A record of transactions for the month of May was as follows:PurchasesSalesMay1 (balance)480 @ $5.50May 3240@ $8.0041,390 @ $5.4061,080 @ $8.008800 @ $5.6012900 @ $8.5014700 @ $5.7018450 @ $8.50221,250 @ $5.8025 1,400 @ $9.0029560 @ $5.85Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.Ending inventory+A$

The objective of the question is to calculate the value of the ending inventory using the Last-In,…

Answered: A record of transactions for the month…

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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The records of Vaughn's Boutique report the following data for the month of April. Sales revenue $97,100 Purchases (at cost) $47,800 Sales returns 2,100 Purchases (at sales price) 86,100 Markups 10,400 Purchase returns (at cost) 2,100 Markup cancellations 1,500 Purchase returns (at sales price) 3,100 Markdowns 10,200 Beginning inventory (at cost) 24,251 Markdown cancellations 2,900 Beginning inventory (at sales price) 44,800 Freight on purchases 2,500 Compute the ending inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, eg. 78% and final answer to 0 decimal places, eg. 28,987.) Ending inventory using conventional retail inventory method %$4
2. A gift store reported the following records for its operation during the month of February. @Cost $280,000 @Retail Inventory on Feb. 1 $435,000 $440,000 $88,000 $20,000 Net sales Markdowns Returns to vendors $15,000 $15,000 $498,000 Employee discounts Purchases $320,000 What was the book value of the closing inventory at retail in February? a. b. What was the cumulative markup% of total merchandise handled in February? (Hint: Cumulative MU% is the MU% for Total Merchandise Handled (TMH), and TMH = Opening inventory + Purchases – RTV) Cost Retail c. What was the book inventory at cost on February 28 when the store closed?
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Jan. Feb. Mar. Transaction Number of Units 9,000 21,000 10,250 5,750 3,500 1 Inventory 10 Purchase 28 Sale 30 Sale 5 Sale 10 16 28 5 Purchase 14 25 30 Purchase Sale Sale Sale Purchase Sale 39,500 15,000 10,000 25,000 30,000 10,000 19,000 Per Unit $60.00 70.00 140.00 140.00 140.00 75.00 150.00 150.00 82.00 150.00 88.40 150.00 Total $540,000 1,470,000 1,435,000 805,000 490,000 2,962,500 2,250,000 1,500,000 2,050,000 4,500,000 884,000 2,850,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account and date your…
97) A company had the following purchases and sales during its first month of operations: Date January 1 January 9 January 17 January 27 A) $84.00. B) $60.71. Activities C) $23.35. D) $46.70. E) $37.36. Purchase Sales Purchase Sales Units Acquired at Cost 10 units @ $4.00 = $40.00 8 units @ $5.50 = $44.00 Units Sold at Retail 6 units @ $12.00 Using the Periodic weighted average method, what is the value of cost of goods sold? (Round weighted average cost per unit to 2 decimal places.) 7 units @ $12.00
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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.
▶Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69,750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69,750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…
The following information is available from the inventory records of columbia hoodies company for January: Units Unit Cost Total Cost Balance at Jan 1 3,000 $9.77 $29,310 Purchases: Jan 6 2,000 $10.30 $20,600 Jan 26 2,700 $10.71 $28,917 Sales: Jan 7 (2,500) $14.00 $35,000 Jan 31 (4,000) $14.00 $56,000 All sales are made at 14.00 unit price. Q: Compute the ending inventory on Jan 31 using perpetual moving-average cost. A: I have Ending Inventory at 1,200 units with a value of $12,284.73, is this correct? DO NOT GIVE SOLUTION IN IMAGE FORMAT
Transactions for the month of June were: Purchases Sales June 1 (balance) 3180 @ $3.30 June 2 2350 @ $5.40 3 8820 @ 3.20 6 6380 @ 5.40 7 4900 @ 3.40 9 3920 @ 5.40 15 7180 @ 3.50 10 1540 @ 8.00 22 1960 @ 3.60 18 5610 @ 8.00 25 760 @ 8.00 Assuming that periodic inventory records are kept in units only, the ending inventory on a LIFO basis is
What is the balance of accounts payable at May 31st?

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