A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $300 for transportation-in. $140 for shipping insurance. • $880 for car import duties. $130 for advertising. $1,000 for sales staff salaries. • $170 for trimming shrubs. ● Cost Expensed as incurred Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total 0 $ $ Included in Inventory Cost 20,000 300 880 140 130 1,000 170 22,620 $ 0 $

A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $300 for transportation-in. $140 for shipping insurance. • $880 for car import duties. $130 for advertising. $1,000 for sales staff salaries. • $170 for trimming shrubs. ● Cost Expensed as incurred Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total 0 $ $ Included in Inventory Cost 20,000 300 880 140 130 1,000 170 22,620 $ 0 $

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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Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit Date Transactions Units Total Cost Beginning inventory Purchase $ 28 $1,036 January 1 April 14 August 22 October 29 37 2,040 3,776 2,822 68 30 Purchase Purchase 118 32 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 3. What effect will the inventory error have on and (d) net income (ignoring…
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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
Cost of good sold over this period ?
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