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:

Note Payable

A written promise to pay a specific amount of money, either on demand or at a set future date, typically used in business to document debt agreements.

Debtor's Book Value

The value of all debts owed to a company, often reflecting the accounts receivable balance on the balance sheet.

Unsecured Creditors

Creditors who have lent money without taking any collateral, thus bearing a higher risk in case of debtor's default.