Homework Answers
| 1) | Determine the Ending Inventory Cost & Cost of Goods Sold using WAC | |||||
| Date | Particulars | Units | Rate | Amount ($) | ||
| 1 | Opening Stock | 92 | $9.20 | $846.40 | ||
| 2 | Purchase | 670 | $10.20 | $6,834.00 | ||
| Total | 762 | $7,680.40 | ||||
| Weighted Avg. Cost Per Unit (WAC) | = | [Total Cost Available for Sale] | ||||
| [No. of Units Available for Sale] | ||||||
| Weighted Avg. Cost Per Unit (WAC) | = | $7,680.40 | ||||
| 762 Units | ||||||
| Weighted Avg. Cost Per Unit (WAC) | = | $10.079 Per Unit | ||||
| Closing Inventory [152 Units] | ||||||
| Date | Particulars | Units | Rate | Amount ($) | ||
| 1 | As per Weighted Avg. | 152 | $10.079 | $1,532.00 | ||
| Total | 152 | $1,532.00 | ||||
| Cost of Goods Sold [610 Units] | ||||||
| Date | Particulars | Units | Rate | Amount ($) | ||
| 1 | As per Weighted Avg. | 610 | $10.079 | $6,148.40 | ||
| Total | 610 | $6,148.40 | ||||
| 1) | Determine the Ending Inventory Cost & Cost of Goods Sold using FIFO | |||||
| Sr. No. | Particulars | Units | Rate | Amount ($) | ||
| 1 | Opening Stock | 92 | $9.10 | $837.20 | ||
| 2 | Purchase | 670 | $10.20 | $6,834.00 | ||
| Total | 762 | $7,671.20 | ||||
| Closing Inventory [152 Units] | ||||||
| Sr. No. | Particulars | Units | Rate | Amount ($) | ||
| 2 | From Purchase | 152 | $10.20 | $1,550.40 | ||
| Total | 152 | 1550.40 | ||||
| Cost of Goods Sold [610 Units] | ||||||
| Date | Particulars | Units | Rate | Amount ($) | ||
| 1 | From Opening Stock | 92 | $9.10 | $837.20 | ||
| 2 | From Purchase | 518 | $10.20 | $5,283.60 | ||
| Total | 610 | $6,120.80 | ||||
| 1) | Computation of Income Statement [Periodic Inventory System] | |||||
| Particulars | Weighted Avg. | FIFO | ||||
| Sales [610 x $20.25] | $12,352.50 | $12,352.50 | ||||
| Less: Cost of Goods Sold [as per calculated] | ($6,148.40) | ($6,120.80) | ||||
| Gross Profit | $6,204.10 | $6,231.70 | ||||
| Less: Operating Expenses | ($2,950.00) | ($2,950.00) | ||||
| Net Income | $3,254.10 | $3,281.70 | ||||
| 2) | Bank Reconciliation Statement | |||||
| Bank | Amount ($) | Books | Amount ($) | |||
| Balance 31 October | 3,042 | Balance 31 October | 2,200 | |||
| Add: | Add: | |||||
| Deposited but not credited in bank | 540 | O/s Cheques not presented in bank | 900 | |||
| Bank Service Charges | 27 | Customer paid in bank not recorded | 530 | |||
| NSF Cheque | 40 | Interest Revenue not recorded | 19 | |||
| Less: | Less: | |||||
| O/s Cheques not presented in bank | (900) |
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