a. Star Troopers Bhd is a wholesaler that buys and sells toy action figures. The transactions in the last four months of 2020 were recorded as below: C. Month September October November December Units Purchased 300 200 250 100 Unit purchase price RM 8 First-in-first-out (FIFO) b. Last-in-first-out (LIFO) 9 10 11 Units sold 260 180 220 It is the policy of the company to purchase on the tenth day and sell on the last day of each month. All product purchased were kept in a storeroom before sales. 140 Required: Record the above transactions in a store ledger card using each of the following stock valuation methods: Cumulative weighted average cost (CWACO). (Calculate the weighted average cost per unit to 4 decimal places.)

a. Star Troopers Bhd is a wholesaler that buys and sells toy action figures. The transactions in the last four months of 2020 were recorded as below: C. Month September October November December Units Purchased 300 200 250 100 Unit purchase price RM 8 First-in-first-out (FIFO) b. Last-in-first-out (LIFO) 9 10 11 Units sold 260 180 220 It is the policy of the company to purchase on the tenth day and sell on the last day of each month. All product purchased were kept in a storeroom before sales. 140 Required: Record the above transactions in a store ledger card using each of the following stock valuation methods: Cumulative weighted average cost (CWACO). (Calculate the weighted average cost per unit to 4 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Xoiswa Company manufactures a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer are summarized below: 2018 2019 Sales 3,600,000 4,200,000 Purchase of premium, P50 per plate 390,000 580,000 Number of plates distributed as premiums 5,000 9,000 Estimated number of plates to be distributed in next period 2,000 3,000 Distribution cost P20 per plate What is the premium expense for 2019?
also could you please explain why ,cost of goods avarage for sale2020,and cost of goods sold change both of them? Staley Watch Company reported the following income statement data for a 2 year period: 2019 2020 Sales $210,000 $250,000 Cost of Goods Sold Beginning Inventory 32,000 44,000 Cost of Goods Purchased 173,000 202,000 Cost of Goods Available for Sale 205,000 246,000 Less: Ending Inventory 44,000 52,000 Cost of Goods Sold 161,000 194,000 Gross Profit 49,000 56,000 Staley uses periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31, 2019, was overstated $5,000. Required: Prepare correct income statement data for the two years. What is the cumulative effect of the inventory error on total gross profit for the two years?
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