Form BQ The following is the information on the goods that Baghdad commercial stores trade in for the month of 2017 March / in 1/3/2017 the number of units was?? A unit at a cost of (10) dinars per unit In 317 4000 units were purchased at 68000 On 3/15 5000 units were sold at 22 per unit On 3/20 16000 units were purchased at 19 dinars per unit On 3/28 16500 units were sold at 25 dinars per unit m/ Calculate the cost of goods sold, the cost of goods at the end of the period and the total profit Under the continuous inventory system in the LIFO method, if you know that the goods prepared for sale are 22,000 units

Form BQ The following is the information on the goods that Baghdad commercial stores trade in for the month of 2017 March / in 1/3/2017 the number of units was?? A unit at a cost of (10) dinars per unit In 317 4000 units were purchased at 68000 On 3/15 5000 units were sold at 22 per unit On 3/20 16000 units were purchased at 19 dinars per unit On 3/28 16500 units were sold at 25 dinars per unit m/ Calculate the cost of goods sold, the cost of goods at the end of the period and the total profit Under the continuous inventory system in the LIFO method, if you know that the goods prepared for sale are 22,000 units

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 11RE: Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year,...

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Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
An example should follow the statement of the movement of an item during the month of September 2013September of 2017 as follows:1. On 1/9, the material balance was 300 units, the unit price was 500 dinars2. On 5/9, 50 units were disbursed according to the 60 exchange voucher,3. On 9/8, 100 units were received at a unit price of 600 dinars, according to the 105 purchase list.4- On 9/10, 100 units were disbursed according to the exchange voucher 61.Dr.. On 9/15, the returns of the material from production centers to the warehouse amounted to 20 units of the quantity disbursed on 5/9 according to Return Document No.6- On 20/9, 80 units were disbursed according to the exchange document 62.7. On 9/25, 150 units were disbursed according to the exchange voucher 63.8- On 9/27, 15 units were disbursed according to the 64 exchange document.And on 9/29, 50 units were received, unit price of 800 dinars, according to the purchase list of 15010 On 9/30, 40 units were disbursed according to the…
The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February Purchase made 400 units at RO 30 each. On 28th February Sales made 500 units at RO 40 each. What will be the cost of goods sold value at the end of February 2018 assuming that the business uses LIFO method? a. OMR 13,000 b. OMR 20,000 c. OMR 14,000 d. OMR 2,000
30) Gigabyte traders has the following transactions for the month of August 2018: Aug 7- Goods returned to Max mart of RO 1,950 Aug 14- Returned goods to Almadina traders of RO 2,650 Aug 22- Returned goods to us by Finmart of RO 850 How much amount would you transfer to Purchases return daybook for the month of September 2018? a. RO 2,650 b. RO 850 c. RO 4,600 d. RO 1,950
Example: - The following data is related to the movement of Article (Y) that took place during the month of August 20161-1/8 The balance was in an amount of (400) units, and the price was (400) dinars per unit, according to the receipt document numbered 220.93Technical Institute in Basra / second grade inventory accounting2-8/5 A quantity of (1000) units was received for the warehouse at a price of 150 dinars according to the receipt document 2293-8/19 The production quantity of (300) units was disbursed according to the issuance document No. 1364-8/24, a quantity of production (500) units was disbursed according to the issuance document No. 140.5-8/26 The warehouse received a quantity of (800) units, at a price of (500) dinars per unit, according to the receipt document No. 235.Required: - 1- Pricing the materials dispensed from stores on the basis of the fixed flat price method, which was 100 dinars per unit?۔ Calculate the cost of commodity stock at the end of the period *
The data during the month of an enterprise who sells product M are as follows: Sale of 2,000 units at the before-VAT price of VND 300,000/unit in the domestic market. Export 500 units at FOB price of VND 310,000/ unit. Purchase 1,000 units with before-VAT price of VND 250,000/ unit. Purchase 300 units with price of VND 280,000/unit stated on the sale invoice. Deductible Input VAT for other purchased services: VND 1,000,000. VAT rate 10%. Exported goods are supported with sufficient documents as prescribed by law The VAT amount payable is * VND 41,100,000 VND 25,600,000 VND 49,500,000 VND 34,000,000
Firm A is a merchandiser selling small devices. At the beginning of October, it has 400 devices in the warehouse. Each cost is 2.5 dollars. On Oct.5th, the firm purchased 300 new devices with a price of 3 dollars each. On Oct.10th, the firm sold 500 devices. On Oct.15th, the firm purchased 400 new devices with a price of 3.5 dollars each. On Oct.20th, the firm sold 200 devices. On Oct.25th, the firm sold 300 devices. On Oct.15th, the firm purchased 250 new devices with a price of 4 dollars each. Please determine the cost of merchandise sold during October and how the calculation process.
Firm A is a merchandiser selling small devices. At the beginning of October, it has 400 devices in the warehouse. Each cost is 2.5 dollars. On Oct.5th, the firm purchased 300 new devices with a price of 3 dollars each. On Oct.10th, the firm sold 500 devices. On Oct.15th, the firm purchased 400 new devices with a price of 3.5 dollars each. On Oct.20th, the firm sold 200 devices. On Oct.25th, the firm sold 300 devices. On Oct.30th, the firm purchased 250 new devices with a price of 4 dollars each. Please determine the cost of merchandise sold during October and show the calculation process. Use LIFO Perpetual method.
The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February Purchase made 400 units at RO 30 each. On 28th February Sales made 500 units at RO 40 each. What will be the cost of goods sold value at the end of February 2018 assuming that the business uses LIFO method?
Syarikat Layang uses the LIFO (Last-in, First-out) costing method for its perpetualinventory system. It had inventory on 1 January 2021 consisting of 400 articles boughtat RM4 each. The purchases during the month of January consisted of 800 at RM4.20each purchased on 8 January, and 2,000 at RM3.80 each on 18 January. It sold 2,400at RM5.00 each on 28 January. 40 of those sold were returned in perfect condition on31 January. The returned goods were bought on 18 January.Required: a. i. Calculate, by means of an inventory account the number and cost of the articles held in inventory during January 2021. ii. The unit price and total cost of the inventory. b. Show the trading account for the month ended 31 January 2021.
10/The business has the following transactions for the month of September 2018. Sep-5 - Goods returned to us by Abdullah of RO 950 Sep -8- Returned goods by Mohammed traders of RO 1,200 Sep-17- Goods received and returned by Nizwa mart of RO 2,200 How much amount would you transfer to the Sales return day book for the month of September 2018? a. RO 4,350 b. RO 950 c. RO 1,200 d. RO 2,150
Assume Ava Co. has the following purchases of inventory during the first month of operations Number of Units Cost per unit First Purchase 140 2.4 Second Purchase 105 4.7 Assuming Ava Co sells 120 units at $14 each, what is the cost of goods sold if they use LIFO?