Hull Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)11182630100 @ $5.00400 @300 @ 5.305.10200 @ 5.35600 (@))5.60200 (@ 5.80SalesApril 5122728300200800150 If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would beshown as ending inventory under (1) FIFO. (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g.2.7621 and final answers to O decimal places, e.g. 6,548.)Ending inventory$(1)FIFO2000$(2)LIFO1830VA$(3)Average-cost1890

Inventory includes all the items, merchandise, and raw materials that are used by the business…

Answered: April 1 (balance on hand) 4 11 18 26…

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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Safari 4:22 PM Tue Jan 30 < HW Set 1 (Ch 2 and 3) Template Calibri (Body) fx Enter text or formula here A 1 E 2.16 2 Information for Montgomery, Inc. 3 4 5 6 7 Cash 8 Accounts Receivable 9 Inventory 10 PP&E, net 11 Goodwill NOPAT for 2020 12 Other operating assets 13 A/P 14 Accrued Expenses and other 15 Unearned revenues 16 Long-term debt 17 Common stock 18 19 20 a. 21 NOA for 2019 22 NOA for 2020 23 24 b. 25 26 27 28 29 30 31 32 33 34 35 Retained earnings 2020 FCF E 2.16 E 2.17 E 3.15 11 B HE E 3.18 Home Insert $ BIU C 3,150 2019 3,590 5,650 10,240 21,840 13,160 3,450 10,400 10,350 3,120 7,680 18,840 7,540 + Draw Page Layout ABC 2020 4,260 8,340 11,460 26,110 14,310 4,720 13,310 13,740 4,770 8,350 18,930 10,100 ch LL F Formulas Data G Review View General H < E < H: AH L O M Σ ☎: 50% |||| O
55 pcs 125 pcs 100 pcs Given: 60 cans inventory for 3 months A. Find the cost of goods sold for 60 units that left in FIFO? Find the cost of goods sold for 60 units that left in LIFO? C. Find the cost of goods sold for 60 units using average cost? B. January February March $50 $55 $75
QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
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Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: $84,000 100,800 77,000 86,800 91,000 May June July August September Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule
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GENERAL JOURNAL DR CR JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 TELEPHONE EXPENSE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
Date Apr. 3 8 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 72 120 72 36 120 216 Per Unit $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 Total $43,200 103,680 192,000 120,000 96,000 144,000 72,000 105,600 151,200 201,600 207,360 226,800
Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Administrative expense 732 Inventory, September 30 10,605 Sales 56,096 Rent revenue 984 Interest expense 1,159 Gross profit??
March1 Beginning Inventory 60 units @ $15 per unit 5 Purchase 140 units @ $15.5 per unit 14 Sales 190 units @ $19 per unit 27 Purchase 70 units @ $16 per unit 29 Sales 30 units @ 19.50 per unit find the weighted average cost of good sale $1120 $4190 $3220 $3414

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April 1 (balance on hand) 4 11 18 26 Purchases 30 100 (@ $5.00 400 300 @ 200 (@) 600 @ 5.10 5.30 5.35 5.60 200 @ 5.80 Sales April 5 12 27 28 300 200 800 150