Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. good day sir/madam, i request you to help me answe

Good Day Sir/Madam, I request you to help me answer this questions completely The...

80.2K

Verified Solution

Question

Accounting

imageimageGood Day Sir/Madam, I request you to help me answer this questions completely

The following data of purchases and sales for the month of October 2020. Pfitzer Clan Bhd Date Purchases October Quantity No. Price per unit (RM) Quantity No. Sales Price per unit (RM) 1.000 1.000 1.00 1.02 1,200 1.70 1 4 6 12 15 18 25 400 1.05 1,000 1.90 800 1.10 800 2.00 The inventory is to be used in the new production. Since the inventory is new to the company, management has not yet decided on the valuation of stock. Suggest to the management which valuation method is the best to be used by the company. Required: i Prepare valuation sheet using FIFO (first in, first out) method. ii. Prepare valuation sheet using AVCO (weighted average cost). ii. Compare the GROSS PROFIT derived from FIFO method and AVCO method iv. Indicate the valuation that is suitable to be applied. LIFO (Last in, first out) method is not allowed under IFRS. Discuss

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

Logestics Management Ch7 \"Just-in-time and the agile supply chain\" Based on this chapter answer the following. Assess...

Basic Math
1.2K views

Employees Age Salary Mary 23 28.6 Frieda 31 53.3 Alicia 44 73.8 Tom 22 26.0 Gillian 25 34.3 Bob 54 63.5 Vivian 51 96.4 Cacil 60 122.9 Barry 40 63.8 Jaime 64 111.1 Wanda 34 82.5 Sam 63 80.4 Saundra 40 69.3 Pete 31 52.8 steve 28 54.0 Juan 36 58.7 Dave 58 72.3 Lee 52 88.6 Judd 43 60.2 Sunil 28 61.0 Marcia 54 75.8 Ellen 44 79.8 Iggy 36 70.2 Can we conclude that employee age helps in predicting average employee salary? Follow the 7 steps...

Accounting
1.2K views

Eastern Aviation operated both an airline and several restaurants located near airports. During the year just...

Calculus
1.2K views

The function f(x) =is increasing on the open interval (4x + 15x + 435.12z -...

Calculus
1.2K views

MORE VIDEOS Transcript Content attribution

Algebra
1.2K views

If a 6 7 foot arch has the dimensions and a pool noodle has the...

Algebra
1.2K views

1 8 Find the characteristic equation and the eigenvalues for the matrix 0 1 1...

Algebra
1.2K views

We get 0 5 and 3 5 0 are the pts The graphical representation is...

Accounting
1.2K views

On April 1, the company hired an attorney for April for a flat...

Accounting
1.2K views

Exercise 5-7 (Algo) Target Profit Analysis [LO5-6] Lin Corporation has a single product whose selling...

Accounting
1.2K views

Distian General Instruction: a. Read each instruction carefully. b. Write your answers clearly. c. Avoid...

Finance
1.2K views

Please show work if possible Battle Creek Cereal Company has four main products: Corn...