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In: Accounting

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Assignment Question(s):                                                    (Marks. 5)

Q2. Discuss the different methods to account for cash discount. Support you answer with examples. (1 mark).

Answer:

Q3. During April, the following changes in the single inventory product took place: (2 mark).

          April   1     Balance                        1,400 units @ $24

                      8     Purchased                       900 units @ $36

                    12     Purchased                       700 units @ $30

                    24     Purchased                       400 units @ $50

                    10     Sold                              1,500 units @ $40

                    26     Sold                              1,700 units @ $44

Calculate the COGS after each sales transaction and the ending inventory after each transaction under the following methods.

(a)   FIFO.

(b)   Average Cost. (round numbers to the nearest 10)

** Please I do not want answer from internet

I delete Q1

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ekkarill92 answered 1 year ago
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