QUESTIONS 20, 21, 22 AND 23 Kirby Ltd specialises in retailing one product. The firm purchases its inventory from a regional wholesaler and sells through a catalogue. Details of Kirby Ltds purchases and sales for the month of June 2022 are as follows: Purchases Date Units received Production cost per unit 10th June 8 55.00 16th June 12 56.00 20th June 9 58.00 Sales Date Units sold Sales price per unit 12th June 7 78.00 19th June 15 80.00 25th June 10 85.00 Note: Kirby Ltd had opening inventory at 01/06/22 of 5 units, costing 50.00 each. QUESTION 20 What is the purchases figure for Kirby Ltds Statement of profit or loss? WORKINGS: ANSWER: (2 marks) QUESTION 21 What is the sales figure for Kirby Ltds Statement of profit or loss? WORKINGS: ANSWER: (2 marks) QUESTION 22 What would the closing inventory amount be under the FIFO inventory valuation? WORKINGS: ANSWER: (3 marks) QUESTION 23 What would the closing inventory amount be under the AVCO inventory valuation using the perpetual method? WORKINGS: ANSWER: (4 marks) QUESTION 24 The following information was disclosed for the year ended 31/12/22: 2022 2021 Plant and Equipment 220,000) 200,000) Accumulated Depreciation (110,000) (95,000) During 2022, the following occurred in respect of Plant and Equipment (P&E): Purchases of P&E 28,000 Depreciation charged on P&E 21,000 Sale Proceeds 5,000 What was the profit or loss on the sale of the asset? WORKINGS: ANSWER: