Check During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events e follows: 6 Purchased goods for $2,900 from Green with terms 2/10, n/30 6 Purchased goods from Munoz for $2,26e with terms 2/10, n/30 14 Paid Green in full Feb. 2 Paid Munoz in full 28 Purchased goods for $690 from Reynolds with terms 2/10, n/45 Jan. Required: Assume that Axen uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. Purchases Less: Purchase discount from Green 58 Cost of inventory as of February 28 $ 2.8

Check During the months of January and February, Axen Corporation purchased goods from three suppliers. The sequence of events e follows: 6 Purchased goods for $2,900 from Green with terms 2/10, n/30 6 Purchased goods from Munoz for $2,26e with terms 2/10, n/30 14 Paid Green in full Feb. 2 Paid Munoz in full 28 Purchased goods for $690 from Reynolds with terms 2/10, n/45 Jan. Required: Assume that Axen uses a perpetual inventory system, the company had no inventory on hand at the beginning of January, and no sales were made during January and February. Calculate the cost of inventory as of February 28. Purchases Less: Purchase discount from Green 58 Cost of inventory as of February 28 $ 2.8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

At the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to…
Mani
What did you guys get on this one?
How would you record this transaction in a journal entry? Accepted a sales return from Eastern for an item having an original gross sales price of $6000. The original sale to eastern occurred in November with terms 2/15, n/30.
Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 5 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase.
None
The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…
During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,060 from Noah with terms 2/10, n/30. 6 Purchased goods from Emma for $890 with terms 1/10, n/30. 14 Paid Emma in full. 15 Paid Noah in full. On January 14, when Ava pays Emma, the credit to cash will be ?
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30 FOB shipping point. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30. 14 20 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions for Office Depot. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O…