Copy of Topic 6 Day 1 Practice

xlsx

School

Grand Canyon University *

*We aren’t endorsed by this school

Course

370

Subject

Accounting

Date

May 28, 2024

Type

xlsx

Pages

Uploaded by ChefMoleMaster3483

P7.2 (LO 2)(Inventory Adjustments) Dimitri Company, a manufacturer of small tools, provided the followin Inventory at December 31, 2025 (based on physical count of goods in Dimitri’s plant, at cost, on December 3 $1,520,000 Accounts payable at December 31, 2025 1,200,000 Net sales (sales less sales returns) 8,150,000 Additional information is as follows. Goods were in transit from a vendor to Dimitri on December 31, 2025. The invoice cost was $76,000, and th Work in process inventory costing $30,000 was sent to an outside processor for plating on December 30, 20 Instructions Inventory Accounts Payable Initial amounts $1,520,000 $1,200,000 Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31, 2025. T shipment was on Dimitri’s loading dock waiting to be picked up by the common carrier. Tools returned by customers and held pending inspection in the returned goods area on December 31, 2025 tools costing $32,000 were inspected and returned to inventory. Credit memos totaling $47,000 were issued Tools shipped to a customer f.o.b. destination on December 26, 2025, were in transit at December 31, 2025 customer on January 2, 2026, Dimitri issued a sales invoice for $42,000. Goods, with an invoice cost of $27,000, received from a vendor at 5:00 p.m. on December 31, 2025, were re not included in the physical count, but the invoice was included in accounts payable at December 31, 2025. Goods received from a vendor on December 26, 2025, were included in the physical count. However, the re December 31, 2025, because the accounts payable copy of the receiving report was lost. On January 3, 2026, a monthly freight bill in the amount of $8,000 was received. The bill specifically related still in the inventory at December 31, 2025. The freight charges were not included in either the inventory or Using the following tabular format, prepare a schedule of adjustments as of December 31, 2025, to the initi effect, if any, of each of the eight transactions on the December 31, 2025, amounts. If the transactions woul

Adjustments—increase (decrease) 1 2 $76,000 $76,000 3 $30,000 4 $32,000 5 $26,000 6 $27,000 7 $56,000 8 $4,000 $8,000 Total adjustments Adjusted amounts $1,715,000 $1,340,000

ng information from its accounting records for the year ended December 31, 2025. 31, 2025) he goods were shipped f.o.b. shipping point on December 29, 2025. 025. Net Sales $8,150,000 These tools had a cost of $31,000 and were billed at $40,000. The 5, were not included in the physical count. On January 8, 2026, the d to the customers on the same date. 5, and had a cost of $26,000. Upon notification of receipt by the ecorded on a receiving report dated January 2, 2026. The goods were elated $56,000 vendor invoice was not included in accounts payable at to merchandise purchased in December 2025, one-half of which was r in accounts payable at December 31, 2025. tial amounts per Dimitri’s accounting records. Show separately the ld have no effect on the initial amount shown, enter NONE.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

($40,000) ($47,000) $8,063,000

P7.4 (LO3) Compute FIFO, LIFO, and Average-Cost Concord Company’s record of transactions concerning part WA6 for the month of September was as follows. Purchases - Units and Unit Costs Sales - Total Units September 1 Balance 300 at $ 11.40 September 4 3 200 at 11.50 17 12 300 at 11.65 27 16 300 at 11.70 30 22 500 at 11.70 26 300 at 11.80 1900 Calculate weighted-average cost per unit. Assume that perpetual inventory records are kept in units only.

$ 11.64 -1 -2 -3 FIFO LIFO 4710 4656 -1 -2 -3 FIFO LIFO Weighted- average cost per unit Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 dec answers to 0 decimal places, e.g. 6,548.) Average- cost Ending inventory If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawa ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal to 2 decimal places, e.g. 6,548.25.) Average- cost Ending inventory

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

400 600 300 200 1500 . (Round

y records cimal plac al, what a l places, e

Related Documents

ACCT-513_Y Not Flowers Project Instructions_June 2021 (4).docx

Lang0050 Case Study Assessment 3.docx

BSBFIN501 Resources Task 2 - Finance Policy and Procedures.docx

BUSN 314 .docx

Ch 3 CE 24.xlsx

Screenshot 2024-05-26 212401.png

Rardin Milestone 1 ACC 345 Business Valuation.docx

Lakes_Report.pdf

HIM2135 MODULE 01 QUIZ.docx

IMG_0109.jpeg

4AC3_FINAL_EXAM_W16.docx.pdf

2_CJ_406_1_2_Journal.docx

Recommended textbooks for you

College Accounting, Chapters 1-27

Accounting

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:Cengage Learning,

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:Cengage Learning

Financial Accounting

Accounting

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Cengage Learning

Century 21 Accounting General Journal

Accounting

ISBN:9781337680059

Author:Gilbertson

Publisher:Cengage

SWFT Individual Income Taxes

Accounting

ISBN:9780357391365

Author:YOUNG

Publisher:Cengage

Individual Income Taxes

Accounting

ISBN:9780357109731

Author:Hoffman

Publisher:CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS

Recommended textbooks for you

College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Century 21 Accounting General Journal
Accounting
ISBN:9781337680059
Author:Gilbertson
Publisher:Cengage
SWFT Individual Income Taxes
Accounting
ISBN:9780357391365
Author:YOUNG
Publisher:Cengage
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT