Deala Ltd. (DL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units ofinventory with a total cost of $41,800. During the month of October, DL had the following inventory-related transactions:DateOct.9121725Oct. 3128ExplanationPurchasePurchasesSalePurchase:Cost of ending inventoryCost of goods soldInventorySalePurchasesCost of Goods SoldUnits5,100$Inventory4.400Date Account Titles and Explanation(5,100)4,100(6.300 YCalculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) averagecost. (Round average cost per unit to 2 decimal places, e.g. 50.25 and all other answers to the nearest whole dollar, e.g. 5,275.)FIFOUnit Cost/Price$23.009348022.5025810038.0022.8038.00Total Cost$117,30099,000Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the Inventory andCost of Goods Sold accounts. (List all debit entries before credit entries. Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts)93,480Average92988250552DebitCredit

The cost of sold on FIFO basis given to be $258,100. The total purchase cost comes out to be…

Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. 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) Date Account Titles and Explanation Oct. 31 Inventory Cost of Goods Sold Purchases Debit Credit

Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the Inventory and Cost of Goods Sold accounts. (List all debit entries before credit entries. 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) Date Account Titles and Explanation Oct. 31 Inventory Cost of Goods Sold Purchases Debit Credit

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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