ACCT 201 SEU Wk 12 Balance of Ending Inventory and Cost of Goods Questions

ACCT 201 SEU Wk 12 Balance of Ending Inventory and Cost of Goods Questions
College of Administrative and Financial Sciences
Assignment
Deadline: (end of week 12) 21 /11/ 20 @ 23:59
Course Name:
Student’s Name:
Course Code:
Student’s ID Number:
Semester: II
CRN:
Academic Year: 144X/144X H
For Instructor’s Use only
Instructor’s Name:
Students’ Grade: …… /5
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
folder.
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism).
• Submissions without this cover page will NOT be accepted.
Assignment Question(s):
(Marks. 5)
Q1. Come up with a merchandise company scenario, where this company performed four
purchasing transactions and two sales transactions. Then, calculate the balance of ending
inventory and cost of goods sold after each sales transaction, assuming the company used the
FIFO, Moving Average Cost. Use the following table to answer. (2 mark)
Answer:
Date
Purchase
Sales (COGS)
Ending inventory
Q2. ABC Inc. uses the retail inventory method to estimate ending inventory for its monthly
financial statements. The following data pertain to a single department for the current month.
Prepare a schedule computing estimate retail inventory using the conventional methods.
Round numbers. (1 mark).
Cost
Retail
Beginning Inventory
78,000
105,000
Net purchases
214,000
292,000
Net markups
14,000
Net markdown
3,700
Normal spoilage
2,300
Abnormal spoilage
3,400
5,500
Sales
310,000
Employees’ discount
11,200
Answer:
Q3. In your own words, discuss (1) the different reasons why a company would decide to dispose
its plant assets, (2) the steps needs to be done to account for the disposal. (3) Give a numeric
example. (2 mark).
Answer:

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