ACCT 201 Saudi Electronic University Financial Accounting Questions
Question Description
Assignment Question(s)
Q1. Come up with a merchandise company scenario, where this company performed four purchasing transactions and two sales transactions. Then, calculate the balance of ending inventory and cost of goods sold after each sales transaction, assuming the company used the FIFO, Moving Average Cost. Use the following table to answer.
Answer:
|
Date |
Purchase |
Sales (COGS) |
Ending inventory |
Q2.ABC Inc. uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to a single department for the current month.Prepare a schedule computing estimate retail inventory using the conventional methods. Round numbers.
|
Cost |
Retail |
|
|
Beginning Inventory |
78,000 |
105,000 |
|
Net purchases |
214,000 |
292,000 |
|
Net markups |
14,000 |
|
|
Net markdown |
3,700 |
|
|
Normal spoilage |
2,300 |
|
|
Abnormal spoilage |
3,400 |
5,500 |
|
Sales |
310,000 |
|
|
EmployeesÂ’ discount |
11,200 |
Answer:
Q3. In your own words, discuss (1) the different reasons why a company would decide to dispose its plant assets, (2) the steps needs to be done to account for the disposal. (3) Give a numeric example.
Answer:
"Place your order now for a similar assignment and have exceptional work written by our team of experts, guaranteeing you "A" results."
