### 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

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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
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.…
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Perpetual inventory using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: 65 units at $42 50 units 79 units at $44 Nov. 1 Inventory 10 Sale 15 Purchase 20 Sale 24 Sale 30 Purchase 45 units 11 units 31 units at $46 The business maintains a perpetual inventory system, costing by the last-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 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Date Nov. 1 Nov. 10 Nov. 15 LIFO Method DVD Players Cost of Cost of Quantity Purchases Purchases Quantity Goods Sold Goods Sold Inventory Purchased Unit Cost Total Cost Sold Unit Cost Total Cost Quantity Check My Work 10 X Inventory Inventory Unit Cost Total Cost Email Instructor Save and…
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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…
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $24,400; purchases, $306,300; purchase returns and allowances, $12,500; sales, $720,000; sales returns and allowances, $6,250; freight-in, $1,800; and operating expenses, $51,000. A physical count indicated that $24,300 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. 5. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Required B Prepare a schedule of cost of goods sold. TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Required A Cost of goods available for sale Cost of goods sold $
Please prepare tha income statement thanku
Question 6 Not ye answered Marked out of 1.00 question Accounts payable are recorded on the books at their Select one: O a. net amount O b. net present value O c. face value d. net realizable value Clear my choice Question 7 Not yet answered Marked out of 1.00 F Flag question In a manufacturing process overhead costs are added to which inventory account? Select one: O a. Raw Materials O b. Finished Goods Oc. Work-in-Process O d. Cost of Goods Sold Question 8 Not yet answered Marked out of 1.00 F Fag question If a bond is issued at a discount, the coupon rate is Select one: O a. equal to the effective rate. O b. not needed to determine the bond's sale price. Oc. less than the effective rate. Od. greater than the effective rate.

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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