receivable Dr $37900 Allowance for Doubtful Debts Cr $37900Bad debt expense Dr $22300 Accounts Receivable Cr $22300Clear my choiceQuestion 20Not yet answeredMarked out of 1.00Flag questionQuestion text

Use this information for questions 7 - 10

During the next month, 31 July 2022, an $19200 account receivable is written off as uncollectable. Prepare the journal entry to record the write-off. Ignore GST.

Allowance for Doubtful Debts Dr $19200 Accounts Receivable Cr $19200Allowance for Doubtful Debts Dr $37900 Accounts Receivable Cr $37900Bad debt expense Dr $19200 Accounts Receivable Cr $19200Accounts Receivable Dr $19200 Allowance for Doubtful Debts Cr $19200Clear my choice