X Ltd. Follows FIFO method. From the details given below, ascertain the value of cost of sales and closing stock under CPP method. Opening inventory 31-12-2020 = 60,000 Purchase during the year 2021= 414,000 Closing inventory 31-12-2021 = 54,000 General price index: 2020 end =100 2021 end = 200 Average for 2021 = 150

During the 20X7 financial year, X Ltd sells inventory to its parent P Ltd for $90,000 representing a mark-up of 50% on cost. At 30 June 20X7, 3/4 of the goods are still held by P Ltd. The unrealised profit to be eliminated on consolidation is: a. $10,000 b. $22,500 c. $60,000 d. $30,000

Cost of goods sold and inventory (24 marks) Rifle Co. had the following inventory information available: Date Transactions Purchases Sales Units Unit Cost Units 1 Sep Beginning inventory 300 $100 3 Sep Purchases 100 $84 5 Sep Sales 250 10 Sep Purchases 250 $80 15 Sep Sales 200 20 Sep Purchases 250 $76 28 Sep Sales 150 (Q1-A). Assume that the company uses LIFO method under the perpetual inventory system to estimate cost of goods sold, please calculate the cost of sale for the month of September

The GMA corporation shows the following data  related to an item of InventoryInventory, January 1 200 units @P50 Purchases, January 9 200 units @ P54 Purchases, January 19 100 units @ P60 Sales, January 20 380 units  What value should be assigned to the Cost of Sale using FIFO?

Choose the statement which is correct. Assume that inventory prices are rising. A. The FIFO method gives the highest closing inventory figure in the statement of financial position. B. The LIFO method gives the highest closing inventory  figure in the statement of financial position. C. The FIFO method gives the lowest closing inventory figure in the statement of financial position. D. The LIFO method gives the lowest figure for cost of sales.

Periodic inventory using FIFO, LIFO, and weighted average cost methods The units of an item available for sale during the year were as follows: Date Line Item Description Units Cost per Unit Amount Jan. 1 Inventory 16 units at $34 $544 Aug. 13 Purchase 7 units at $36 252 Nov. 30 Purchase 7 units at $37 259 Available for sale 30 units $1,055 There are 18 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 (round per-unit cost to two decimal places and your final answer to the nearest whole dollar).