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Question: 1 Mr. Asif started business from 1st September 2015. His investment in the business was Tk.20,000. The following transactions were completed during September: September-3;
Question: 1 Mr. Asif started business from 1st September 2015. His investment in the business was Tk.20,000. The following transactions were completed during September: September-3; Merchandise purchased on account from Saad Tk. 1,200, terms 2/15, N/30. September-5; Paid freight Tk. 80 on purchase of September 3. September-8; Credit received from Saad Tk. 100 for merchandise returned. September-9; Merchandise sold on account Tk.800. Terms 1/10, N/30. The cost of the sold merchandise was Tk.650. September-15; Merchandise purchased Tk. 3,500, terms 2/10, N/30. September-16; Amount paid to Saad, less discount September-19; Credit received from supplier Tk.200 for merchandise returned which was purchased on September 15. September-21; Merchandise sold in account Tk. 1400. Terms N/30. The cost of the sold merchandise was Tk. 1180. September-22; Amount paid for purchase on account of September 15. September-25; Amount received from buyer of September 9, Tk.800. Required: a) Journalizes the transactions of September using Perpetual Inventory System. b) If the managers of company XYZ needs to have up to date records of Inventory for better production management should the management prefer the periodic inventory system or the perpetual inventory system? Question: 2 GDE Company has the following inventory, purchases, and sales data for the month of March. Inventory: March 1 200 units @ Tk.4.00 Tk.800 Purchases: March 10 500 units @ Tk.4.50 2,250 March 20 400 units @ Tk.4.75 1,900 March 30 300 units @ Tk.5.00 1,500 Sales: March 15 500 units March 25 400 units The physical inventory count on March 31 shows 500 units on hand. Instructions: Under a periodic inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO, (b) LIFO, and (c) Average-cost
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