Following transactions occurred in Delta Company Jan 1 Jan. 10 Jan. 22 Date Activities Beginning inventory...

 

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Following transactions occurred in Delta Company Jan 1 Jan. 10 Jan. 22 Date Activities Beginning inventory Purchases Sales Units purchases / acquired at cost price 20 units @ 12 30 units @ 13 Unit Sold 25 units @ 20 Required: a. Calculate closing inventory on 31st January using FIFO b. Calculate cost of goods sold on using FIFO, c. Differentiate between accrual basis and cash basis of accounting and determine which method is in complies with GAAP Following transactions occurred in Delta Company Jan 1 Jan. 10 Jan. 22 Date Activities Beginning inventory Purchases Sales Units purchases / acquired at cost price 20 units @ 12 30 units @ 13 Unit Sold 25 units @ 20 Required: a. Calculate closing inventory on 31st January using FIFO b. Calculate cost of goods sold on using FIFO, c. Differentiate between accrual basis and cash basis of accounting and determine which method is in complies with GAAP

Answer rating: 100% (QA)

a Closing inventory on 31st january using FIFO Total units Beginning Inventory Purchase 20 units 30 ... View the full answer