Q1 XYZ Company uses a periodic inventory system The beginning balance of inventory and the purchases made by XYZ during the month of July are given below Date Description Units Unit cost Total cost July 01 Beginning inventory 500 $20 $10,000 July 18 Inventory purchased 800 $24 $19,200 July 25 Inventory purchased 700 $26 $18,200 Total 2,000 $47,400 The XYZ Company sold 1,400 units during the month of July Required Compute inventory on 31st July and cost of goods sold for the month of July using FIFO inventory costing method Q2 ALPHA Company reported the following year end information Cash $ 52,000 Short term investments 12,000 Accounts receivable 54,000 Inventory 325,000 Prepaid expenses 17,500 Accounts payable 106,500 Other current payables 25,000 Instructions 1 Explain the purpose of the acid test ratio 2 Calculate the acid test ratio for ALPHA Company Q3 Maia's Bike Shop uses the periodic inventory system and had the following transactions during the month of May May 3 Sold merchandise to a customer on credit for $600, terms 2 10, n 30 The cost of the merchandise sold was $350 May 4 Sold merchandise to a customer for cash of $425 The cost of the merchandise was $250 May 6 Sold merchandise to a customer on credit for $1,300, term 2 10, n 30 The cost of the merchandise sold was $750 May 8 The customer from May 3 returned merchandise with a selling price of $100 The cost of merchandise returned was $55 May 15 The customer from May 6 paid the full amount due, less any appropriate discounts earned May 31 The customer from May 3 paid the full amount due, less any appropriate discounts earned Instructions Prepare the required journal entries that Maia's Bike Shop must make to record these transactions Q4 What does FOB stand for Differentiate between FOB shipping point (or FOB factory) and FOB destination If you don't have another or a unique answer don't answer this question please I've signed up to get a unique answer, not a duplicate (1 l need Unique answer,2 use your own words 3 don't copy and paste from another answer) (4 don't use handwriting) (5 1 need more details and more Explain)

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Q1: XYZ Company uses a periodic inventory system. The beginning balance of inventory and the purchases made by XYZ during the month of July are

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Q1:

XYZ Company uses a periodic inventory system. The beginning balance of inventory and the purchases made by XYZ during the month of July are given below:

Date	Description	Units	Unit cost	Total cost
July 01	Beginning inventory	500	$20	$10,000
July 18	Inventory purchased	800	$24	$19,200
July 25	Inventory purchased	700	$26	$18,200

	Total	2,000		$47,400

The XYZ Company sold 1,400 units during the month of July.

Required: Compute inventory on 31st July and cost of goods sold for the month of July using FIFO inventory costing method:

__________

Q2:

ALPHA Company reported the following year-end information:

Cash	$ 52,000
Short-term investments	12,000
Accounts receivable	54,000
Inventory	325,000
Prepaid expenses	17,500
Accounts payable	106,500
Other current payables	25,000

Instructions: 1- Explain the purpose of the acid-test ratio. 2- Calculate the acid-test ratio for ALPHA Company.

___________________

Maia's Bike Shop uses the periodic inventory system and had the following transactions during the month of May:

May 3	Sold merchandise to a customer on credit for $600, terms 2/10, n/30. The cost of the merchandise sold was $350.
May 4	Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250.
May 6	Sold merchandise to a customer on credit for $1,300, term 2/10, n/30. The cost of the merchandise sold was $750.
May 8	The customer from May 3 returned merchandise with a selling price of $100. The cost of merchandise returned was $55.
May 15	The customer from May 6 paid the full amount due, less any appropriate discounts earned.
May 31	The customer from May 3 paid the full amount due, less any appropriate discounts earned.

Instructions:

Prepare the required journal entries that Maia's Bike Shop must make to record these transactions.

___________

Q4:

What does FOB stand for? Differentiate between FOB shipping point (or FOB factory) and FOB destination?

If you don't have another or a unique answer don't answer this question please. I've signed up to get a unique answer, not a duplicate (1.l need Unique answer,2.use your own words 3. don't copy and paste from another answer) (4.don't use handwriting) (5.1 need more details and more Explain)