1412028Totalsc. DeterminStart by enOnce all ofhand at theDateAug. 1312More infoAug. 1Aug. 3Aug. 12Aug. 15Aug. 20Aug. 288 $Beginning merchandise inventory, 10 books @ $15 eachSold 3 books @ $20 eachPurchased 8 books @ $18 eachSold 9 books @ $20 eachPurchased 4 books @ $20 eachSold 5 books @ $25 each18 SPrint1443 $Done15 S45- X10 S7 $7S8$18LACA15 S15 S15 S18 SCACATcord usew invof merHandToCo iGF4 JTotalsATd. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costingmethod.e gYStart by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction.Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and onhand at the end of the period. (Round weighted average unit cost to the nearest cent and total cost to the nearest dollar.)Inventory on HandUnitCostCalculator Ask my instructorDateAug. 1Totals312152028F5J&QuantityUF6 G8PurchasesUnitCostF7MENU9F8OTotalCost)0Cost of Goods SoldUnitCostQuantityPF9F10=TotalCostA/*}1F115QuantityⒸ/AUTOF12BackspacePrintScreenInsertTolCostDeleteLOClear allHomeKEndPausgBreakPageUpPageDownCheck answer12:46 PM3/29/2023SyncMaster 913vLock77□

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Description: 1412028Totalsc. DeterminStart by enOnce all ofhand at theDateAug. 1312More infoAug. 1Aug. 3Aug. 12Aug. 15Aug. 20Aug. 288 $Beginning merchandise inventory, 10 books @ $15 eachSold 3 books @ $20 eachPurchased 8 books @ $18 eachSold 9 books @ $20 eachP

Lets understand the basics. There are different inventory systems are followed by the entities which…

Answered: 15 20 28 otals More info Aug. 1 Aug. 3…

Business

Accounting

15 20 28 otals More info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Beginning merchandise inventory, 10 books @ $15 each Sold 3 books @ $20 each Purchased 8 books @ $18 each Sold 9 books @ $20 each

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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CNOWv2 Student Help x + enow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locato... 시기 wsing Protection X Chapter 9 < Cost of merchandise sold Inventories: Beginning of year eBook Inventory Turnover and Days' Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: End of year 20Y4 20Y3 X Inventory Turnover 20Y4 Show Me How 20Y3 CengageNOWv2 | Online t X Search 20Y4 $3,598,900 593,000 648,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Print Item 20Y3 $3,015,630 b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. OL 589,600 Days' Sales in Inventory days days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable 593,000 10 Q 813 PrtSc Insert S 1 3/
Question 8 0.5 points Save Answer Jlo uses a perpetual inventory system. The company's beginning inventory of a particular product and its purchases during the month of January were as follows: Beginning Inventory (Jan.1) 16 units @ $11 each 14 units @ $18 each Purchase Jan. 11 Purchase Jan. 20 23 units @ $22 each On January 24, the company sold 25 units of this product. The other 28 units remained in inventory at January 31. Assuming average cost flow, the total value of ending inventory at January 31 is: Round ONLY your final answer to the nearest dollar. GIVE ANSWERS FOR ALL NUMERIC COMPUTATIONS AS A SINGLE TOTAL DOLLAR AMOUNT WITHOUT USING $ SIGN Moving to another question will save this response. <
Ow.com 20om eBook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 46 units @ $24 7. Sale 32 units Purchase II 15 45 units @ $29 24 Sale 20 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, de October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 621 X b. Inventory on October 31 1,073 X Feedback Check My Work a. When the FIFO method is used, costs are included in cost inventory in terms of "layers". Determine how much in b. The ending inventory is made up of the
.ll Verizon LTE 11:41 AM 1 0 77% AA v2.cengagenow.com CengageNOWv2 | Online teaching and learning resource from Cengage Leaming Close Window Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Mar. 1 Inventory 270 units at $18 Sale 225 units 15 Purchase 375 units at $20 27 Sale 240 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31. a. Cost of merchandise sold on March 27 %24 b. Inventory on March 31 4. PE.07-04B O eBook Show Me How Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29 Sale 280 units a. Assuming a perpetual inventory system and using the weighted average method, determine the weighted average unit cost after the October 22 purchase. Round your answer…
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April 2 15 20 Total Item Beta Purchase Purchase Purchase a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Units Average cost per unit Assume that one unit is sold on April 27 for $300. 1 1 -|-| 1 Gross Profit 160 200 ✓ Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Cost 180 ✓ $100 120 140 $360 $120 ($360 3 units) ÷ Ending Inventory X
Date Apr. 3 8 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 72 120 72 36 120 216 Per Unit $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 Total $43,200 103,680 192,000 120,000 96,000 144,000 72,000 105,600 151,200 201,600 207,360 226,800
.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…
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Chapter 12 Homework eBook Show Me How Print Item Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228. 3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229. 5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230. 7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231. ACCOUNTS RECEIVABLE DEBIT Page: 1 SALES TAX PAYABLE CREDIT > SALE NO. POST. REF. SALES CREDIT DATE TO WHOM SOLD М.d 1 1 М. d 2 2 М.d М.d 4 4 3.