← C https://www-awu.aleks.com/alekscgi/x/1sLexe/10_u-IgNslkgljY22rR162qV2MyzySimhACwAxSk O MERCHANDISING AND INVENTORY Merchandising: Computing income statement amounts Perry Company has the following account balances at the end of its fiscal year. Compute Net Sale Sales Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Not Income X $122,500 2,700 4,900 1 59,200 7,800 9,900 0

← C https://www-awu.aleks.com/alekscgi/x/1sLexe/10_u-IgNslkgljY22rR162qV2MyzySimhACwAxSk O MERCHANDISING AND INVENTORY Merchandising: Computing income statement amounts Perry Company has the following account balances at the end of its fiscal year. Compute Net Sale Sales Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Not Income X $122,500 2,700 4,900 1 59,200 7,800 9,900 0

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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Homework i s Date January 1 January 10 March 14 March 15 July 30 October 5 October 26. Date Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost @$13.20 = @$18.20 = @$23.20 = @$28.20 Activities Beginning inventory Sales Purchase Sales Purchase. Sales Purchase. Totals a) Cost of Goods Sold using Specific Identification Available for Sale Activity Saved # of units 8,372 11,136 5,076 $28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Help COGS Save & Exit Subre Units Sold at Retail 240 units 410 units 450 units 1,100 units Check my work Ending Inventory Units @ $43.20 @$43.20 @$43.20 Ending…
Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Retail Celebrity Tan Co. Inventory, August 1 Transactions during August: Purchases (net) Sales Ranchworks Co. Inventory, March 1 Transactions during March through November: Purchases (net) Sales Estimated gross profit rate Required: Celebrity Tan Co. Estimated Cost of Inventory August 31 Ratio Line Item Description Inventory, August 1✔ ✔ Ratio of cost to retail price: Feedback ►Check My Work 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. For those boxes in which you must enter subtracted or negative numbers use a minus sign. % Ranchworks Co. Estimated Cost of Inventory November 30 Line Item Description Cost Cost Cost $300,000 $575,000 Cost 2,021,900 3,170,000 3,250,000 $880,000 9,500,000 15,800,000 38% 2a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross…
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Required information Use the following information for the Exercises 8-10 below. (Algo) [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Total Beginning inventory Purchases: March 14 July 30 October 26 b) Periodic LIFO Total Beginning inventory Purchases: March 14 July 30 October 26 Activities Beginning inventory Sales Purchase Sales c) Gross profit Purchase Sales Purchase Totals Exercise 6-10A (Algo) Periodic: Inventory costing LO P3 # of units Cost of Goods Available for Sale FIFO # of units 0 Hemming uses a periodic inventory system. (a) Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. (b) Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. (c) Compute the gross profit for each method. a) Periodic FIFO Cost per unit 0 Cost of…
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
Generalized Statement Instructions Instructions Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20-. Sales $156,300 Sales Returns and Allowances 2,360 Sales Discounts 4,167 Interest Revenue 425 Merchandise Inventory, January 1, 20- 29,600 Purchases 112,000 Purchases Returns and Allowances 5,640 Purchases Discounts 2,690 Freight-In Merchandise Inventory, December 31, 20-- 875 33,000 Wages Expense 27,600 Supplies Expense 700 Phone Expense 900 Utilities Expense 8,000 Insurance Expense 1,300 Depreciation Expense-Equipment Miscellaneous Expense 3,800 590 Interest Expense 4,700 H
Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20--. Sales $159,700 Sales Returns and Allowances 2,070 Sales Discounts 4,171 Interest Revenue 424 Merchandise Inventory, January 1, 20-- 27,500 Estimated Returns Inventory, January 1, 20-- 500 Purchases 110,000 Purchases Returns and Allowances 4,540 Purchases Discounts 2,710 Freight-In 885 Merchandise Inventory, December 31, 20-- 33,900 Estimated Returns Inventory, December 31, 20-- 1,100 Wages Expense 27,000 Supplies Expense 800 Phone Expense 900 Utilities Expense 7,000 Insurance Expense 1,200 Depreciation Expense—Equipment 3,900 Miscellaneous Expense 590 Interest Expense 4,600
Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of 2016, the following information is available: Purchase returns and allowances $ 1,400 Inventory, 12/31/2016 11,900 Purchases 21,200 Inventory, 1/1/2016 10,800 Purchases discounts 600 Required: Prepare a schedule to compute Raynolde Company's cost of goods sold for 2016. RAYNOLDE COMPANY Cost of Goods Sold Schedule For the Year Ended December 31, 2016
Perpetual inventory using FIFO Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Date Units and Cost Dec. 1 120 units at $20 Purchases Date Units and Cost Dec. 10 60 units at $22 20 54 units at $24 Sales Date Units Dec. 12 84 units 14 72 units 31 36 units Assume that the business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. FIFO MethodPrepaid Cell Phones Date PurchasesQuantity PurchasesUnit Cost PurchasesTotal Cost Cost ofGoods SoldQuantity Cost ofGoods SoldUnit Cost Cost ofGoods SoldTotal Cost InventoryQuantity…
Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?