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310 of inventory, and obtained $960 of purchases discounts. Jill's in transportation-out cost. Salaries of sales personnel amounted to $41, 00. Cost of goods sold amounted to $103,300. ning balance in its inventory account of $12,200. During the accounting per

310 of inventory, and obtained $960 of purchases discounts. Jill's in transportation-out cost. Salaries of sales personnel amounted to $41, 00. Cost of goods sold amounted to $103,300. ning balance in its inventory account of $12,200. During the accounting per

FINANCIAL ACCOUNTING
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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Exercise 4-7A (Algo) Determining the cost of inventory LO 4-2, 4-3, 4-4 For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $50,500. During the accounting period, Jill's purchased $106,500 of inventory, returned $7,100 of inventory, and obtained $960 of purchases discounts. Jill's incurred $1,420 of transportation-in cost and $810 of transportation-out cost. Salaries of sales personnel amounted to $41,500. Administrative expenses amounted to $46,100. Cost of goods sold amounted to $103,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $12,200. During the accounting period, Ken's purchased $53,700 of inventory, obtained $1,620 of purchases allowances, and received $570 of purchases discounts. Sales discounts amounted to $850. Ken's incurred $1,320 of transportation-in cost and $470 of transportation-out cost. Selling and administrative cost amounted to $14,400. Cost of goods sold amounted to $38,100. Cost of goods available for sale Ending Inventory Jill's Dress Shop Ken's Bait Shop
Transcribed Image Text:Exercise 4-7A (Algo) Determining the cost of inventory LO 4-2, 4-3, 4-4 For each of the following cases determine the ending balance in the inventory account. (Hint. First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance.) a. Jill's Dress Shop had a beginning balance in its inventory account of $50,500. During the accounting period, Jill's purchased $106,500 of inventory, returned $7,100 of inventory, and obtained $960 of purchases discounts. Jill's incurred $1,420 of transportation-in cost and $810 of transportation-out cost. Salaries of sales personnel amounted to $41,500. Administrative expenses amounted to $46,100. Cost of goods sold amounted to $103,300. b. Ken's Bait Shop had a beginning balance in its inventory account of $12,200. During the accounting period, Ken's purchased $53,700 of inventory, obtained $1,620 of purchases allowances, and received $570 of purchases discounts. Sales discounts amounted to $850. Ken's incurred $1,320 of transportation-in cost and $470 of transportation-out cost. Selling and administrative cost amounted to $14,400. Cost of goods sold amounted to $38,100. Cost of goods available for sale Ending Inventory Jill's Dress Shop Ken's Bait Shop
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