5.For the movement of the INVEST commodity from 01.01.20X1 to 31.12.20X1 you are given the following information:Initial Inventory and Purchases: Unitsunit priceTotal01/01/20X1Initial Stock700350245.000,0012/03/20X1Market 1270400108.000,0005/06/20X1Market 2400420168.000,0012/09/20X1Market 3500440220.000,0021/11/20X1Market 420046092.000,00Total 2070 833.000,00 Sales: Unitsunit priceTotal15/02/20X1Sale 1300710213.000,0020/05/20X1Sale 2500730365.000,0010/09/20X1Sale 3400740296.000,0010/12/20X1Sale 4750750562.500,00 0,00Total 1950 1.436.500,00 Whereas:A. ABC determines the cost of its goods sold on the basis of:The FIFO methodThe method of the weighted average (cost)B. During the inventory of the goods on 31/12/20X1 it was found that its current price amounted to € 520 per unit.It is requested to calculate without calendar entries: the cost of sales and gross profit for the fiscal year 20X1 and for each of the methods of determining the cost of goods sold, assuming that the enterprise uses the system of perpetual inventory for the accounting of the commodity.

Name: 5.For the movement of the INVEST commodity from 01.01.20X1 to 31.12.2
Uploaded: 2024-03-20T06:32:37.000Z
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Description: 5.For the movement of the INVEST commodity from 01.01.20X1 to 31.12.20X1 you are given the following information:Initial Inventory and Purchases: Unitsunit priceTotal01/01/20X1Initial Stock700350245.000,0012/03/20X1Market 1270400108.000,0005/06

Answer is as fallows below: Calculation of Cost of Sales, Gross Profit , Sales & Ending…

Answered: For the movement of the INVEST…

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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For the movement of the INVEST commodity from 01.01.20X1 to 31.12.20X1 you are given the following information:

Initial Inventory and Purchases:
		Units	unit price	Total
01/01/20X1	Initial Stock	700	350	245.000,00
12/03/20X1	Market 1	270	400	108.000,00
05/06/20X1	Market 2	400	420	168.000,00
12/09/20X1	Market 3	500	440	220.000,00
21/11/20X1	Market 4	200	460	92.000,00
Total		2070		833.000,00

Sales:
		Units	unit price	Total
15/02/20X1	Sale 1	300	710	213.000,00
20/05/20X1	Sale 2	500	730	365.000,00
10/09/20X1	Sale 3	400	740	296.000,00
10/12/20X1	Sale 4	750	750	562.500,00
				0,00
Total		1950		1.436.500,00

Whereas:

A. ABC determines the cost of its goods sold on the basis of:

The FIFO method

The method of the weighted average (cost)

B. During the inventory of the goods on 31/12/20X1 it was found that its current price amounted to € 520 per unit.

It is requested to calculate without calendar entries: the cost of sales and gross profit for the fiscal year 20X1 and for each of the methods of determining the cost of goods sold, assuming that the enterprise uses the system of perpetual inventory for the accounting of the commodity.

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