Alert for not submit AI generated answer. I need unique and correct answer. Don't try to copy from anywhere. Do not give answer in image formet and hand writing PROBLEMS FOR GROUP 8 1. Prepare the Inventory records. DATE PARTICULARS PRICE PER UNIT1.01.2021 Balance in inventory was 1,000 bags of rice OMR 4.200 per bag 3.01.2021 Purchased1,200 bags of rice OMR 4.450 per bag 5.01.2021 Purchased 640 bags of rice OMR 4.350 per bag9.01.2021 Sold 1320 bags of rice 12.01.2021 Purchased 400 bags of rice OMR 4.150 per bag22.01.2021 Sold 1,040 bags of rice 23.01.2021 Purchased 700 bags of rice OMR 4.550 per bag24.01.2021 Sold 1,000 bags of rice Required: Prepare the inventory records using WeightedAverage method 2. Ms. Amur sold to Ms. Amira OMR 160,000 worth of goods on the 15th ofApril 2021 by accepting a 120 days, 9% interest bearing note. Both Ms. Fatima & Ms. Ruqaiyaneed your help in understanding how and in what way the notes receivable and the payablesshould be treated. Provide them with the required help by showing how the transactions would betreated in the books of both parties in the following situations. a) When the notes are accepted. b)On the maturity date, the note is honored. c) Suppose Ms. Amur prepared final accounts on the20th of May 2021. d) Following the above situation, the bill is met on maturity. e) The note wasdishonored on the maturity date by Ms. Amira.

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PROBLEMS FOR GROUP 81. Prepare the Inventory records. DATE PARTICULARS PRICE PER UNIT 1.01.2021 Balance in inventory was 1,000 bags of rice OMR 4.200 per bag 3.01.2021 Purchased 1,200 bags of rice OMR 4.450 per bag 5.01.2021 Purchased 640 bags of rice OMR 4.350 per bag 9.01.2021 Sold 1320 bags of rice 12.01.2021 Purchased 400 bags of rice OMR 4.150 per bag 22.01.2021 Sold 1,040 bags of rice 23.01.2021 Purchased 700 bags of rice OMR 4.550 per bag 24.01.2021 Sold 1,000 bags of rice Required: Prepare the inventory records using Weighted

PROBLEMS FOR GROUP 81. Prepare the Inventory records. DATE PARTICULARS PRICE PER UNIT 1.01.2021 Balance in inventory was 1,000 bags of rice OMR 4.200 per bag 3.01.2021 Purchased 1,200 bags of rice OMR 4.450 per bag 5.01.2021 Purchased 640 bags of rice OMR 4.350 per bag 9.01.2021 Sold 1320 bags of rice 12.01.2021 Purchased 400 bags of rice OMR 4.150 per bag 22.01.2021 Sold 1,040 bags of rice 23.01.2021 Purchased 700 bags of rice OMR 4.550 per bag 24.01.2021 Sold 1,000 bags of rice Required: Prepare the inventory records using Weighted

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 62E

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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.
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.
( 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) 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
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.
( 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
Lower-of-cost-or-market inventory Data on the physical inventory of Katus Products Co. as of December 31 follows: Description Inventory Quantity Market Value per Unit (Net Realizable Value) A54 37 56 C77 24 178 F66 30 132 H83 21 545 K12 375 5 Q58 90 18 S36 8 235 V97 140 20 Y88 17 744 Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases invoice are summarized as follows: Description Last Purchases Invoice Next-to-the-Last Purchases Invoice Quantity Purchased Unit Cost Quantity Purchased Unit Cost A54 30 60 40 58 C77 25 174 15 180 F66 20 130 15 128 H83 6 547 15 540 K12 500 6 500 7 Q58 75 25 80 26 S36 5 256 4 260 V97 100 17 115 16 Y88 10 750 8 740 Instructions Determine the inventory at cost and also at the lower of cost or market, using the first-in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Draw a line through the quantity, and insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Description Unit Inventory Quantity Cost per Unit Market Value per Unit(Net Realizable Value) Total Cost Market LCM A54 37 30 60 56 1,800 1,680 7 58 56 406 392 2,206 2,072 2,072