ventory record for each of the 60 types of products the company keeps in stock. The following Perptual Imentory RacoFrecutive Suites, Inc., uses a perpetual inventory, systém. This system includes a perpetual in- pROnLNANtransactions show the purchases and sales of a particular desk chair (product code DC-7) during pl Imentory RucoSeptember:Balance on hand, 50 units, cost $60 each ..,Sept. 1Sept.Sept. 8Sept. 9Sept. 20Sept. 25Sept. 30 Sale, 5 units, sales price $110 each...$3,0004Purchase, 20 unita, cost $65 each...1,300Sale, 35 units, sales price $100 each..3,5002,00...6,000Purchase, 40 units, cost $65 eachSale, 60 units, sales price $100 each..2.800Purchase, 40 units, cost $70 each550 Instructions2. Record the beginning inventory, the purchases, the cost of goodds sold, and the running hel.ance on an inventory subsidiary rccord like the one illustrated on page 335). Usc the lasteinfirst out (LIFO) method.b Prepare general journal entrics to record these purchases and salcs in Septemher. Assume thatall transactions were on account.C. Explain why the company's choice of the LIFO method may result in a more accurate prc-sentation of its income statement than its balance sheet.

Last in First Out Method of Inventory Valuation: It is based on the assumption that the last item of…

Exccutive ventory record for each of the 60 types of products the company kceps in stock. The follosing ransactions show the purchases and sales of a particular desk chair (product code DC-7) during September: Balance on hand, 50 units, cost $60 each Sept. 1 4. Purchase, 20 units, cost $65 each •........ $3.000 Sept. Sept. 8 Sept. 9 Sant. 20 ... 1,300 Sale, 35 units, sales price $100 each Purchase, 40 units, cost $65 each ....... 3,500 2,000 ..... ..... Sale, 60 units, sales price $100 sach its, cost $70 each * 6.000 2.800 550 ........·....n ... ...... ........

Exccutive ventory record for each of the 60 types of products the company kceps in stock. The follosing ransactions show the purchases and sales of a particular desk chair (product code DC-7) during September: Balance on hand, 50 units, cost $60 each Sept. 1 4. Purchase, 20 units, cost $65 each •........ $3.000 Sept. Sept. 8 Sept. 9 Sant. 20 ... 1,300 Sale, 35 units, sales price $100 each Purchase, 40 units, cost $65 each ....... 3,500 2,000 ..... ..... Sale, 60 units, sales price $100 sach its, cost $70 each * 6.000 2.800 550 ........·....n ... ...... ........

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Erecutive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual in. PROMLEN ventory record for each of the 60 types of products the company keeps in stock. The following Ptat e transactions show the purchases and sales of a particular desk chair (product code DC-7) during y Pu September: Balance on hand, 50 units, cost $60 each Sept. Sept. 4 Sept. 8 Sept. 9 Sept. 20 Sept. 25 Purchase, 40 units, cost $70 each Sept. 30 Sale, 5 units, sales prica $110 each 1 $3,000 1,300 3,500 2,000 Purchase, 20 units, cost $65 each Sale, 35 units, sales price $100 each Purchase, 40 units, cost $65 each 6,000 2.800 550 Sale, 60 units, sales price $100 each ...... ......
Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 ea Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7)…
Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 each………………………………………...…….$550 Required: Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using Average Cost Method & LIFO method. Prepare journal entries to record these purchases and sales in…
Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 each………………………………………...…….$550 Required: Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using W.Average Cost Method & LIFO method. Prepare journal entries to record these purchases and sales in…
Submit it in excel form
answer in text form please (without image),,,,,,,,,,Note: Every entry should have narration please
answer in text form please (without image), Note: .Every entry should have narration please
Prepare the entries for transaction below and indicate what journal it is 2 Aug business sold merchandize inventory to micro universe co. For $4800, terms: 3/10, n/60 FOB. The merchandize had cost $3000
Journalise the following transactions. Please dont provide answer in image format. Thank you.
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 500 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. 7 Returned 45 defective units from the November 5 purchase and received full credit. Nov. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet 1 2 3 Purchased 500 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View general journal
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