A car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the use additional costs include . $200 for transportation-in. $180 for shipping insurance. • $750 for car import duties. . $170 for advertising. $2,000 for sales staff salaries. $100 for trimming shrubs. Cost Transportation-in Import duties Insurance during shipment $ Cost 17,000 200 750 180 Included in Inventory Cost Expensed as Incurred

A car dealer acquires a used car for $17,000, with terms FOB shipping point. Compute total inventory costs assigned to the use additional costs include . $200 for transportation-in. $180 for shipping insurance. • $750 for car import duties. . $170 for advertising. $2,000 for sales staff salaries. $100 for trimming shrubs. Cost Transportation-in Import duties Insurance during shipment $ Cost 17,000 200 750 180 Included in Inventory Cost Expensed as Incurred

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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journalize
What is my Cost of Inventory?
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Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…
Prepare an inventory card showing the pricing of issues and ending inventory on the basis of (a) Simple Average and (b) FIFO methods from the following information 2016 March 1 Purchased 100 units @ Rs.10 each March 2 Purchased 200 units @ Rs. 12 each. March 5 Issued 250 units to Job. March 7 Purchased 200 units @ Rs. 15 each March 10 Purchased 300 units @ Rs.18 each March 13 Issued 200 units to Job March 18 Issued 200 units to Job March 20 Purchased 100 units @ Rs.15 each March 25 Issued 150 units to Job
JC ENTERPRISE SOLD MERCHANDISE FOR $120000.00 PURCHASE FOODS FOR $71000.00 PAID RENT $12000.00 PAID SALARY $ 3000.00 PAID UTILITIES EXPENSE $ 5000.00 PAID ADVERTISING EXPENSE $2000.00 PAID TRANSPORTATION EXPENSE $ 1200.00 PURCHASE SUPPLIES ON ACCOUNT $ 750.00 Prepare Journal Entries, General Ledger, Income Statement (Profit/Loss Statement) and Balance Sheet
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Anton Company uses the perpetual inventory method. Anton purchased 760 units of inventory that cost $7 each. At a later date the company purchased an additional 870 units of inventory that cost $9 each. If Anton uses the FIFO cost flow method and sells 1,150 units of inventory, the amount of cost of goods sold will be: Multiple Choice $10,350. $8,050. $10,420. $8,830.
Use the following information for The Tinted View, a retail merchandiser of auto windshields, to compute the cost of goods sold (Click the icon to view the information.) = Cost of Goods Sold Data table Web Site Maintenance Delivery Expense $ 7,600 1,000 Freight In 2,400 Purchases 50,000 Ending Merchandise Inventory 4,700 Revenues 68,000 Marketing Expenses 10,300 Beginning Merchandise Inventory 8,600 Print Done - X
Required: Journal Entries using PERIODIC INVENTORY SYSTEM 1- Paid P300 for store supplies bought from ABC Store. 7- Bought a typewriter from Honk Store for office use, P15,000. Terms: 2/10, n/30. 7- Paid the freight for the above purchase, P500. 8- Cash purchases, P6,000. 9- Bought merchandise from NOA Company, P20,000. Terms: 2/10, n/30. FOB Shipping point. 9- Paid freight for the above merchandise, P 300. 10- Account purchases from: Lilet P 15,000 2/10, n/30 Marimar 10,000 2/10, n/30 12- Received a credit memo for P1,000 from NOA for goods returned to them. 15- Bought merchandise from Mr. Cruz, P15,000. Terms: Down payment of P5,000 and the balance, a 6% 10-day note. 17- Paid in full the account on…