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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
Opening stock
1,500
20
Jan
1
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 Copyright © 2010-2014 Tutorhelpdesk.com
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Solution: Stock ledger Sheet (Assumption: FIFO)
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Date 1
Jan
Receipts
Issued
-
Balance 1,500x20 =30,00
10 Feb
750x25=18,750
-
15 March
600x22=13,200
1,500x20 + 300x25 = 37,500
10 April
_
450x25 + 300x22 = 17,850
450x25 + 600 x 22 =24,450
15 May
600x25=1,500
-
300 x 22 = 6,600
10 June
_
300x22 + 400x25 = 17,850
300x22 + 600x25 = 21,600
1,500x20 + 750x25 = 48,750
150 x 25 =3,750
Cost of goods sold =$ 37,500 + $ 17,850+ $ 17,850 =$ 73,200
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