ACC 202-Assignment II-Homework Assignment II-Homework Total 100 points Student ID: Student Name: Section: Instructions: Answer the following questions. Write your answers in the space provided below. Question 1, Zhu Company, Ltd. reports the following for the month of June. Date Explanation Units & Unit cost Total Cost June 1 Inventory 200 units @ 5 1,000 June 12 Purchase 300 units @ 6 1,800 June 23 Purchase 500 units @ E7 3,500 The physical inventory count on June 30 shows 160 units remain unsold. Instructions: Calculate the cost of the ending inventory and cost of goods sold for FIFO, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of 8 and a sale of 440 units on June 27 for 9. (40 points) Answer: ACC 202 Assienment I Homework ACC 202-Assignment II-Homework Question 2 Presented below is information for Aryor Company for the month of March 2017 Cost of goods sold Interest Expense Freight-out Loss on sale of shares Salaries and wages expense Inventory Rent expense payable 242,000 2,000 7,000 3,500 63,000 5,000 12,000 Rent expense Interest tax expense Sales discounts Sales returns Sales revenue Gain on sale of property Insurance expense 30,000 6,000 8,000 13,000 410,000 15,000 17,000 Instructions: Prepare an income statement. Calculations for net sales, gross profit, income before interest and tax and net income should be presented in a proper format. Also, compute the gross profit rate. (60 points) Answer: ACC 202-Assignment II-Homework Assignment II-Homework Total 100 points Student ID: Student Name: Section: Instructions: Answer the following questions. Write your answers in the space provided below. Question 1, Zhu Company, Ltd. reports the following for the month of June. Date Explanation Units & Unit cost Total Cost June 1 Inventory 200 units @ 5 1,000 June 12 Purchase 300 units @ 6 1,800 June 23 Purchase 500 units @ E7 3,500 The physical inventory count on June 30 shows 160 units remain unsold. Instructions: Calculate the cost of the ending inventory and cost of goods sold for FIFO, using a perpetual inventory system. Assume a sale of 400 units occurred on June 15 for a selling price of 8 and a sale of 440 units on June 27 for 9. (40 points) Answer: ACC 202 Assienment I Homework ACC 202-Assignment II-Homework Question 2 Presented below is information for Aryor Company for the month of March 2017 Cost of goods sold Interest Expense Freight-out Loss on sale of shares Salaries and wages expense Inventory Rent expense payable 242,000 2,000 7,000 3,500 63,000 5,000 12,000 Rent expense Interest tax expense Sales discounts Sales returns Sales revenue Gain on sale of property Insurance expense 30,000 6,000 8,000 13,000 410,000 15,000 17,000 Instructions: Prepare an income statement. Calculations for net sales, gross profit, income before interest and tax and net income should be presented in a proper format. Also, compute the gross profit rate. (60 points)