Adjust for Inventory. The physical inventory count indicated 13,000 t-shirts were on hand. To completethis entry, you will need to: Record the dollar value of the ending inventory (13,000 shirts x Cost of eachshirt); Reverse the 2020 ending inventory (Remember: Graphix uses a periodic FIFO inventory method);Reverse the Purchases account (as this is a temporary account) and the purchase returns account (also atemporary account); Calculate COGS using the above values. merchandise inventory for the previousyear is $172,203. The costs of the shirts were $8 for 18000, then $9.50 for 15000 with 10000 returned, then$12 for 25000, then $10 for 17500, then $9 for 23000 with 7000 shirts gained back from sale returns, then $10.50 for 38000

To adjust the inventory and calculate the cost of goods sold (COGS), we will follow the FIFO…

Answered: Adjust for Inventory. The physical…

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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SANTAC is a retailer of computer accessories. SANTAC beginning inventory is Rs.1,200,000 and its purchase during the year are Rs.700,000. Its ending inventory is Rs.300,000. Make the closing entry necessary given that SANTAC uses a periodic inventory system.
Select all that apply Merchandise Inventory, before adjustment, has a balance of $5,000. The newly counted inventory balance is $3,500. The jour remove the original balance, will include which of the following entries: credit to merchandise inventory for $5,000 credit to come summary for $5,000 debit to income summary for $5,000 debit to merchandise inventory for $5,000 Need help? Review these concept resources.
Dick’s Sporting Goods is a large retailer based in Coraopolis, Pennsylvania. Given some indicators in fiscal year 2019-2020, we analyze its retail performance. The annual inventory holding cost rate is given in the table. The company carries a fishing rod at the unit cost of $105. To answer the question: (1) copy only Parts 2 and 3 onto your papers; (2) show numeric equations and final results; and (3) follow the units and decimal places specified.
7. If Greg’s Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
PLEASE FILL IN THE CIRCLED BOXES. THE REST OF THE VALUES IN OTHER BOXES ARE CORRECT. Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.
Please see below. I need help making a made up purchase schedule of inventory. Please include parts listed below. Note that these can be made up one but they need to make sense.
Take me to the text JP Supermarkets bought $2,890 worth of groceries on account from a produce supplier on February 5, 2022. On February 6, JP's bookkeeper was informed that $270 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry for JP Supermarkets on February 6. Account Title and Explanation Debit Credit Date 2022 Feb 6 To record the purchase return ÷
Prepare a perpetual inventory record for All Things Auto, using the first in, first out (FIFO) methodto determine the value of ending inventory at December 31, 2020, and the total amount to be assigned tocost of goods sold for the period.
A Swoosh Sports outlet store began December 2021 with 47 pairs of running shoes that cost the store $34 each. The sale price of these shoes was $63. During December, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Read the requirements. Requirement 1. The preceding data are taken from the store's perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer. Swoosh Sports uses FIFO This is apparent from the flow of costs out of inventory. For example, the December 13 sale shows unit cost of $34, which came from the beginning inventory FIFO, and only FIFO, works. Requirement 2. Determine the store's cost of goods sold for December. Also compute gross The cost of goods sold is $ 3,110 The gross profit for December is $ 2,539 Requirement 3. What is the cost of the store's December 31 inventory of running shoes? The cost of the company's inventory at December 31 is 2106 Data table Dec 2 Dec 9…
Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
Enter everything inside on the blue boxes please so I'll know how to key it in
Please help me with show all calculation thanku

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