-13 Post the transactions to the Merchandise Inventory account. Compare the total in this account with the total of the cash paid during March by Sunland for the purchase of inventory. (Note: Assume there were no sales of inventory in March.) (Post entries in the order of journal entries presented in the previous part.) Merchandise Inventory Question 1 of 4 K > > > > > V
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- pr.2es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…Inventory purchased on credit in the periodic system, select one?
- A-7Please do not give solution in image format thankuDate Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
- Question 3 Use the following information for question 3 (i) and (ii). (i) Beacon Factory, Inc. uses a perpetual inventory system. The company's beginning inventory and purchases of a particular product during the month of May were as follows: Quantity Unit Cost ($) Beginning inventory (1 May) 32 5 Purchases (11 May.) 46 7.5 Purchase (25 May.) 28 6 On 24 May, Beacon Factory, Inc. sold 50 units of this product. The other units remained in inventory at 3 1 May. (i) Refer to the above data. Assuming that Beacon Factory uses the FIFO flow assumption, the ending inventory at 31 May is: A: $268. B: $295. C: $378. D: $405. (ii) Refer to the above data. Assuming that Beacon Factory uses the weighted average cost flow assumption, the cost of goods sold to be recorded at 24 May is: A: $323. B: $308. C: $273 D: $347.Please do not give solution in image format thankuProblem 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…
- question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8