User Account

All Pages

Prepare an income statement down to the gross profit

Assignment Help Accounting Basics
Reference no: EM132571361

Question - Tamworth Trading Ltd is a company operating in the retail sector. The beginning inventory of Product EF5089 and information about purchases and sales made during June are shown below.

Units Unit price $ June 1 Inventory 6,100 2.20 4 Purchases 4,600 2.25 9 Sales 4,100 12 Purchases 4,100 2.40 21 Sales 6,000 26 Purchases 3,100 2.50

Tamworth Trading Ltd uses the perpetual inventory system, and all purchases and sales are on credit. Selling price is $5 per unit. A stocktake on 30 June revealed 7,700 units in inventory. Ignore GST.

Required -

a) Using the FIFO method, prepare a n appropriate inventory record for Product EF5089 for June.

b) Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June.

Reference no: EM132571361

Questions Cloud

Calculate the depreciation expense for the year : Calculate the depreciation expense for the year 2019-20 using each of the following depreciation methods: straight-line, diminishing balance
Make A Plan And Develop Your Ideas : you have to manage all of the stakeholders of your unit including teachers, students, parents etc; as well as all the relevant policies.
Determine the optimal number of yards of denim : Determine The optimal number of yards of denim the Western Company should order and The optimal number of orders per year.
Compute the fixed overhead cost variance : Compute the fixed overhead cost variance. Leonard allocates manufacturing overhead to production based on standard direct labor hours.
Prepare an income statement down to the gross profit : Tamworth Trading Ltd uses the perpetual inventory system, Prepare an income statement down to the gross profit for Tamworth Trading Ltd for June
Consumer of scholarly research : Discuss what it means to be a consumer of scholarly research, as opposed to conducting actual research?
Pedagogical learning and andragogical learning : Learning theorist Malcolm Knowles differentiated between pedagogical learning and andragogical learning, with his pedagogy defined by a more passive,
How can information from an activity-based costing system : How can the information from an activity-based costing system guide improvements in operations and decisions about products and customers?
Identify key search terms for each element : Write your PICO question, identify key search terms for each element and frame it in table format as presented here and in the attached article

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd