Current Attempt in Progress The Sunland Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $100,400. The count included $6,900 of inventory held on consignment for a local designer: $490 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise: and $1,100 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $4,800. It had been shipped on August 29, terms FOB destination. The second shipment cost $5.150, plus freight charges of $240. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments was included in the August 31 count. Calculate the correct cost of the inventory on August 31. Inventory cost

Current Attempt in Progress The Sunland Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of $100,400. The count included $6,900 of inventory held on consignment for a local designer: $490 of inventory that was being held for customers who were deciding if they actually wanted to purchase the merchandise: and $1,100 of inventory that had been sold to customers but was being held for alterations. There were two shipments of inventory received on September 1. The first shipment cost $4,800. It had been shipped on August 29, terms FOB destination. The second shipment cost $5.150, plus freight charges of $240. It had been shipped on August 28, terms FOB shipping point. Neither of these shipments was included in the August 31 count. Calculate the correct cost of the inventory on August 31. Inventory cost

Name: View PoliciesCurrent Attempt in ProgressThe Sunland Hat Shop Limited
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Description: View PoliciesCurrent Attempt in ProgressThe Sunland Hat Shop Limited counted the entire inventory in its store on August 31 and arrived at a total inventory cost of$100,400. The count included $6,900 of inventory held on consignment for a local desi

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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Fancy Iron began August with 45 units of iron inventory that cost $24 each. During August, the company completed the following inventory transactions: Requirement 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) - X Cost of Goods Sold Inventory on Hand Requirements Unit Cost Unit Cost Purchases Unit Date Quantity Cost Aug. 1 3 81 21 30 Totals Total Cost Quantity Total Cost Quantity C Total Cost 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare a perpetual…
The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180 per unit. During the year, the following purchases were made: Units Unit Cost Mar. 15 78 $181 July 20 62 180 Sept. 4 25 178 Dec. 2 10 173 At the end of the year, there were 35 units on hand. The Baby Store uses a periodic inventory system. (a) Determine the cost of goods available for sale. Cost of goods available for sale
Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return on November 7. Prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used Please don't provide answer in image format thank you
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Your review of Mine Company's inventory and related records for the year revealed the following information:Inventory, 1/1 - 450,000Purchases -3,150,000Sales -4,200,000You conducted a physical inventory on December 31 and determined P450,000 was in the company's warehouse. The management suspects some new employees may have pilfered a portion of the merchandise inventory.What is the cost of the missing inventory assuming that Mine's gross profit remains at 30% of sales?
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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…
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