acc
1-The following information is available for APC Corporation for the year ended
December 31, 2015: Sales $700,000; operating expenses BD 150,000; cost of
goods sold BD 300,000.(10 marks)
Cash at the beginning of the year is BD40,000
Cash at the end of the year is BD425,000
The company purchased machine worth of BD 5,000
The company issued stock worth of BD 60,000
The company taken bank loan of BD10,000
The company sold its building worth of BD 100,000
preferred stock dividend BD 30000
2- Evaluate policies and procedures used by managers to protect the company’s assets.( 5marks)
3-1- AMADO Company has the following inventory, purchases, and sales data for the month of May.
Beginning Inventory: July 1 100 units @ $2 $200
Purchases: July 10 40 units @ $3 120
July 20 100 units @ $5 500
Sales: July 12 80 units
July 27 30 units
Instructions:
Under a periodic inventory system, determine the cost of good sold & ending inventory cost at May 31 under (a) FIFO and (b) average-cost.
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Periodic FIFO, LIFO, and Weighted Average
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Name: 1. A company made the following merchandise purchases and sales during the current month: July 1 July 5 July 14 July 30 purchased 400 purchased 270 purchased 300 purchased 250 units at units at units at units at $15 each $20 each $25 each $30 each There was no beginning inventory. The Company had 700 units remaining at July 31. What is the Cost of Goods Sold under FIFO? What is the Cost of Goods Sold under LIFO? What...
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Aztec Company sells its product for $190 per unit its actual and budgeted sales to low. Units Dollars $950,000 Aprill (actual) May (actual) June (budgeted) July (budgeted) August (budgeted) 5.000 2,000 7,500 6,000 4,300 380,000 1.425,000 1.140,000 817,000 All sales are on credit. Recent experience shows that 20% of credit sales is collected in the month of the sale, 50% in the month after the sale, 29% in the second month after the sale, and 1% proves to be uncollectible....
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