Ch 7-2 Practice Exercises eBook Show Me Hovw Print Item 1. PE 07-02 ALGO Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: 2. PE.07-03.ALGO October 1 Inventory 88 units @ $33 70 units 98 units @ $37 82 units 3. PE-07-04A 5 Sale 11 Purchase 21 Sale 4. PE 07-05 ALGO Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31 a. Cost of merchandise sold on October 21 3,034 b. Inventory on October 31 5. PE-07-06ALGO 1,122X eedback Check My Work 0 more Check My Work uses remaining Previous Next Progress: 215 items Assignment Score: 36.67% All work saved Email InstructorSave and Exit Submit Assignment for Grading

Ch 7-2 Practice Exercises eBook Show Me Hovw Print Item 1. PE 07-02 ALGO Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: 2. PE.07-03.ALGO October 1 Inventory 88 units @ $33 70 units 98 units @ $37 82 units 3. PE-07-04A 5 Sale 11 Purchase 21 Sale 4. PE 07-05 ALGO Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31 a. Cost of merchandise sold on October 21 3,034 b. Inventory on October 31 5. PE-07-06ALGO 1,122X eedback Check My Work 0 more Check My Work uses remaining Previous Next Progress: 215 items Assignment Score: 36.67% All work saved Email InstructorSave and Exit Submit Assignment for Grading

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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PLEASE FILL IN THE CIRCLED BOXES. THE REST OF THE VALUES IN OTHER BOXES ARE CORRECT. Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.
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I could use some help with homework can you explain how to do this? A mistake was made when counting the ending inventory at December 31, 2018: it was recorded incorrectly as $50,000 (not the correct $60,000). Ending inventory for 2019 was recorded correctly. The effect of this error on the firm's income would be: Group of answer choices -2018 income would be overstated by $10,000. -2018 and 2019 income would be understated by $10,000 for each year. -2018 income would be correct but 2019 would be overstated. -2018 income would be understated by $10,000 and 2019 income would be overstated by $10,000, the errors cancel each other out after 2 years. -None of the above.
Select the best answer for the question. Utilize Set 2 from the following PDF to answer this question: http://lessons.pennfoster edu/pdf/061006_Exam_Tables.pdf 4. Which one of the following statements is true for the ending inventory balance? *. O A. It will appear as a debit in the Adjusted, Trial Balance column. B. It will appear as a credit in the Balance Sheet column OC. It will appear as a credit in the Income Statement column. OD. It will appear as a debit in the Trial Balance column. O Mark for review (Will be highlighted on the review page) >
Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
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Indicate the best answer(s) for each question: Which of the following statements about perpetual merchandising activities is true? (Identify the two correct answers.) a As inventory is purchased, the Purchase account is Debited and |Cash (or Accounts Payable) is credited. b Inventory is recorded as an asset when it is first purchased. c As inventory is sold, its cost is transferred from the balance sheet to the income statement. d As inventory is sold, its cost is transferred from the income statement to the balance sheet
JC Corporation is in the process of adjusting and closing the books and preparing financial statements at the end of the year, December 31, 2014. One item of concern is in the ending inventory of goods on hand. After the count had been completed, additional items not included in the storeroom count were listed for consideration. You are to consider each item and decide whether it should be included in the ending inventory for 2014. Cost Merchandise Inventory Valuation Initial inventory valuation based on a count of all goods on hand only, unless otherwise noted P 200,000 (a) Goods in a back room of the store were not included in the storeroom count at purchase cost. They are damaged and will be disposed of as salvage. P 1,400 (b) Goods shipped on December 30, FOB…
You have been assigned to examine the financial statements of PC corp. for the year ended December 31, 2021, as prepared following IFRS. You discover the following situations: 1. Physical inventory count on Dec 31, 2021, improperly included merchandise costing $3,800 that had been sold but not delivered until Jan 5, 2022. PC uses a periodic inventory system. 2. Depreciation of $1,700 for 2021 on delivery vehicles was not recorded. 3. A collection of $4,600 on account from a customer received on Dec 31, 2021, was not recorded. 4. At the beginning of 2020, the company purchased equipment for $225,000 (residual value $22,500) and had a useful life of 6 years. The accountant used straight-line amortization but failed to deduct the residual value in the calculation of the depreciation for 2020 and 2021. Instructions: Prepare the required journal entries (if any) to correct PC accounts, assuming each transaction is independent and assuming 2021 books are not closed.