E Office Update To keep up-to-date with security updates, fbxes, and Improvements, choose Check for Updates. Min Armin Wasteage has previously used previously used a periodic inventory recording system. Minnie has decided she wants to keep better information on her stock and is trialling using a perpetual system to record the movements of her LED lighting Kits. Minnie has provided you with the following information to help track of this inventory during August. Each kit sells for $50. Min Armin Wasteage began August with 45 kits on hand, with a total value $900. August 13, 20 kits were purchase for $20 each. August 16, 15 kits were sold. August 19, 10 kits were purchased for $26 each. August 21, 30 kits were sold. August 23, 15 were purchase for $20 each. August 27, 25 kits were sold. At the end of August, a physical stock take reveals 14 kits on hand. Minnie has also found out that an new model of LED lighting is available and she will only be able to sell her existing stock for $25 each in the future. REQUIRED: A. Complete the stock card in the pro forma book provided using the FIFO method of inventory valuation and then calculate the gross profit. Page 5 of 22 2834 words English (Australia) O R E D Focus MacBook Air

E Office Update To keep up-to-date with security updates, fbxes, and Improvements, choose Check for Updates. Min Armin Wasteage has previously used previously used a periodic inventory recording system. Minnie has decided she wants to keep better information on her stock and is trialling using a perpetual system to record the movements of her LED lighting Kits. Minnie has provided you with the following information to help track of this inventory during August. Each kit sells for $50. Min Armin Wasteage began August with 45 kits on hand, with a total value $900. August 13, 20 kits were purchase for $20 each. August 16, 15 kits were sold. August 19, 10 kits were purchased for $26 each. August 21, 30 kits were sold. August 23, 15 were purchase for $20 each. August 27, 25 kits were sold. At the end of August, a physical stock take reveals 14 kits on hand. Minnie has also found out that an new model of LED lighting is available and she will only be able to sell her existing stock for $25 each in the future. REQUIRED: A. Complete the stock card in the pro forma book provided using the FIFO method of inventory valuation and then calculate the gross profit. Page 5 of 22 2834 words English (Australia) O R E D Focus MacBook Air

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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Stuart Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory: Required purchases (on account) Stuart Books' accountant prepared the following schedule of cash payments for inventory purchases. Stuart Books' suppliers require that 95 percent of purchases on account be paid in the month of purchase; the remaining 5 percent are paid in the month following the month of purchase. Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter. Required A Complete this question by entering your answers in the tabs below. Required B April $ 106,000 Payment for current accounts payable Payment for previous accounts payable Total budgeted payments for inventory $ Complete the schedule of cash payments for inventory…
You are called by Tim Duncan of Shamrock Co. on July 16 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken immediately. The following data are available. Inventory, July 1 Purchases-goods placed in stock July 1-15 Sales revenue-goods delivered to customers (gross) Sales returns-goods returned to stock $36,600 81,300 119,400 Your client reports that the goods on hand on July 16 cost $31,300, but you determine that this figure includes goods of $6,300 received on a consignment basis. Your past records show that sales are made at approximately 60% over cost. Duncan's insurance covers only goods owned. Claim against the insurance company $ 3,600 Compute the claim against the insurance company. (Round ratios for computational purposes to 3 decimal places, e.g. 78.736% and final answer to O decimal places, e.g. 28,987.) LA 26700
Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit Date Transactions Units Total Cost Beginning inventory Purchase $ 28 $1,036 January 1 April 14 August 22 October 29 37 2,040 3,776 2,822 68 30 Purchase Purchase 118 32 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 3. What effect will the inventory error have on and (d) net income (ignoring…
Luther has a bird shop that sells canaries. Luther maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2024. Date Transactions Units Unit Cost Total Cost January 1 Beginning inventory 33 $38 $1,254 April 14 Purchase 78 40 3, 120 August 22 Purchase 128 42 5, 376 October 29 Purchase 93 44 4,092 332 $13,842 January 1 to December 31 Sales ($58 each) 278 Luther uses a periodic inventory system and believes there are 54 birds remaining in ending inventory. However, Luther neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 44 birds in ending inventory. Luther is not aware of the lost canaries. 1. What amount will Luther calculate for ending inventory and cost of goods sold using FIFO, assuming he erroneously believes 54 canaries remain in ending inventory?
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ABC is a Wholesale Merchandise trader. He uses periodic inventory system. He received an order from the customer and asking for 100 numbers of Desktop computers. The business is ready to give offers @ 10% trade discount on the invoice price if the customer place an order before 27th April 2021. Selling Price of the product is OMR 120 each. Which of the following journal entry is Correct in the books of ABC Merchandise business assuming that the order was placed by the customer on 25th April 2021? a. Debit Accounts payable OMR 10,800 Credit Merchandise Inventory OMR 10,800 b. Debit Accounts receivable OMR 12,000 Credit Sales OMR 12,000 c. Debit Accounts receivable OMR 10,800 Credit Sales 10,800 e d. Debit Purchase OMR 12,000 Credit Accounts payable OMR 10,800 Credit Discount 1,200
Consider the information below for Jack's Fantastic Chairs company, for the month of January 2020. January 1st Beginning Inventory 100 Chairs @ $10 cost each January 10th Purchased in Inventory 250 Chairs @ $13 cost each January 12th Purchased in Inventory 50 Chairs @ $14 cost each January 17th Purchased in Inventory 72 Chairs @ $20 cost each Jack uses the Periodic System to keep track of his lInventory. On January 31st. Jack counts his ending Inventory. He has 25 Chairs unsold (still in his shop). Therefore, the value of his Cost of Goods Sold (COGS) for the month for January, assuming FIIFO, is: Select one: O a. $5,980 O b. $5,796 O c. $5,890 O d. $5,976