Boxit Ltd. sells box juices and had the fo lowing transactions for the month of December. Stock on hand December 1, 2013 was 45 units @$200, Purchases Sales Dec 02 75 units @$205 Dec 06 55 units @ $250 Dec 08 30 units 210 Dec 10 40 units @$260 Dec 15 20 units @ $215 Dec 22 70 units (@$225 Dec 23 85 units @ $270 Required: Calculate the closing stock using FIFO, LIPO and AVCO for Boxit Ltd.
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- Malaika Ltd buys and sells product Q-3. It values sock on the basis of last in first out (LIFO). At 1 June 2021, stock in hand consisted of 4,500 units which were acquired at Sh.50 per unit. The operations for the month were as follows: Date Purchases Sales June1 5,000 @ Sh 48 4 6,000 @ Sh 60 5 5,500 @ Sh 49 7 4,000 @ Sh 50 11 7,000 @ Sh 61 12 5,000 @ Sh 50 13 6,000 @ Sh 47 18 7,000 @ Sh 62 19 8,000 @ Sh 64 20 6,000 @ Sh 49.50 21 5,000 @ Sh 65 22 7,000 @ Sh 50 25 6,000 @ Sh 49 26 2,000 @ Sh 47 28 500 @ Sh 60 29 14,000 @ Sh 64 The company incurred operating costs of Sh 450,000 during the month. Required: a) Stores ledger card b) Closing stock valuationAn organizations stock records show the following transactions for a specific item during last month: The inventory at the beginning of the month was 100 units values at GHC40000. During the month, it received 250 units into the warehouse and issued 150 units into production valued at GHC61000. Using the FIFO method, the purchase price during the period was? A. GHC400 per unit B. GHC420 per unit C. GHC450 per unit D. GHC480 per unit Reset SelectionDuring last month, P&G Inc. made the following sales and purchases of pencil erasers T July 01 July 08 July 19 July 26 July 29 July 31 A. B. Sales Price $12 per unit Sales Price $14 per unit Sales Price $16 per unit From the information given above calculate the closing stock using method for i. Purchase 400 items @ $10.00 each Purchase 600 items @ $7.00 each Sold 500 items Sold 200 items Purchase 600 items @ $6.00 each 500 items ii. FIFO AVCO Prepare the Trading Account for the period using FIFO and AVCO, showing clearly the Cost of Sales and the Gross Profit.
- At the end of May 2016 there was in stock 1,200 units of Product PZ25 at Jamaica Co Ltd, valued at $200 each. During June 2016, the company sold one unit of the product for S370. The following receipts and sales of the stock item took place during the month: Date June 2016 Receipts Date June 2016 11 21 30 Sales Quantity Total Cost Quantity 1,400 Sales Price 800 $105.000 $144,000 $55,000 $420,000 $306,800 $238.000 17 1.200 1,040 25 440 680 The accounting records also revealed that the following costs were incurred in the selling of "MP250" during June 2016: carriage outwards, $100,000; salaries, $160,000; electricity $72,000. Required: (a) Jamaica Co. Ltd stores ledger cards showing the values of the receipts, issues and elosing stock for the month of June 2016 using the FIFO stock valuation metho (b) Prepare a statement of profit or loss made from selling "PZ25" during the month of June 2016 if $20,000 was pre-paid for electricity while $24,000 was owing for salaries at the end of June…Sunny side Company records inventory using a periodic inventory system and valuates their stock using the FIFO method. The following transactions took place during the month of March:Purchases:03 March 200 units at R350 per unit20 March 100 units at R370 per unitMaterial requisitions received from the manufacturing department:10 March 260 units25 March 30 unitsThe closing stock for February was 20 units at a value of R320 per unit.Required: Calculate the value of the closing stock for March.Pune Company has the following: Inventory, Jan. 1 (8,000 units @$11), June 19, (Purchase, 13,000 units @ $12) and Nov. 8 (Purchase, 5,000 units @ $13). If 9,000 units are on hand at December 31, the number of units sold is: O a. 17,000 units. O b. 26,000 units. O c. 34,000 units. O d. 9,000 units.
- QUESTION / Use the following information to answer the next 5 questions. Huston has a beginning balance in inventory of 400 units at @ $4.20 per unit. A record of transactions for the month of May was as follows: Purchases Sales May # Cost May # Sales Price 4 1,300 @ $4.10 3 200 @ $7.00 8 800 @ $4.30 1,000 @ $7.00 14 700 @ $4.40 12 900 @ $7.50 22 1,200 @ $4.50 18 400 @ $7.50 29 500 @ $4.55 25 1,400 @ $8.00 Determine Huston's Goods AVAILABLE for sale in dollars. QUESTION 8 Determine Huston's ending inventory in dollars using Periodic Average. Round to the nearest dollar. QUESTION 9 Determine Huston's ending inventory in dollars using Periodic LIFO. QUESTION 10 Determine Huston's ending inventory in dollars using Perpetual FIFO. QUESTION 11 Determine Huston's ending inventory in dollars using Perpetual LIFO.At May 1, 2016, Bibby Company had beginning inventory consisting of 200 units with a unit cost of $9. During May, the company purchased inventory as follows: 800 units at $9 600 units at $10 The company sold 1,000 units during the month for $12 per unit. Bibby uses the average cost method. The Gross profit for May is Select one: O a. $5,625. O b. $6,000. C. $2,625. d. $3,000.XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit 2. Sold 4500 units of inventory on account to Customer A, FOB shipping point, for 3 TL per unit. 3. XYZ granted credit to the customer A, who returned 100 units of inventory as they did not match the required specifications. The items were returned to inventory from the most recent purchase price. 4. XYZ bought 1000 units of inventory at a unit cost of 2 TL. 5. Sold 4000 units on account to Customer B, FOB shipping point, at a sales price of 3 TL per unit. The journal entry for item 5 involves a debit to cost of goods sold for and a credit to for 12000 6000 sales revenue 6450 accounts receivable 6650
- XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit 2. Sold 4500 units of inventory on account to Customer A, FOB shipping point, for 3 TL per unit. 3. XYZ granted credit to the customer A, who returned 100 units of inventory as they did not match the required specifications. The items were returned to inventory from the most recent purchase price. 4. XYZ bought 1000 units of inventory at a unit cost of 2 TL. The journal entry for item 4 involves a debit to for 2000 TL and the balance of the inventory account equals units, a total of TL. inventory 6650 4100 3100 4650 PurchasesAt May 1, 2017, Oriole Company had beginning inventory consisting of 340 units with a unit cost of $8. During May, the company purchased inventory as follows:▪ 670 units at $8▪ 1010 units at $9The company sold 1680 units during the month for $13 per unit. Oriole Company uses the average cost method. Oriole Company's gross profit for the month of May is a.) $14280. b.) $17170. c.) $7560. d.) $21840.XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit 2. Sold 4500 units of inventory on account to Customer A, FOB shipping point, for 3 TL per unit. The journal entry for item 2 involves a debit to for 13500 and a credit to for 5500 accounts receivable inventory cost of goods sold Cash
