[Question 16 to Question 23] - 40 Marks SIX practical (calculation) and interpretation questions...

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[Question 16 to Question 23] - 40 Marks ■ ■ SIX practical (calculation) and interpretation questions Questions from Week 5, Week 9, Week 10, Week 11 and Week 12 lecture topics. Question 16 (4 marks) Inventories and purchases for the month of June for Superstar Ltd are as follows: Date Detail Units Cost per unit 1-June Inventory 9 000 $18 15-Jun Purchase 13 000 20-Jun Purchase 15 500 30-Jun Inventory 18 000 Superstar Ltd uses the periodic inventory system. $20 $21 - Total cost $162 000 260 000 325 500 Required a) Determine the cost of ending inventory for the month of June under FIFO cost flow assumption. (2 marks) b) Determine the cost of sales for the month of June under FIFO cost flow assumption. (2 marks). [Question 16 to Question 23] - 40 Marks ■ ■ SIX practical (calculation) and interpretation questions Questions from Week 5, Week 9, Week 10, Week 11 and Week 12 lecture topics. Question 16 (4 marks) Inventories and purchases for the month of June for Superstar Ltd are as follows: Date Detail Units Cost per unit 1-June Inventory 9 000 $18 15-Jun Purchase 13 000 20-Jun Purchase 15 500 30-Jun Inventory 18 000 Superstar Ltd uses the periodic inventory system. $20 $21 - Total cost $162 000 260 000 325 500 Required a) Determine the cost of ending inventory for the month of June under FIFO cost flow assumption. (2 marks) b) Determine the cost of sales for the month of June under FIFO cost flow assumption. (2 marks).

Answer rating: 100% (QA)

a Cost of ending inventory under FIFO for June is Units bought on 1 J... View the full answer