HelloKindly answer the assignment as restricted- Accounting courseNo plagiarismis a must.College of Administrative and Financial Sciences
Deadline: (end of week 12) 21 /11/ 20 @ 23:59
Student’s ID Number:
Academic Year: 144X/144X H
For Instructor’s Use only
Students’ Grade: …… /5
Level of Marks: High/Middle/Low
Instructions – PLEASE READ THEM CAREFULLY
• The Assignment must be submitted on Blackboard (WORD format only) via allocated
• Assignments submitted through email will not be accepted.
• Students are advised to make their work clear and well presented, marks may be
reduced for poor presentation. This includes filling your information on the cover page.
• Students must mention question number clearly in their answer.
• Late submission will NOT be accepted.
• Avoid plagiarism, the work should be in your own words, copying from students or
other resources without proper referencing will result in ZERO marks. No exceptions.
• All answered must be typed using Times New Roman (size 12, double-spaced) font.
No pictures containing text will be accepted and will be considered plagiarism).
• Submissions without this cover page will NOT be accepted.
Q1. Come up with a merchandise company scenario, where this company performed four
purchasing transactions and two sales transactions. Then, calculate the balance of ending
inventory and cost of goods sold after each sales transaction, assuming the company used the
FIFO, Moving Average Cost. Use the following table to answer. (2 mark)
Q2. ABC Inc. uses the retail inventory method to estimate ending inventory for its monthly
financial statements. The following data pertain to a single department for the current month.
Prepare a schedule computing estimate retail inventory using the conventional methods.
Round numbers. (1 mark).
Q3. In your own words, discuss (1) the different reasons why a company would decide to dispose
its plant assets, (2) the steps needs to be done to account for the disposal. (3) Give a numeric
example. (2 mark).
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