Flint Inc. has provided you with the following information. This company purchases Its Inventory from a supplier for cash and has onlycash sales. Fint uses the average cost formula in a perpetual Inventory system. Increased competition has recently reduced the priceof the productDateApr. 168152027ExplanationBeginning inventoryPurchasesSalesPurchasesSalesPurchasesUnits50Date110(130)120(120)20To record alsUnit Cost$82[To record coat of good old[To record sales)90To record the Inventory sold71Prepare all joumal entries for the month of April for Filint. (List all debit entries before credit entries. Credit account titles areautomatically indented when the amount is entered. Do not indent manually. Do not round intermediate calculations. Round answers to 2decimal places, eg. 5,275.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journalentries in the order presented in the problem.Account Titles and Explanation63Unit Price$12096DebitCredit

Fint Inc. has provided you with the following information. This company purchases Its Inventory from a supoller for cash and has only sash sales. Flint uses the average cost formula in a perpetual Inventory system. Increased competition has recently reduced the price of the product Date Apr. 1 Explanation Beginning inventory Purchases Purchases 20 27 Purchases قدامات Units Unit Cost Unit Price 30 882 90 110 (130) 120 8 71 63 $120 96 Prepare all journal entries for the month of April for Flint (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round intermediate calculations. Round answers to 2 decimal places, 5.275.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit

Fint Inc. has provided you with the following information. This company purchases Its Inventory from a supoller for cash and has only sash sales. Flint uses the average cost formula in a perpetual Inventory system. Increased competition has recently reduced the price of the product Date Apr. 1 Explanation Beginning inventory Purchases Purchases 20 27 Purchases قدامات Units Unit Cost Unit Price 30 882 90 110 (130) 120 8 71 63 $120 96 Prepare all journal entries for the month of April for Flint (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round intermediate calculations. Round answers to 2 decimal places, 5.275.25. If no entry is required, select "No Entry" for the account titles and enter O for the amounts Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit

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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Assist me with this practice homework question. No point value associated. USING THE LIFO METHOD
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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Required information [The following information applies to the questions displayed below.] Cody's Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June. Cody's Fishing Hole uses a periodic inventory system. Date June 11 June 7 June 12 June 15 June 241 June 27 June 29 Transactions Beginning inventory Sale Purchase Ending inventory Cost of goods sold Sale Purchase Sale Purchase Units Unit Cost $310 16 11 300 290 10 12 10 8 10 280 Total Cost $4,960 3,000 2,900 2,800 $13,660 Required: 1. Calculate ending inventory and cost of goods sold at June 30, using the specific identification method. The June 7 sale consists of fishing reels from beginning inventory, the June 15 sale consists of three fishing reels from beginning inventory and nine fishing reels from the June 12 purchase, and the June 27 sale consists of one fishing reel from beginning inventory and seven fishing reels from the June 24 purchase.
! Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 October 13 October 20 October 28 October 30 Transactions Beginning inventory Sale Purchase Sale Purchase Sale Purchase Ending inventory Cost of goods sold Units Unit Cost 6 $ 890 4 5 3 4 7 6 900 910 920 Total Cost $5,340 4,500 3,640 5,520 $19,000 Using FIFO, calculate ending inventory and cost of goods sold at October 31.
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Whispering Company 'sells one product. Presented below is information for January for Whispering Company. Jan. 1 4 11 13 20 27 Inventory 111 90 159 130 149 85 Sale Purchase Sale Purchase Sale Whispering uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Whispering uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter O for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) units at $5 each units at $8 each units at $6 each units at $9 each units at $7 each units at $11 each Date Account Titles and Explanation (To record the sale) (To record the cost of inventory) (To record the sale) Debit Credit
Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase Sale October 13 October 20 October 28 October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19,230 Required: 1. Calculate ending inventory and cost of goods sold at October 31, using the specific identification method. The October 4 sale consists of purses from beginning inventory, the October 13 sale consists of one purse from beginning inventory and two purses from the October 10 purchase, and the October 28 sale consists of three purses from the October 10 purchase and four purses from the October 20 purchase.
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! Required information [The following information applies to the questions displayed below.] Sandra's Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Sandra's Purse Boutique uses a periodic inventory system. Date October 1 October 4 October 10 Transactions Beginning inventory Sale Purchase Sale Purchase October 13 October 20 October 28 Sale October 30 Purchase Ending inventory Cost of goods sold Units 6 4 5 3 4 7 8 Unit Cost $ 820 830 840 850 Total Cost $ 4,920 4,150 3,360 6,800 $19, 230 3. Using LIFO, calculate ending inventory and cost of goods sold at October 31.
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