Question

Part III. Applications (20 MARKS) Direction: Answer the following questions. For each answer you MUST show your work. 1. Using the following information Sales $200,000 Beginning inventory 30,000 Net purchases 10,000 Ending inventory 5% of beginning inventory Operating expenses 10,000 Find Total cost of goods available for sale, Gross profit, and Net income. (9 marks) Marking Scheme: Correct computation& final answer = 3nseres each 2. The Gucci trading company discloses the following information for the month of August 2021. Beginning Inventory: Purchases: Sales: Instructions: Aug 1 20 units @ $2 $40 Aug 8 30 units @ $3 90 Aug 9 40 units @ $4 160 Aug 12 30 units Aug 25 40 units Under a periodic inventory system, compute the cost of good sold & ending inventory cost at Aug 31 under FIFO & LIFO (Marking Scheme (FIFO): 1 Mark for each step x 6 = 6 marks) (Marking Scheme (LIFO): 1 Mark for each step x 5 = 5 marks)

          Part III. Applications (20 MARKS)
Direction: Answer the following questions. For each answer you MUST show your work.
1. Using the following information
Sales
$200,000
Beginning inventory
30,000
Net purchases
10,000
Ending inventory
5% of beginning inventory
Operating expenses
10,000
Find Total cost of goods available for sale, Gross profit, and Net income. (9 marks)
Marking Scheme: Correct computation& final answer = 3nseres each
2. The Gucci trading company discloses the following information for the month of August 2021.
Beginning Inventory:
Purchases:
Sales:
Instructions:
Aug 1
20 units @ $2 $40
Aug 8
30 units @ $3
90
Aug 9
40 units @ $4
160
Aug 12
30 units
Aug 25
40 units
Under a periodic inventory system, compute the cost of good sold & ending inventory cost at Aug
31 under FIFO & LIFO
(Marking Scheme (FIFO): 1 Mark for each step x 6 = 6 marks)
(Marking Scheme (LIFO): 1 Mark for each step x 5 = 5 marks)

Part III. Applications (20 MARKS)
Direction: Answer the following questions. For each answer you MUST show your work.
1. Using the following information
Sales
200,000
Beginning inventory
30,000
Net purchases
10,000
Ending inventory
5% of beginning inventory
Operating expenses
10,000
Find Total cost of goods available for sale, Gross profit, and Net income. (9 marks)
Marking Scheme: Correct computation final answer = 3nseres each
2. The Gucci trading company discloses the following information for the month of August 2021.
Beginning Inventory:
Purchases:
Sales:
Instructions:
Aug 1
20 units @2 40
Aug 8
30 units @3
90
Aug 9
40 units @ 4
160
Aug 12
30 units
Aug 25
40 units
Under a periodic inventory system, compute the cost of good sold ending inventory cost at Aug
31 under FIFO LIFO
(Marking Scheme (FIFO): 1 Mark for each step x 6 = 6 marks)
(Marking Scheme (LIFO): 1 Mark for each step x 5 = 5 marks)

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