Accounting records for Dunda’s Corporation yield the following da ta for the year ended June 30, 2012: Journalize Dunda s’ inventory transactions for the year under the perpetual system. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statements.

Accounting records for Dunda’s Corporation yield the following da ta for the year ended June 30, 2012: Journalize Dunda s’ inventory transactions for the year under the perpetual system. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statements.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Inventory information for Part 311 of Bonds Corp. discloses the following information for the month of June. nstructions(a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under(1) LIFO(2) FIFO.(b) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?(c) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
Based on the information, Determine the adjusted balances of Inventory,Accounts receivable,Sales,Purchases and net income.
Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera bulbs. The business began the second quarter (April to June) of 2020 with 15 (V380PRO) camera bulbs at a total cost of $108,750. The following transactions relating to the “V380PRO" camera bulbs were completed during the quarter. 90 bulbs were purchased at a cost of $6,850 each. In addition, the business paid freight charges of $800 cash on each bulb to have the inventory shipped from the point of purchase to their warehouse. April 7 April 30 The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 of these bulbs were sold on account to longstanding customers of the business) May 6 A new batch of 80 bulbs was purchased at a total cost of $654,800 Мay 9 Upon inspection of the bulbs purchased on May 6, five (5) of the units were found to be defective and were returned to the supplier. May 31 During the month 62 of the camera bulbs were sold at a price of…
need to enter the beginning balances in the summary and record the April transactions using a perpetual inventory system. include margin explanations for the changes in revenues and expenses please answer in text with workings and steps
Alpesh bhaliya
.
1. The following balances have been extracted from the books of ABC Co.Ltd on 31 March 2022. From them draw up (i) a detailed statement of profit or loss for internal use, for the year ending 31 March 2022, also (ii) a statement of profit or loss for publication for the year to that date. Purchases Revenue Returns inwards Returns outwards Discounts allowed Discounts received Inventory 1 April 2021 Wages and salaries: Sales and distribution Wages and salaries: Administrative Motor expenses: Sales and distribution Motor expenses: Administrative General distribution expenses General administrative expenses Rent and business rates (see Note (c)) Directors' remuneration Retained profits 1 April 2021 Advertising Bad debts Hire of plant and machinery (see Note (b)) Motor vehicles at cost: Sales and distribution Motor vehicles at cost: Administrative Loan-note interest payable Income from shares in group Preference dividend paid Ordinary dividend paid Notes: entities Amount in £ (a) Inventory…
You have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk uses a periodic method for inventory. Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 24 Oct. 9 Purchase 115 26 Oct. 11 Sale 95 45 Oct. 17 Purchase 95 27 Oct. 22 Sale 60 50 Oct. 25 Purchase 70 29 Oct. 29 Sale 105 50 A(3) Calculate gross profit rate under each of the following: 1.LIFO 2.FIFO 3. Average-cost. Gross profit rate - LIFO% - FIFO% AND AVERAGE-COST %
Dineshbhai
Records from FDN Trading revealed the following data: Inventory, January 1 Physical count, December 31 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory? $50,000 $72,000
On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the weightedaverage periodic inventory system. Harvey is on a calendar year basis. The cumulative effect of the change is determineda. As of January 1, 2010.b. As of August 31, 2010. c. During the eight months ending August 31, 2010, by a weighted-average of the purchases.d. During 2010 by a weighted-average of the purchases.
Required information [The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Debit $ 41,000 164,000 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in 8,000 4,291 18,509 108, 210…