For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance) Required 8. Jill's Dress Shop had a beginning balance in its inventory account of $48,500. During the accounting period, JM's purchased $100,500 of inventory, returned $6,700 of inventory, and obtained $920 of purchases discounts. Jill's incurred $1,340 of transportation in cost and $770 of transportation-out cost. Salaries of sales personnel amounted to $39.500 Administrative expenses amounted to $44.100. Cost of goods sold amounted to $99.300 b. Ken's Bait Shop had a beginning balance in its inventory account of $11,400. During the accounting period, Ken's purchased $50,500 of inventory, obtained $1,540 of purchases allowances, and received $530 of purchases discounts. Sales discounts amounted to $810. Ken's incurred $1.240 of transportation in cost and $430 of transportation-out cost Selling and administrative cost amounted to $14,000. Cost of goods sold amounted to $37,300 Cost of goods available for sale Ending Inventory Jill's Dress Shop Ken's Bait Shop

For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost of inventory available for sale. Next, subtract the cost of the inventory sold to arrive at the ending balance) Required 8. Jill's Dress Shop had a beginning balance in its inventory account of $48,500. During the accounting period, JM's purchased $100,500 of inventory, returned $6,700 of inventory, and obtained $920 of purchases discounts. Jill's incurred $1,340 of transportation in cost and $770 of transportation-out cost. Salaries of sales personnel amounted to $39.500 Administrative expenses amounted to $44.100. Cost of goods sold amounted to $99.300 b. Ken's Bait Shop had a beginning balance in its inventory account of $11,400. During the accounting period, Ken's purchased $50,500 of inventory, obtained $1,540 of purchases allowances, and received $530 of purchases discounts. Sales discounts amounted to $810. Ken's incurred $1.240 of transportation in cost and $430 of transportation-out cost Selling and administrative cost amounted to $14,000. Cost of goods sold amounted to $37,300 Cost of goods available for sale Ending Inventory Jill's Dress Shop Ken's Bait Shop

Name: DONT GIVE ANSWER IN IMAGE FORMAT Exercise 4-7A (Algo) Determining the
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Description: DONT GIVE ANSWER IN IMAGE FORMAT Exercise 4-7A (Algo) Determining the cost of inventory LO 4-2, 4-3, 4-4For each of the following cases determine the ending balance in the inventory account. (Hint First, determine the total cost ofinventory available

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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