FINANCIAL ACCT-CONNECT
8th Edition
ISBN: 9781266627903
Author: Wild
Publisher: INTER MCG
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1.1
REQUIRED
Use the information provided below to prepare an extract of the statement of comprehensive income that
includes the value of closing inventory as at 31 December 2022 and gross profit for the year ended December
2022 using the following methods of inventory valuation:
1.1.1 FIFO
1.1.2 Weighted average cost
INFORMATION
GH Suppliers had an inventory of 10 wallets at R50 each on 01 January 2022, the start of the financial year.
During 2022 the following purchases and return were recorded:
75 wallets at R60 each were purchased on 20 February 2022.
25 wallets at R80 each were purchased on 25 August 2022.
10 wallets that were purchased on 25 August 2022 were returned to the supplier.
During 2022, 50 wallets were sold at R80 each and 30 wallets were sold at R100 each.
1.1
REQUIRED
Use the information provided below to prepare an extract of the statement of comprehensive income that
includes the value of closing inventory as at 31 December 2022 and gross profit for the year ended December
2022 using the following methods of inventory valuation:
1.1.1 FIFO
1.1.2 Weighted average cost
INFORMATION
GH Suppliers had an inventory of 10 wallets at R50 each on 01 January 2022, the start of the financial year.
During 2022 the following purchases and return were recorded:
75 wallets at R60 each were purchased on 20 February 2022.
25 wallets at R80 each were purchased on 25 August 2022.
10 wallets that were purchased on 25 August 2022 were returned to the supplier.
During 2022, 50 wallets were sold at R80 each and 30 wallets were sold at R100 each.
1.2
REQUIRED
Calculate the economic order quantity (EOQ) from the information provided below.
INFORMATION
The monthly demand for an item sold by Super Stores is 1 000 units. The cost is R6 per unit and the item is…
ADJUSTMEl\'TS FOR A MERCHANDISING BUSINESS: PERPETUAL INVENTORY SYSTfu\1WITH SALES RETURNS AND
ALLOWANCES A partial Trial Balance for Curless Company as of December 31,20-- is provided below
Curless has made the following estimates for next year:
1.Sales made this year of $7,800 will be returned next year and customers will be granted full refunds.
2.The estimated cost of the inventory sold this year and expected to be returned by customers next year is
$5,900.
Open T accounts and enter the balances for the above accounts. Make appropriate
adj ustments to the T accounts.
Chapter 4 Solutions
FINANCIAL ACCT-CONNECT
Ch. 4 - Prob. 1DQCh. 4 - In comparing the accounts of a merchandising...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Distinguish between cash discounts and trade...Ch. 4 - What is the difference between a sales discount...Ch. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQ
Ch. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Refer to the income statement for Samsung in...Ch. 4 - Refer to the income statement of Samsung in...Ch. 4 - Buyers negotiate purchase contracts with...Ch. 4 - Enter the letter for each term in the blank space...Ch. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Compute the amount to be paid for each of the four...Ch. 4 - Prepare journal entries to record each of the...Ch. 4 - Prob. 6QSCh. 4 - Prepare journal entries to record each of the...Ch. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Accounting for shrinkage—perpetual system P3...Ch. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Interpreting a physical count error as inventory...Ch. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Recording sales, purchases and discounts: buyer...Ch. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 1PSACh. 4 - Prepare journal entries to record the following...Ch. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 6PSACh. 4 - Prob. 1PSBCh. 4 - Prepare journal entries to record the following...Ch. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 6PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 7BTNCh. 4 - Prob. 8BTNCh. 4 - Prob. 9BTN
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