Assume the sales price was $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question

Please help me with all answers thanku 

You are given the following information for Sandhill Company for the month ended November 30, 2024:
Date
Nov. 1
9
(a)
15
22
29
30
Description
Beginning inventory
Purchase
Sale
Purchase
Sale
Purchase
Your answer is correct.
Cost of goods sold
Ending inventory
Units
$
61
$
100
(115)
150
(170)
48
Sandhill Company uses a perpetual inventory system. All sales and purchases are on account.
Unit Cost
Calculate the cost of goods sold and the ending inventory using FIFO.
$51
12,819
45
3012
42
40
Transcribed Image Text:You are given the following information for Sandhill Company for the month ended November 30, 2024: Date Nov. 1 9 (a) 15 22 29 30 Description Beginning inventory Purchase Sale Purchase Sale Purchase Your answer is correct. Cost of goods sold Ending inventory Units $ 61 $ 100 (115) 150 (170) 48 Sandhill Company uses a perpetual inventory system. All sales and purchases are on account. Unit Cost Calculate the cost of goods sold and the ending inventory using FIFO. $51 12,819 45 3012 42 40
(b)
Assume the sales price was $60 per unit for the sale on November 29.
Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O
for the amounts. List all debit entries before credit entries.)
Date Account Titles
Nov. 22
Nov. 29
Nov. 29
(To record sales on account.)
(To record cost of goods sold.)
Debit
Credit
|||||
Transcribed Image Text:(b) Assume the sales price was $60 per unit for the sale on November 29. Prepare journal entries to record the November 22 purchase and the November 29 sale. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles Nov. 22 Nov. 29 Nov. 29 (To record sales on account.) (To record cost of goods sold.) Debit Credit |||||
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education