### Data Table: Inventory Transaction RecordThis table documents the inventory transactions of a certain item over the month of November. Below, the data is organized by Date, Item, Quantity, and Unit Cost:| Date | Item | Quantity | Unit Cost ||----------|-----------|----------|-----------|| Nov. 1 | Balance | 20 | $70 || Nov. 6 | Sale | 16 | || Nov. 8 | Purchase | 30 | $87 || Nov. 17 | Sale | 30 | || Nov. 30 | Sale | 2 | |#### Explanation of Columns:- **Date**: The specific day on which the transaction occurred.- **Item**: The type of transaction, such as Balance, Sale, or Purchase.- **Quantity**: The number of units involved in the transaction.- **Unit Cost**: The cost per unit at the time of the transaction (only applicable for Balance and Purchase transactions).This table serves as a simple record to keep track of inventory changes through sales and purchases over a given period. It's essential for managing stock levels and understanding the flow of inventory items. Title: Recording the Cost of Goods Sold - Example Entry---**Example Journal Entry for Cost of Goods Sold****Scenario:** Record the cost of putters sold on November 6th.| Date | Accounts and Explanation | Debit | Credit ||------------|-----------------------------------------|-------|--------|| Nov. 6 | Cost of Goods Sold | | || | Merchandise Inventory | | || | *To record the cost of goods sold.* | | |**Explanation:**1. **Date:** The date of the transaction, which is November 6th.2. **Cost of Goods Sold:** An account that represents the cost associated with the products sold. It is typically debited to recognize this cost.3. **Merchandise Inventory:** An account that represents the value of goods available for sale. It is typically credited to decrease the inventory value as goods are sold.4. **Explanation:** A brief note explaining the purpose of the journal entry, which in this case is to record the cost of goods sold.In this example, the exact amounts for the debit and credit columns are not provided, but they should be equal to reflect accurate financial recording. Generally, you would enter the cost of the putters sold in both the Debit column for the Cost of Goods Sold account and the Credit column for the Merchandise Inventory account.**Usage:**This journal entry ensures that the financial statements accurately reflect the reduction in merchandise inventory and record the cost associated with goods sold, which affects the company’s profit calculation.

A journal is a detailed account that records all the financial transactions of a business, to be…

Answered: Data table Date Item Nov. 1 Nov. 6 Nov.…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

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Chapter5: Operating Activities: Purchases And Cash Payments

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odule Three Assignment - ACC x * CengageNOWv2 | Online teachir x com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... O eBook Show Me How Gross Profit During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount of the gross profit? Previous Next Check My Work 6:37 AM 45°F A D E a O 11/13/2021
it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
Info in images 2. Post your entries to T-accounts. (Don’t forget to enter the beginning inventory balances above.) Accounts Receivable Sales Beg. Bal. Beg. Bal. End. Bal. End. Bal. Raw Materials Cost of Goods Sold Beg. Bal. Beg. Bal. End. Bal. End. Bal. Work in Process Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished Goods Advertising Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accumulated Depreciation Utilities Expense Beg. Bal. Beg. Bal. End. Bal. End. Bal. Accounts Payable Salaries Expense Beg. Bal.…
Cengage Learning keAssignment/takeAssignmentMain.do?invoker=&takeAssignment geNOWv2 | Online teachi x Institution Page a. b. Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. b. Merchandise $58,600 73,100 Check My Work Freight Paid by Seller X $1,300 600 Presentation Principals of Mark X Session Locator=&inprogress=false Freight Terms FOB destination, 1/10, n/30 FOB shipping point, 2/10, n/30 Credit for Refunds and Allowances $6,500 3,900 ES Previous ☐ 9:08 O - 0
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Match the term with its definition. ^ Average Cost Method Dollar-Value LIFO First-In, First-Out Method FO.B. Destination Title to goods in tasit pass, [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 27 Minutes, 42 Seconds Assets that a company holds for sale in the ordinary course of business or will use or consume in the production of goods to be sold. Correct Answer An inventory costing method that records the purchase of all inventory in a "Purchases" account. Requires numerous calculations to arrive at cost of goods sold. Correct Answ An inventory costing method that requires the "Inentory" account to be an active account. Provides a continuous record of the balances in both the Inventory and the Cost of Title to goods in transit pass, and are recorded on the buyers books, when the goods leave the seller's place of business. Buyer is responsible for the freight costs. Correct Ans A cost flow assumption that assumes cost of goods sold consists of the most…
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Problem 4-26 Marigold Company produces high-quality microscopes for education and health care uses. The company uses a job order costing system. Because the microscopes' optics require significant manual labor to ensure adherence to strict manufacturing specifications, the company applies overhead on the basis of direct labor hours. At the beginning of 2017, the company estimated its manufacturing overhead would be $1,950,000 and that employees would work a total of 48,750 direct labor hours. During March, the company worked on the following five jobs: Direct Materials Direct Labor Direct Labor Hours Beginning added during added during added during Job Balance March March March 134 $118,600 $3,000 $8,400 160 158 121,400 2,400 12,150 340 212 21,900 86,400 36,600 3,450 287 34,550 71,600 31,810 2,770 301 18,990 21,890 1,320 Total $296,450 $182,390 $110,850 8,040 Jobs 134 and 158 were started in January, Jobs 212 and 287 were started in February, and Job 301 was started in March. During…

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Data table Date Item Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Balance Sale Purchase Sale Sale Quantity Unit Cost 20 $ 70 16 30 30 2 87 X