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Assignments Account11

The document outlines an assignment for Financial Accounting, requiring calculations of perpetual inventory costs using LIFO and FIFO methods. It includes questions on the differences between current and fixed assets, sales revenue and fees earned, and a definition of depreciation with its formula. Additionally, it provides data for inventory transactions to facilitate the calculations.

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ismail farah indhogudhan
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18 views1 page

Assignments Account11

The document outlines an assignment for Financial Accounting, requiring calculations of perpetual inventory costs using LIFO and FIFO methods. It includes questions on the differences between current and fixed assets, sales revenue and fees earned, and a definition of depreciation with its formula. Additionally, it provides data for inventory transactions to facilitate the calculations.

Uploaded by

ismail farah indhogudhan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

Assignments: Financial Accounting.

Answer these questions by using your understanding and calculate


perpetual inventory costs both of them lifo and fifo method. (10marks)

Name: _________________________________________Date___/___/2025
1) What is the different between current asset and fixed asset? (2marks)
2) Differentiate sales revenue and fees earned? (2marks)
3) Define Depreciation and write its formula? (2marks)
4) Calculate Perpetual Inventory Costs by using LIFO and FIFO method (4marks)

Item Units Cost Price


Feb 1 inventory 20 $10
2 Sale 4 $ 40
4 purchase 10 $12
8 Sale 3 $ 42
15 Sale 2
25 Sale 12
28 Purchase 5 $15

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