Publishers. At the date of this sale, Merlin's perpetual inventory records includedOn May 10, Merlin Computers sold 70 Portex lap-top computers to College TextEXERCISE 9-3FlowAssumptlonsthe following cost layers for the Portex lap-tops:Purchase DateQuantityUnlt CostTotal CostApril 9.May 1...........$48,00034,000$82,00060$80040850Total on Hand..100INSTRUCTIONS Preparejournal entries to record the cost of the 70 Portex Jap-tops sold on May 10,assuming that Merlin Computers uses the:a Specific identification method (50 of the units sold were purchased on April 9,and the remaining 20 units were purchased on May 1).

Name: Publishers. At the date of this sale, Merlin's perpetual inventory re
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Description: Publishers. At the date of this sale, Merlin's perpetual inventory records includedOn May 10, Merlin Computers sold 70 Portex lap-top computers to College TextEXERCISE 9-3FlowAssumptlonsthe following cost layers for the Portex lap-tops:Purchase Date

Under specific identification method, the specific goods are sold from number of units available.

Business

Accounting

EXERCISE 9-3 On May 10, Merlin Computers sold 70 Portex lap-top computers to Conege Publishers. At the date of this sale, Merlin's perpetual inventory records included the following cost layers for the Portex lap-tops: Flow Assumptlons Purchase Date Quantity Unlt Cost Total Cost April 9 $48,000 34,000 S82,000 May 1....... 60 S800 40 850 Total on Hand. | 100 Prepare journal entries to record the cost of the 70 Portex lap-tops sold on May 10. assuming that Merlin Computers uses the: a Specific identification method (50 of the units sold were purchased on April 9, and the remaining 20 units were purchased on May 1). INSTRUCTIONS

EXERCISE 9-3 On May 10, Merlin Computers sold 70 Portex lap-top computers to Conege Publishers. At the date of this sale, Merlin's perpetual inventory records included the following cost layers for the Portex lap-tops: Flow Assumptlons Purchase Date Quantity Unlt Cost Total Cost April 9 $48,000 34,000 S82,000 May 1....... 60 S800 40 850 Total on Hand. | 100 Prepare journal entries to record the cost of the 70 Portex lap-tops sold on May 10. assuming that Merlin Computers uses the: a Specific identification method (50 of the units sold were purchased on April 9, and the remaining 20 units were purchased on May 1). INSTRUCTIONS

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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%24 %24 CDOOK Cost Flow Methods The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase 1 $317 April 15 Purchase 1 318 April 20 Purchase 1 319 Total $954 Average cost per unit $318 ($954 3 units) Assume that one unit is sold on April 27 for $439. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) %$4 $4 b. Last-in, first-out (LIFO) c. Weighted average cost
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Problem 11 (Adapted) The following information is for Mikaela Enterprises Ltd: OMNIA AVA T Jan. 31 Feb. 28 Mar. 31 P25,000 1 P25,100 17,600 20,000 29,000 P29,000 22,600 24,000 35,000 Apr. 30 P23,000 17,300 26,500 40,000 Inventory at cost Inventory at LCNRV 24,500 Purchases for the month Sales for the month Requirements: 1. Using the above information, prepare a monthly income statement for the month of February, March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method. 2. Prepare the journal entry that is needed to establish the valuation account on January 31. Also, prepare the journal entries to adjust it at the end of each month after that.