SOLUTION: ACCT 201 Saudi Electronic University Accounting Questions Worksheet

Attached. Please let me know if you have any questions or need revisions.College of Administrative and Financial SciencesAssignmentDeadline: (end of week 11) 14 /11/ 20 @ 23:59Course Name:Student’s Name:Course Code:Student’s ID Number:Semester: IICRN:Academic Year: 144X/144X HFor Instructor’s Use onlyInstructor’s Name:Students’ Grade: …… /5Level of Marks: High/Middle/LowInstructions – PLEASE READ THEM CAREFULLY• The Assignment must be submitted on Blackboard (WORD format only) via allocatedfolder.• Assignments submitted through email will not be accepted.• Students are advised to make their work clear and well presented, marks may bereduced 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 orother 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.Assignment Question(s):(Marks. 5)Q1. Come up with a merchandise company scenario, where this company performed fourpurchasing transactions and two sales transactions. Then, calculate the balance of endinginventory and cost of goods sold after each sales transaction, assuming the company used theFIFO, Moving Average Cost. Use the following table to answer. (2 mark)Answer:DatePurchaseSales (COGS)Ending inventoryDec31000units@$2.5=$25001000units@$2.5=$2500Dec 101500units@3.0=45001500units@3.0=4500Dec 121000units@$2.5=$2500800units@3.0=2400Dec 142000 units@$3.5=7000700units@3.0=2100700units@3.0=21002000 units@$3.5=7000Dec 16700units@3.0=2100700units@3.75=2625Dec 203000units@$4=120001300unit…

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