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answer these in 2 hour thankyou i will thumb up. i rpeat i need all 4
QUESTIONS 20, 21, 22 AND 23 Crystal Ltd. specialises in retailing one product. The firm purchases its inventory from a regional wholesaler and sells through a catalogue. Details of Crystal Ltd's purchases and sales for the month of May 2021 are as follows: Purchases Date 6th May 18th May 28th May Units received 30 36 40 Production cost per unit 20.00 25.00 28.00 Sales Date 10th May 20th May May Units sold 25 38 37 Sales price per unit 40.00 60.00 70.00 29th Note: Crystal Ltd had no opening inventory at 1.5.21 QUESTION 20 What is the purchases figure for Crystal Ltd's Statement of profit or loss? WORKINGS: ANSWER: (2 marks) QUESTION 21: What is the sales figure for Crystal Ltd's Statement of profit or loss? WORKINGS: ANSWER: (QUESTIONS CONTINUE ON NEXT PAGE) QUESTION 22 What would the closing inventory amount be under the FIFO inventory valuation? WORKINGS: ANSWER: (3 marks) QUESTION 23: What would the closing inventory amount be under the AVCO inventory valuation using the perpetual method? WORKINGS: ANSWER: (4 marks)
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