Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of relaxed-fit jeans with a cost of $28 per unit and a market value of $30 per unit. Required: Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A Record the journal entry to adjust the inventory account. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal >

Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 605 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,230 units of relaxed-fit jeans with a cost of $28 per unit and a market value of $30 per unit. Required: Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < A Record the journal entry to adjust the inventory account. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal >

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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Bonnie Denim Company sells blue jeans. Last year, skinny jeans were fashionable; this year, relaxed-fit jeans are in style. The company has 585 units of skinny jeans with a cost of $28 per unit and a market value of $26 per unit. The inventory also includes 1,210 units of relaxed-fit jeans with a cost of $26 per unit and a market value of $30 per unit. Required:Prepare the journal entry, if any, that is required to adjust the Inventory account. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.00 on October 1, 25 pairs at $39.00 on October 8, and 20 pairs at $49.00 on October 15. An inventory taken last week indicates that 32 pairs are still in stock. Calculate the cost of this inventory by FIFO.
Consider the information below for Jack's Fantastic Chairs company, for the month of January 2020. January 1st Beginning Inventory 100 Chairs @ $10 cost each January 10th Purchased in Inventory 250 Chairs @ $13 cost each January 12th Purchased in Inventory 50 Chairs @ $14 cost each January 17th Purchased in Inventory 72 Chairs @ $20 cost each Jack uses the Periodic System to keep track of his lInventory. On January 31st. Jack counts his ending Inventory. He has 25 Chairs unsold (still in his shop). Therefore, the value of his Cost of Goods Sold (COGS) for the month for January, assuming FIIFO, is: Select one: O a. $5,980 O b. $5,796 O c. $5,890 O d. $5,976
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 $ FIFO $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. Cost of goods sold $ FIFO $ AVERAGE-COST LIFO AVERAGE-COST $ $
Subject: acounting
The GapKids boys’ line merchandiser sets up a shirts model stock plan for Spring 2021. The following chart presents the assortment distribution in terms of 4 assortment factors (style, sleeve lengths, color, and size). This assortment distribution applies to both #units and $ figures. The shirts OTB (C) for Spring 2021 is planned at $240,000 for 50,000 units. Answer the following questions using the above model stock plan. Style Dist. Sleeve length Dist. Color Dist. Size Dist. Polo-shirt 35% Long 70% Blue 15% S 15% T-shirt 65% Short 30% Grey 25% M 35% Brown 35% L 30% Khaki 20% XL 15% Red 5% XXL 5% TOTAL 100% TOTAL 100% TOTAL 100% TOTAL 100% UnansweredQuestion 8 Q8. How many units of large (L), brown, short-sleeve T-shirts can the merchandiser plan for Spring 2021? UnansweredQuestion 9 Q9. How many dollars can be spent (at…