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Assignment
Q1.XYZ Company uses a periodic inventory system. The beginning balance of inventory and the purchases made by XYZ during the month of July are given below:
Date
Description
Units
Unit cost
Total cost
July 01
Beginning inventory
500
$20
$10,000
July 18
Inventory purchased
800
$24
$19,200
July 25
700
$26
$18,200
Total
2,000
$47,400
The XYZ Company sold 1,400 units during the month of July.
Required: Compute inventory on 31st July and cost of goods sold for the month of July using FIFO inventory costing method:
Q2. ALPHA Company reported the following year-end information:
Cash
$ 52,000
Short-term investments
12,000
Accounts receivable
54,000
Inventory
325,000
Prepaid expenses
17,500
Accounts payable
106,500
Other current payables
25,000
Instructions:
1- Explain the purpose of the acid-test ratio.
2- Calculate the acid-test ratio for ALPHA Company.
Q3. Maia's Bike Shop uses the periodic inventory system and had the following transactions during the month of May:
May 3
Sold merchandise to a customer on credit for $600, terms 2/10, n/30. The cost of the merchandise sold was $350.
May 4
Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250.
May 6
Sold merchandise to a customer on credit for $1,300, term 2/10, n/30. The cost of the merchandise sold was $750.
May 8
The customer from May 3 returned merchandise with a selling price of $100. The cost of merchandise returned was $55.
May 15
The customer from May 6 paid the full amount due, less any appropriate discounts earned.
May 31
The customer from May 3 paid the full amount due, less any appropriate discounts earned.
Prepare the required journal entries that Maia's Bike Shop must make to record these transactions.
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