blackboard.american.edu%2...SavedHelpSave CustomizeRequired Information[The following information applies to the questions displayed below.]Carlson Auto Dealers InC. sells a handmade automobile as its only product. Each automobile is identical; however, theycan be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows:of 4Car IDCost$102,000102,000105,000203207210During 2021, each of the three autos sold for $132,000. Additional purchases (listed in chronological order) and sales forInt.the year were as follows:Cost$102,000102,000103,500105,000100,000106,500111,000108,300114,000Selling Price$132,000135,000not sold138,000142,500not sold147,000148,500not sold2112122132142152162172182194. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.Average CostMethod PeriodicEnding inventoryCost of goods soldNext >*****4.of 5< Prev

Under periodic system, the record for inventory can be made at any period of time, there is no…

arican.edu%2.. Saved ! Help Save Cuatomi Required information (The following information applies to the questions displayed below.] Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $102,000 102,000 105,000 207 210 During 2021, each of the three autos sold for $132,00O. Additional purchases (listed in chronological order) and sales for the year were as follows: TIT Cost $102,000 102,000 103,500 105,000 108,000 106,500 111,000 108,300 114,000 Selling Price $132,000 135,000 Car ID 211 212 213 not sold 138,000 142,500 not sold 214 215 216 147,000 148,500 217 218 not sold 219 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. Average Cost Method Periodic Ending inventory Cost of goods sold

arican.edu%2.. Saved ! Help Save Cuatomi Required information (The following information applies to the questions displayed below.] Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $102,000 102,000 105,000 207 210 During 2021, each of the three autos sold for $132,00O. Additional purchases (listed in chronological order) and sales for the year were as follows: TIT Cost $102,000 102,000 103,500 105,000 108,000 106,500 111,000 108,300 114,000 Selling Price $132,000 135,000 Car ID 211 212 213 not sold 138,000 142,500 not sold 214 215 216 147,000 148,500 217 218 not sold 219 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system. Average Cost Method Periodic Ending inventory Cost of goods sold

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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As part of the employment interview for an accounting job at Sound Design, you have been asked to answer the questions below, based on an invoice from one of Sound Design's vendors, Target Electronic Wholesalers. Invoice Stock # Description Unit Price Amount 4811V Stereo Receivers 50 ✕ $291.50 = _______________________ 511CX Blu-Ray Players 25 ✕ $139.28 = _______________________ 6146M Home Theater Systems 40 ✕ $659.12 = _______________________ 1031A LCD TVs 20 ✕ $598.00 = _______________________ Merchandise Total _______________________ Insurance + Shipping $1,250.00 Invoice Total _______________________ An invoice. The top of the invoice is divided into several distinct sections. The first section is located in the top left of the invoice, is unlabeled, and contains an image of a target with an arrow in the center of the target. The second section is located in the top center of the invoice, is unlabeled,…
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EastPoint Toyota, a small dealership, has provided you with the following information with respect to its vehicle inventory for the month of November. The company uses the specific identification method. Date Explanation Model Serial# Unit Cost Unit Selling Price Nov. 1 Inventory Corolla C63825 $15,000 Corolla C81362 18,000 Camry G62313 27,000 Venza X3892 29,000 Tundra F1883 22,000 Tundra F1921 25,000 8 Sales Corolla C81362 $19,600 Camry G62313 29,000 12 Purchases Camry G71811 28,000 Camry G71891 26,000 Venza X4212 28,000 Venza X4214 30,000 18 Sales Camry G71891 27,900 Venza X3892…
Question 1 Superfan retails one type of premium computer fans which it sells for $72.6 (GST Inclusive) per unit. The following events took place during the month of September 2021: September 8 Superfan purchased 100 fans at $38.5 (GST Inclusive) per unit in cash. September 15 SuperFan purchased 160 fans at $37.4 (GST Inclusive) per unit on credit. September 20 Superfan sold 330 fans to FansAreUs on credit. September 23 FansAreUs returned 30 fans sold on 20 September which were damaged and written off by SuperFan. September 30 Stocktake revealed 28 fans on hand. Additional information: 1. Superfan had 100 fans valued at $3,100 on hand on 1 September 2021. It uses the moving average cost flow assumption and the perpetual inventory method to account for its inventory movement. 2. The opening balance for the allowance for doubtful debts account was $250 credit on 1 September 2021. SuperFan assumes 2% of all monthly net credit sales to be irrecoverable. Required: Record September 2021…
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