PLEASE EXPLAIN ALL STEPS ON HOW YOU GOT TO EACH ANSWER, VERY APPRECIATED!
Homework Answers
19: Opening stock in Q2 = Purchases in Q1- Sales in Q1
= (5000+10000+15000)-26000
=4000 units
Total purchases in units= 16000+18000+ 26000 = 60000
Total sales in units= 63000
Closing stock = (Opening stock+ Purchases- Sales) = (4000+60000-63000) = 1000 units
Value based on LIFO = 1000* Jan price
= 1000*12
=$12000
20: Value of opening stock = 4000*12 = 48000
Purchases in Q2 = 16000*20 + 18000*24+ 26000*30 = 1532000
Sales in Q2 = 63000*45=2835000
Closing stock =12000 (As per 19)
Gross Profit = Sales - (Opening stock+ Purchases-Closing stock)
= 2835000- (48000+1532000-12000)
=1267000
21: Opening stock in Q2 = Purchases in Q1- Sales in Q1
= (5000+10000+15000)-26000
=4000 units
Total purchases in units= 16000+18000+ 26000 = 60000
Total sales in units= 63000
Closing stock = (Opening stock+ Purchases- Sales) = (4000+60000-63000) = 1000 units
Value based on FIFO = 1000* June price
= 1000*30
=$30000
22: Value of opening stock = 4000*18 = 72000
Purchases in Q2 = 16000*20 + 18000*24+ 26000*30 = 1532000
Sales in Q2 = 63000*45=2835000
Closing stock =30000 (As per Q21)
Gross Profit = Sales - (Opening stock+ Purchases-Closing stock)
= 2835000- (72000+1532000-30000)
=1261000
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PLEASE EXPLAIN ALL STEPS ON HOW YOU GOT TO EACH ANSWER, VERY
APPRECIATED!
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