Jehad Company uses Periodic Inventory System and made the following transactions during May 2020 May 1...

 

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Jehad Company uses Periodic Inventory System and made the following transactions during May 2020 May 1 Purchased, 300 units at $ 2 each 15 Purchased, 400 units at $ 4 each 30 Purchased, 300 units at $ 6 each Given the sold units during May 650 units at $ 10 each. 1. Compute quantity & cost of goods avaliable for sale. 2. Compute the amount of sales revenues. 3. Compute each of the following under FIFO & WA methods: (a) Cost of ending inventory. (b) Cost of goods sold. (c) Gross income (or loss). (d) Net income (or Loss).assuming the o/e was $4,000 Jehad Company uses Periodic Inventory System and made the following transactions during May 2020 May 1 Purchased, 300 units at $ 2 each 15 Purchased, 400 units at $ 4 each 30 Purchased, 300 units at $ 6 each Given the sold units during May 650 units at $ 10 each. 1. Compute quantity & cost of goods avaliable for sale. 2. Compute the amount of sales revenues. 3. Compute each of the following under FIFO & WA methods: (a) Cost of ending inventory. (b) Cost of goods sold. (c) Gross income (or loss). (d) Net income (or Loss).assuming the o/e was $4,000

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1 QUANTITY AND COST OF GOODS AVAILABLE FOR SALE Date Quantity Computation Cost of goods available fo... View the full answer