ASF and Company acquired a Machine for 100,000 with an expected useful life of 5 year and a 10,000 expected residual value Prepare a tabular comparison of the annual depreciation and book value for each year under straight line , % method 20% and sum of the year digits method  

ASF ltd had the following inventory transactions during the month of January

Month                                  Items                                                     Units                                     @

1/1                                         beginning inventory                        1500                                       2.00

First week                           Purchases                                           2500                                       2.10

2^nd Week                             Purchase                                             2500                                       2.20

3^rd week                               Purchase                                             1500                                       2.30

4^th Week                              Purchase                                              2000                                       2.40

Case 1   On January 31 account of the ending inventory was completed and 10,000 units were on hand. by using the periodic inventory system calculate the cost of goods sold ending inventory and gross profit using LIFO FIFO Average method.

Case II On January 31 account of the ending inventory was completed and 4,275 units were on hand. system calculate the cost of goods sold ending inventory and gross profit using LIFO FIFO Average method with the help of stock card .

Answer rating: 100% (QA)

Note Every things are right in the given information But in question number 5 Case 1 it should be ending inventory in hand 1000 units but it was wrongly mentioned as 10000 unitsTyping error If 10000 u... View the full answer