Data for Yes Sdn Bhd for the month of January 2017: Date Details Quantity Issue price 1 Opening inventory 80 units RM 5 2 Receipt 110 units RM 6 8 Issue 100 units 15 Receipt 110 units RM 7 23 Issue 95 units 31 Receipt 100 units RM 8 Required: (a) Prepare the store ledger card using: FIFO LIFO Weighted Average Cost Method (two decimal point)

Data for Yes Sdn Bhd for the month of January 2017: Date Details Quantity Issue price 1 Opening inventory 80 units RM 5 2 Receipt 110 units RM 6 8 Issue 100 units 15 Receipt 110 units RM 7 23 Issue 95 units 31 Receipt 100 units RM 8 Required: (a) Prepare the store ledger card using: FIFO LIFO Weighted Average Cost Method (two decimal point)

Name: Question 4Data for Yes Sdn Bhd for the month of January 2017: DateDeta
Uploaded: 2024-03-20T06:32:37.000Z
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Description: Question 4Data for Yes Sdn Bhd for the month of January 2017: DateDetailsQuantityIssue price1Opening inventory80 unitsRM 52Receipt110 unitsRM 68Issue100 units 15Receipt110 unitsRM 723Issue95 units 31Receipt100 unitsRM 8 Required: (a) Prepare t

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...

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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.
Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units at 54 8 Sale 75 units 15 Purchase 125 units at 60 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (A) the cost of goods sold on July 27 and (B) the inventory on July 31.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of ending inventory under LIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data for inventory during a recent year: Assume that Harrington uses a periodic inventory accounting system. Required: 1. Using the FIFO, LIFO, and average cost methods, compute the ending inventory and cost of goods sold. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Which method will produce the most realistic amount for income? For inventory? 3. CONCEPTUAL CONNECTION Which method will produce the lowest amount paid for taxes?
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
( Appendix 6B) Inventory Costing Methods: Periodic Average Cost Refer to the information for Filimonov Inc. (p. 337) and assume that the company uses a periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.)
Periodic inventory using FIFO, UFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 20 units at 360 7,200 Aug. 13 Purchase 260 units at 342 88,920 Nov. 30 Purchase 40 units at 357 14,280 Available for sale 320 units 110,400 There are 57 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (A) first-in, first-out (FIFO) method; (B) last-in, first-out (LIFO) method; and (C) weighted average cost method.

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Date	Details	Quantity	Issue price
1	Opening inventory	80 units	RM 5
2	Receipt	110 units	RM 6
8	Issue	100 units
15	Receipt	110 units	RM 7
23	Issue	95 units
31	Receipt	100 units	RM 8