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Compute inventory on July and cost of goods sold

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Reference no: EM132593616

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Q1. FIFO, LIFO and average cost method in periodic inventory system Angelo Plc uses a periodic inventory system. The beginning balance of inventory and purchases made by the company during the month of July, 2016 are given below: July 1: Beginning inventory, 500 units @ $20 per unit. July 18: Inventory purchased, 800 units @ $24 per unit. July 25: Inventory purchased, 700 units @ $26 per unit. The company sold 1,400 units during the month of July. Required: Compute inventory on July 31, 2016 and cost of goods sold for the month of July using following inventory costing methods:

a. LIFO

b. FIFO

c. Average cost

Q2. Bank Reconciliation On November 30, Brown Sugar Plc has the below information related to cheques and cash:

1. The bank balance as per the accounting records of the company amounts to $42,500 and the bank balance as per the bank statement amounts to $37,758.

2. Collected cash of $6,244 on November 30 will be transferred to the Bank on December 1.

3. In the Bank Statement there is a credit of $167 showed as interest earned for November.

4. There are two Outstanding Cheques N0 921 of amount $964 and N0 925 of amount $1,085.

5. In the Bank Statement there is a debit of $14 shown as Bank Service Charges, NonSufficient-Funds Cheque of Mr. Sweet with $700. Required:

a. Prepare Bank reconciliation statement on November 30.

b. Prepare the necessary journal entries after the preparation of the Bank reconciliation.

Q3. Cash amounts held Cash is an important asset for a business which should be protected against fraud or theft. Which internal controls can be put in place by a company to protect its cash?

Q4. Ownership of Inventory Explain the implications relating to ownership when goods are:

a. In transit (FOB) Shipping Point

b. In transit (FOB) Destination

c. On Consignment

Reference no: EM132593616

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