Question: Solve this please, and pls I want a short format, Thanks in Advance Question 4.4 Inventory data for Mushroom Corporation for the year ended December
Solve this please, and pls I want a short format, Thanks in Advance
Question 4.4
Inventory data for Mushroom Corporation for the year ended December 31, 2023, are as follows:
Beginning inventory 50 units at $150 each
March 31 purchase 50 units at $155 each
1st quarter sales 60 units
June 30 purchase 55 units at $160 each
2nd quarter sales 70 units
September 30 purchase60 units at $170 each
Required
- Compute the perpetual ending inventory balance on December 31, 2023, using:
- FIFO
- Weighted-average
Question 4.5 (Total: 21 marks)
The following data are available for Yoshi Corporation:
Beginning inventory | $12,500 |
Purchases returns and allowances | 800 |
Purchases | 45,000 |
Sales | 85,400 |
Purchases discounts | 1,200 |
Sales returns | 2,000 |
Sales discounts | 1,300 |
Operating expenses | 31,700 |
Ending inventory | 15,000 |
Compute the following
Required
- Net purchases
- Net sales
- Cost of goods sold
- Gross profit
Question 4.6 (Total: 12 marks)
Calculate inventory turnover for the following independent situations.
Required
- Ending inventory $25,000
Purchases during the year127,000
Beginning inventory 30,000
- Purchases during the year$350,000
Beginning inventory 50,000
Ending inventory 42,500
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