Barefoot Co. purchased inventory from Nakasakasaka Co., a foreign supplier, on November 15, 20x1 for Y100,000, when the spot rate was P0.4295. On December 31, 20x1, the spot rate was P0.4245. Barefoot Co. settled the account on January 15, 20x2 when the spot rate was P 0.4345. Requirement: Provide the journal entries in 20x1 and 20x2

Barefoot Co. purchased inventory from Nakasakasaka Co., a foreign supplier, on November 15, 20x1 for Y100,000, when the spot rate was P0.4295. On December 31, 20x1, the spot rate was P0.4245. Barefoot Co. settled the account on January 15, 20x2 when the spot rate was P 0.4345. Requirement: Provide the journal entries in 20x1 and 20x2

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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An item was shipped from a supplier under FOB shipping point. The invoice in the amount of $2,000 included payment terms of 2/10, n/30. When the invoice was paid, a purchase discount in the amount of $40 was taken. Other details relating to the purchase of this item included the following: shipping charges of $300, storage fees of $50, and insurance premium of $100. The cost of this inventory item is $1,960 $2,410 $2,401 $2,404
Bramble Corp. uses the perpetual inventory and the gross method. On March 1, it purchased $ 54000 of inventory, terms 2/10, n/30. On March 3, Bramble returned goods that cost $ 5400. On March 9, Bramble paid the supplier. On March 9, Bramble should credit a) purchase discounts for $ 1080. b) purchase discounts for $ 972. c) inventory for $ 972. d) inventory for $ 1080.
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Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of goods sold part of the transaction and not the sales revenue. Star uses the perpetual inventory system. Which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance Sheet Income Statement Assets = A. 500 B. (500) C. (500) D. (500) Multiple Choice O O оо Liabilities + - Option B Option A Option C Option D (500) Stockholders' Equity 500 (500) n/a (500) Revenue n/a n/a n/a n/a - Expense 500 500 500 n/a Net Income (500) (500) (500) n/a Statement of Cash Flows n/a n/a 500 Operating Activity n/a
JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 OD. $2,396
HI, may i know why didn't record cost , $5000?
Hi, please answer the attached question BR,
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Kk.96.
On June 1, Delaware Co. had one unit in beginning inventory that cost $10.00. During June, Delaware paid cash to purchase two additional inventory items. Delaware purchased the first item for cash at a cost of $10.00, and the second at a cost of $12.00. Delaware Co. sold two inventory items for $24.00 each, receiving cash. Based on this information alone, indicate whether each of the following items is true or false. a) The amount of ending inventory will be $10 assuming the LIFO cost flow was used. b) Cost of goods sold would be $24 assuming the weighted average cost flow was used. c) Cash flow from operating activities in June would be $28 assuming a FIFO cost flow was used. d) Cash flow from operating activities in June would be $26 independent of what cost flow assumption was used. e) The amount of gross margin would be $26 assuming the FIFO cost flow was used.
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