401K Financial Planning

navjot asked:

Buzzo Ltd started in business on 1st January 2006. It bought 200 units of stock for £5 a unit on 2nd January 2006, 500 units of stock for £6 a unit on 10th January 2006, 300 units of stock for £4 a unit on 10th February 2006, and 500 units of stock for £10 a unit on 14th April 2006. On 24th January 2006, it sold 600 units of the stock for £8 a unit. On 1st March 2006, it sold 200 units for £7 a unit. On 1st June 2006, it sold 400 units for £12 a unit. These were its only transactions during 2006.

What was its Cost of sales for 2006 using the FIFO method of stock valuation?
what is the valuation of Buzzo Ltd’s closing stock on its balance sheet on 31st December 2006?
what was Buzzo Ltd’s Cost of Sales for 2006 using the LIFO method of stock valuation?
what is the value of the closing stock in Buzzo Ltd’s Balance Sheet at 31st December 2006 using the LIFO method of stock valuation?


Question posted courtesy of: Jerome

counterfox3 asked:

hi all,
i need suggestions on what is the most effective way to manage stock in a order system.

i have tblcustomer, tblorder, tbl,order line,tblstock, tbl supplier

so far i have built an update query which has the orders table and stock table and in the “current stock amount” field in the update part i put stock![current stock amount]-[order line]!quantity
and theres a parameter for entering order ID

so wud it be better to create a button in the orders form to run this query so its used every time an orders made?

i have a “quantity to order” in my stock table whats the best way tto manage this without manually entering it?

whats the best way to produce a stock report showing what needs 2 be ordered

or have i got it all wrong?

please can everyone who answers put it in simple steps please

and thank you for all who answer


Question posted courtesy of: Randy

The Great Gate asked:

On June 1, Herrera Inc. issues 2,800 shares of no-par common stock at a cash price of $9 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share. (For multiple debit/credit entries, list accounts in order of magnitude.)
Debit Cash For $25,200
Credit (BLANK) For $22,400
Credit (BLANK) For $2,800
It is weird because all the amounts are correct. Those dollar amounts are correct and debit cash for $25,200 is correct. But…..I put for the first (BLANK) Common Stock and it was incorrect and I tried to put for the first (BLANK) Treasury Stock and it was incorrect again. Second Blank I put paid in capital in excess of stated value and also incorrect. My options are dividends payable, retained earnings, common stock dividends distributable, common stock, cash, preferred stock, paid in capital in excess of par value, paid in capital in excess of stated value, and treasury stock. Good Luck!


Question posted courtesy of: Clyde