Plz answer fast without plagiarism i give up vote Albright Corporation opened a new store on January 1, 2021. During 2021, the first year of operations,the following purchases and sales of inventory were made:Date5-Jan11-Jun18-Oct20-DecPurchasesUnits10$10 $1,0001,200$ 1,3001,500Cost1520 $Date4-Jul29-DecSalesUnits1535Cost$ 2,000$ 2,000Required:1. Calculate the cost of goods available for sale and the number of units of ending inventory.2. Assume Albright uses average periodic. Calculate the value of the ending inventory, cost ofgoods sold and gross profit.3.Assume Albright uses average perpetual. Calculate the value of the ending inventory, cost ofgoods sold, and gross profit.4.On December 31, 2021, the company realizes the inventory has a net realizable value of $800per unit. What amount should be reported on the balance sheet on December 31? Record theadjusting entry.

Name: Plz answer fast without plagiarism i give up vote Albright Corporation
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Description: Plz answer fast without plagiarism i give up vote Albright Corporation opened a new store on January 1, 2021. During 2021, the first year of operations,the following purchases and sales of inventory were made:Date5-Jan11-Jun18-Oct20-DecPurchasesUnits

Periodic systemThe periodic system is one of the approaches to accounting or inventory valuation in…

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Albright Corporation opened a new store on January 1, 2021. During 2021, the first year of operations, the following purchases and sales of inventory were made: Date 5-Jan 11-Jun 18-Oct 20-Dec Purchases Units 10 Cost $ 1,000 10. $ 1,200 15. $ 1,300 20 $ 1,500 Date Sales Units 4-Jul 15 29-Dec 35 Cost $ 2,000 $ 2,000 Required: 2. 1. Calculate the cost of goods available for sale and the number of units of ending inventory. Assume Albright uses average periodic. Calculate the value of the ending inventory, cost of goods sold and gross profit. 3. Assume Albright uses average perpetual. Calculate the value of the ending inventory, cost of goods sold, and gross profit. 4. On December 31, 2021, the company realizes the inventory has a net realizable value of $800 per unit. What amount should be reported on the balance sheet on December 31? Record the adjusting entry.

Albright Corporation opened a new store on January 1, 2021. During 2021, the first year of operations, the following purchases and sales of inventory were made: Date 5-Jan 11-Jun 18-Oct 20-Dec Purchases Units 10 Cost $ 1,000 10. $ 1,200 15. $ 1,300 20 $ 1,500 Date Sales Units 4-Jul 15 29-Dec 35 Cost $ 2,000 $ 2,000 Required: 2. 1. Calculate the cost of goods available for sale and the number of units of ending inventory. Assume Albright uses average periodic. Calculate the value of the ending inventory, cost of goods sold and gross profit. 3. Assume Albright uses average perpetual. Calculate the value of the ending inventory, cost of goods sold, and gross profit. 4. On December 31, 2021, the company realizes the inventory has a net realizable value of $800 per unit. What amount should be reported on the balance sheet on December 31? Record the adjusting entry.

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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