Complete the Following Schedule Based on the Data Given Below

question 28

Essay

Complete the following schedule based on the data given below: $$\begin{array} { | l | c | c | } \hline & \text { Unit } & \text { Unit } \\\hline & \text { Transaction Order } & \text { Cost } \\\hline \text { 1. Beginning inventory } \ldots \ldots \ldots \ldots \ldots & 8,000 & \$ 2.00 \\\hline \text { 2. Purchase............. } & 12,000 & 1.10 \\\hline \text { 3. Sale } (@ \$ 4.00 ) \ldots \ldots \ldots \ldots \ldots \ldots & 14,000 & \\\hline \text { 4. Purchase............. } & 4,000 & 1.30 \\\hline\end{array}$$ $$\begin{array} { | l | l | l | } \hline & \text { Ending } & \text { Cost of } \\\hline& \text { Inventory } & \text { Goods Sold } \\\hline \text { a. FIFO } \ldots \ldots \ldots \ldots \ldots \ldots \ldots \ldots & \$\_\_\_ & \$\_\_\_ \\\hline \text { b. Annual weighted average } \ldots \ldots \ldots \ldots & \$\_\_\_ & \$\_\_\_ \\\hline\end{array}$$

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Definitions:

Statement of Activities

A financial report summarizing a nonprofit organization's revenues, expenses, and changes in net assets for a specific period.

Supporting Service Costs

Expenses related to activities that do not directly contribute to a company's primary business operations but support the overall functionality and efficiency of the business.

Voluntary Health

Health services or insurance schemes that individuals choose to participate in, as opposed to being compulsory.

Statement of Operations

A financial report that summarizes a company's revenue, expenses, and profits/losses over a specific period of time.