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1. Accounting Homework Help | Accounting Assignment Help
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About Accounting: The term accountancy is derived form the French word “Computer” which means to calculate. It is an instrument within organizations that helps to regulate the financial stability of organizations. The growth of accountancy can be traced to ancient Mesopotamia where accounts were maintained to keep record of cattle and crops. In the ancient times there was only record keeping. Gradually with the growth of business and changes in the form of businesses there was need for a structured approach to the subject. This led to the development of various concepts and conventions that made the approach to the process of accounting similar across business organizations. The various conventions that are standardized are the Generally Accepted Accounting Principles, or GAAP and International Financial Reporting Standards. Accounting homework help today is regarded as the language of business. The information provided by the accounts are of use to the internal business as well as to the outside parties. The process of reporting to the outside parties is called management accounting. This provides a financial premise to the various decisions taken by the management. The basic formula of accountancy is assets=liabilities + equity. It is the Balance Sheet that is the last report of accountancy. Sample Accounting Homework Help Questions: INVENTORY VALUATION PROBLEM & SOLUTIONS: Calculate by FIFO method of inventory valuation, the cost of goods sold and value of ending inventory from the following data: Date Transaction Units Price Per Unit Jan 1 Opening stock 1,500 20 Feb 10 Purchases 750 25 March 15 Purchases 600 22 March 15 Sold FIFO 1,800 _ April 10 Sold FIFO 750 _ May 15 Purchases 600 25
June 10 Sold FIFO 750 _

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Solution: Stock ledger Sheet (Assumption: FIFO)

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Cost of goods sold =$ 37,500 + $ 17,850+ $ 17,850 =$ 73,200
Date
Receipts
Issued
Balance
1 Jan
10 Feb 15 March 10 April 15 May 10 June
- 750x25=18,750 600x22=13,200 _ 600x25=1,500 _
- 1,500x20 + 300x25 = 37,500 450x25 + 300x22 = 17,850 - 300x22 + 400x25 = 17,850
1,500x20 =30,00 1,500x20 + 750x25 = 48,750 450x25 + 600 x 22 =24,450 300 x 22 = 6,600 300x22 + 600x25 = 21,600 150 x 25 =3,750