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LESSON 10: THE PERPETUAL SYSTEM ACTIVITY L. Give the necessary journal entries under the periodic inventory system and the perpetual inventory system. Bum Supplies purchases P 150,000 worth of merchandise from Clumsy Traders on account, terms 1/10, n/30 on August 15. P 20,000 worth of damage goods were returned to Clumsy Traders the following day. Full payment was made on August 25. Periodic Inventory Perpetual Inventory Aug 15 16 25

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Problem 10 Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 2/10, n/30. l notb Required: dtbedeldetes e Using the net method of recording purchases, complete the following: 1. Record the purchase of the inventory. (bool 2. Record the payment of the invoice within the discount period. 3. Record the payment of the invoice after the discount period.

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Exam 3 Chapters 4-5 i 16 ! Required information Saved Part 4 of 4 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 5 points Date March 1 March 5 March 9 01-12:07 March 18 March 25 March 29 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Units Acquired at Cost 130 units @ $51.60 per unit 240 units @ $56.60 per unit 100 units @ $61.60 per unit 180 units @ $63.60 per unit Units Sold at Retail 290 units @ $86.60 per unit Totals 650 units 160 units @ $96.60 per unit 450 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 80 units from beginning inventory, 210 units from the March 5 purchase, 60 units from the March 18 purchase, and 100 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final…

101- Final Exam Part The Boxwood Company sells blankets for $34 each. The following was taken from the inventory records during May. The company had no beginning inventory on Ma Date Blankets Units Cost May 3 Purchase 10 $16 Sale 4 17 Purchase 14 $17 20 Sale 4 Sale 3 23 Purchase 12 $20 Assuming that the company uses the perpetual inventory system, determine the May 31 inventory balance using the FIFO inventory cost method. a. $500 Ob. $400 C. $461 Od. $425 All work saved.

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Brief Exercise 6-3 Calculate cost of goods sold (LO6-2) At the beginning of the year, Bryers Incorporated reports inventory of $7,400. During the year, the company purchases additional inventory for $22,400. At the end of the year, the cost of inventory remaining is $9,400. Calculate cost of goods sold for the year. e to search SUS

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11 points eBook Rachet Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Rachet's records are as follows: Inventory at December 31 (based on a physical count of goods in Rachet's warehouse on December 31) Accounts payable at December 31: Vendor Boxes Company Terms $ 1,250,000 2%, 10 days, net 30 Amount $ 265,000 Print Crates Company Driver Company References Express Company Net 30 210,000 Net 30 Net 30 300,000 225,000 Net 30 Net 30 Accounts payable, December 31 $ 1,000,000 Freight Company Gears Company Sales for the year Additional Information: $ 9,000,000 1. Parts held by Rachet on consignment from Crates, amounting to $155,000, were included in the physical count of goods in Rachet's warehouse and in accounts payable at December 31. 2. Parts totaling $22,000, which were purchased from Freight and paid for in December, were sold in the last week of the year and appropriately recorded as sales of $28,000. The parts were included in the…

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✓ 1. $10,700 SHOW ME HOW EXCEL TEMPLATE PR 6-5A Periodic inventory by three methods Obj. 2, 4 Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appli- ances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Model A10 B15 E60 G83 Inventory, March J34 M90 Q70 Inventory, January 1 8 at $176 3 at 75 7 at 242 12 at 240 2 at 108 5 at 160 Purchases Invoices 1st 4 at $ 64 158 65 4 at 3 at 6 at 250 10 at 246 2 at 110 4 at 170 2nd 4 at $ 70 3 at 170 15 at 68 5 at 16 at 260 267 3 at 128 4 at 175 3rd 4 at $ 76 6 at 184 9 at 70 10 at 259 270 16 at 3 at 130 7 at 180 Inventory Count, December 31 6 8 5 9 15 5 8 (Continued)

Problem 6-6B (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of November, Yoshi Incorporated's inventory consists of 59 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 100 units of inventory on account from Toad Incorporated for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $300. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Incorporated in full. November 16 Sell 100 units of inyentory to customers/on account, $13,900. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the…

Chapter 5 Quiz Using the following information for a periodic inventory system, what is the amount of net income? Purchases $32,000 Selling expense $960 2. Inventory, September 1 5,700 Inventory, September 30 6,370 3. Administrative expense 910 Sales 63,000 Rent revenue 1,200 Interest expense 1,040 4. Oa. $28,310 5. Ob. $29,510 Oc. $29,350 6. Od. $29,960 7. 8. 9. 10. 11. 12. 13. V

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QS 4-5 (Algo) Recording purchases, returns, and discounts taken LO P1 Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,250 units of product at a cost of $20 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5. November 7 Returned 40 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7.

Exhibit 6-4 Use the data below to answer the questions that follow. Assume that the company uses the perpetual inventory system. Jan. 1 10 17 25 Select one: On hand, 60 units at $50.00 each Purchased 80 units at $55.25 each Sold 100 units a. $5,420 b. $5,200 c. $5,300 d. $5,210 Purchased 90 units at $51.50 each 31 On hand, 130 units If the moving average method is used, what in the amount assigned to cost of goods sold for the units sold on January 17? $3,000 4,420 4,635

Nov. 1   Inventory   25 units @ $4.90 each 8   Purchase   98 units @ $5.30 each 17   Purchase   49 units @ $5.15 each 25   Purchase   74 units @ $5.40 each A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. Cost of goods sold under FIFO is $853. $425. $441. $869.       Save for Later

Exercises 223 Waren's Gift Shop uses a periodic inventory system. At December 31, Year 1, the sccounting EXERCISE 5.7 records include the following information: Periodic Inventory Systems LO 4 Inventory (as of December 31, Year 1) Net sales.. $ 10,400 198.300 105.000 .... Purchases A complete physical inventory taken at December 31, Year 2, indicates merchandise cost- ing $9.600 remains in stock. a. How were the amounts of beginning and ending inventory determined? b. Compute the amount of the cost of goods sold in Year 2. c. Prepare two closing entries at December 31, Year 2, that will have the effects of creating a Cost of Goods Sold account with the appropriate balance and bringing the Inventory account up-to-date. d. Prepare a partial income statement showing the shop's gross profit for the year. e. Describe why a company such as Warren's Gift Shop would use a periodic inventory sys- tem rather than a perpetual inventory system. EVER

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Question content area top Part 1 Zephron Music purchased inventory for $ 4 comma 200 and also paid a $ 380 freight bill. Zephron Music returned 20​% of the goods to the seller and later took a 2​% purchase discount. Assume Zephron Music uses a perpetual inventory system. What is Zephron Music​'s final cost of the inventory that it​ kept? (Round your answer to the nearest whole​ number.)

Problem 6-3B (Algo) Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) At the beginning of June, Circuit Country has a balance in inventory of $2,100. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $1,800, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $220. June 8 Return defective radios to Radio World and receive credit, $200. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,200, that had a cost of $2,300. June 18 Receive payment on account from customers, $2,200. June 28 Purchase radios on account from Sound Unlimited for $2,900, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,400, that had a cost of $2,700. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full. Required: 1. Assuming that Circuit…

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