Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. question 2 (11 marks) kiss the chef (ktc) is a suc

Question 2 (11 marks) Kiss The Chef (KTC) is a successful kitchen appliance and equipment...

50.1K

Verified Solution

Question

Accounting

image

Question 2 (11 marks) Kiss The Chef (KTC) is a successful kitchen appliance and equipment retailer. One of KTC's most popular products is a compact, 3-basket air fryer that sells for $140. On January 1, 2020, KTC's inventory consisted of 37 air fryers with a cost of $94 each. KTC made the following purchases of air fryers during the 2020 year: Date of Purchase Quantity Cost March 12 45 $96 June 25 26 $95 September 4 32 $97 KTC made the following cash sales of air fryers during the 2020 year: Date of Sale Quantity May 16 48 August 7 32 October 10 27 KTC uses a perpetual inventory system and the first-in, first-out (FIFO) inventory method. Required: 1. Calculate the value of ending inventory and the cost of goods sold for air fryers for the 2020 year. (8 marks) 2. Prepare any journal entries required for the sale of goods on October 10, 2020

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