Q# 4-B ( 04 marks )

ASF and Company acquired a Machine for 100,000 with an expected useful life of 5 year and a 10,000 expected residual value Prepare a tabular comparison of the annual depreciation and book value for each year under straight line , % method 20% and sum of the year digits method

Q# 5-(07 marks) ASF ltd had the following inventory transactions during the month of January

Month Items Units @

1/1 beginning inventory 1500 2.00

First week Purchases 2500 2.10

2^nd Week Purchase 2500 2.20

3^rd week Purchase 1500 2.30

4^th Week Purchase 2000 2.40

Case 1 On January 31 account of the ending inventory was completed and 10,000 units were on hand. by using the periodic inventory system calculate the cost of goods sold ending inventory and gross profit using LIFO FIFO Average method.

Case II On January 31 account of the ending inventory was completed and 4,275 units were on hand. system calculate the cost of goods sold ending inventory and gross profit using LIFO FIFO Average method with the help of stock card .