On January 1, Baker's Battery Retails had the following inventory on hand: 150 Lithium-ion Batteries which...

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On January 1, Baker's Battery Retails had the following inventory on hand: 150 Lithium-ion Batteries which cost $9,500 each 150 Lead Acid Batteries which cost $11,500 each The record of purchases and sales for two of the most common batteries sold by Baker's Battery Retail in the month of January showed the following: 1. Details Jan-02 Jan-06 Jan-08 Jan-11 Jan-13 Jan-15 Jan-20 Jan-22 Jan-27 Purchases 500 @ $8,200 Lithium-Ion Batteries Sales 400 @ $8,200 SECTION B 700 @ $8,000 600 @ $8,000 (a) FIFO Method (b) LIFO Method (c) AVCO Method 400 @ $9,500 200 @ $9,700 800 @$9,700 700 @ $9,700 Lead Acid Batteries Purchases 200 @ $9,000 600 @ $9,000 Sales 100 @ $11,500 50 @ $11,500 150 @ $11,500 400 @ $11,500 For EACH category of inventory, draw up a Stock Record Card to record the movement of car batteries into and out of the store, using the (30 marks) 2. Using the FIFO Method, prepare the Trading Account for the period ending 31 January 2023. (4 marks) 3. Which of the Stock Valuation Methods would return the lowest Gross Profit for Baker's Battery Retail? (1 mark) On January 1, Baker's Battery Retails had the following inventory on hand: 150 Lithium-ion Batteries which cost $9,500 each 150 Lead Acid Batteries which cost $11,500 each The record of purchases and sales for two of the most common batteries sold by Baker's Battery Retail in the month of January showed the following: 1. Details Jan-02 Jan-06 Jan-08 Jan-11 Jan-13 Jan-15 Jan-20 Jan-22 Jan-27 Purchases 500 @ $8,200 Lithium-Ion Batteries Sales 400 @ $8,200 SECTION B 700 @ $8,000 600 @ $8,000 (a) FIFO Method (b) LIFO Method (c) AVCO Method 400 @ $9,500 200 @ $9,700 800 @$9,700 700 @ $9,700 Lead Acid Batteries Purchases 200 @ $9,000 600 @ $9,000 Sales 100 @ $11,500 50 @ $11,500 150 @ $11,500 400 @ $11,500 For EACH category of inventory, draw up a Stock Record Card to record the movement of car batteries into and out of the store, using the (30 marks) 2. Using the FIFO Method, prepare the Trading Account for the period ending 31 January 2023. (4 marks) 3. Which of the Stock Valuation Methods would return the lowest Gross Profit for Baker's Battery Retail? (1 mark)

Answer rating: 100% (QA)

1 Stock Record Cards a FIFO Method Lithiumion Batteries Opening Inventory 9500 150 1425000 Jan02 Purchase 500 units 8200 4100000 Jan06 Sales 200 units ... View the full answer