Answer Happy

Q5- (8 Marks: c1 8): Al Hilal Company sells one product. Presented below is information for March for Al Hilal Company. Mar. 2 Inventory 110 sale 90 Purchase 160 sale 130 Purchase 170 sale 110 5 12 14 22 28 units at BD6 each units at BD8 each units at BD6 each units at BD8.5 each units at BD7 each units at BD9 each Al Hilal uses the Average Cost flow assumption. All purchases and sales are on account. Required: Based on the above data use your advance skills to; a. Assume Al Hilal uses a periodic system, prepare all necessary journal entries, including the end- of-month closing entry, to record cost of goods sold. physical count indicates that the ending inventory for March is 110 units, Assume Al Hilal uses a periodic system. (4 Marks) b. Compute gross profit using the periodic system. (4 Marks)