Goods have been sold that cost $3.000 to make. Provide the journal entry to record the costs associated with the sale.
Q: Goods costing $2,500 are purchased on account on July 15 with credit terms of 2/10, n/30. On July…
A: As per the perpetual inventory system, a detailed and continuous record of inventory purchased or…
Q: A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it…
A: Markup can be defined as the difference between the sales price & cost as a percentage of cost.…
Q: Walmart sells a bike that cost $100 to a customer for $250 cash. Using a perpetual inventory system,…
A: Under a traditional periodic Inventory System, the inventories are recorded by physical counting on…
Q: Scenario: You sold $30,000 worth of finished goods and $1,000 worth of trading goods to a customer…
A: Shipping can consist of two terms of trade. Either FOB Shipping point or FOB Destination point. In…
Q: Review the following situations and record any necessary journal entries for Lumber Farm Feb. 13…
A: FOB Destination is one of the shipping terms under which payment of all freight costs is the…
Q: A car dealer acquires a used car for $20,000, with terms FOB shipping point. Compute total inventory…
A: Products that are either used in the production process or for resale are referred to as inventory.…
Q: Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped…
A: Merchandise Inventory Merchandise inventory are refer as the goods which are acquired by any…
Q: Review the following transactions, and prepare any necessary journal entries for Renovation Goods.…
A: Recording journal entries are an important process of accounting cycle in this step each identified…
Q: A car dealer acquires a used car for $12,000, with terms FOB shipping point. Compute total inventory…
A: The inventory cost is the cost incurred in bringing a product to sale and making it available for…
Q: Record the following transactions using: a) Perpetual and b) Periodic Method a. During the year, 300…
A: A. By using perpetual inventory system:- The transactions are as follows:- Journal S. No.…
Q: If the mercahdise cost $5,000, insurance in transit cost $250, tarriff cost $75, processing the…
A: Formula: Total cost charged to the merchandise = Merchandise cost + Insurance in transit + Tarriff…
Q: If a vendor's invoice for the purchase of office supplies totaled $51.75, and this total included…
A: Purchase Journal is a specialized journal used to record purchase transactions take place on an…
Q: MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIOn: 1)Merchandise acquired cost is…
A: Journal Entries are primary records maintained by the entity in the books of account, on the…
Q: MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is…
A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
Q: You are given the information below and you are requested to answer the following questions (keep…
A: Formula: Gross margin = [ ( Sales revenue - cost of goods sold ) / sales revenue ] x 100 Deduction…
Q: Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB…
A: Formula to Calculate net cost of Merchandise (Paid within the period):Net cost of merchandise =…
Q: Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased…
A: Cost of goods Sold is the cost incurred by the company to selling the goods to the customers. It is…
Q: Use the following information for Pets Galore, a retail merchandiser of pet supplies to compute the…
A: SCHEDULE OF COST OF GOODS MANUFACTURED Schedule Of Cost Of Goods Manufactured are those Cost Which…
Q: Indicate for each debit and each credit (a) whether an asset, liability, owner's equity, drawing,…
A: The accounting equation is considered to be the foundation of the double entry accounting system. On…
Q: The acquisition of goods with an invoice price of $10,000 is subject to the following terms: 2/10,…
A: Here is the answer :
Q: ournal entries based on perpetual inventory: Returned one damage product to the buyer for the $25.
A: concept this is a case of sales return The goods sold is returned for being damaged journal entry…
Q: Goods costing $3,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: 1)Calculate the cost of goods available for sale and the number of units of ending inventory.…
A: 1) Calculation of cost of goods available for sales and number of units of ending inventory:
Q: The company "Z" displays in its accounting records the following costs for the goods purchased to…
A: IAS 2: Inventories: The costs of purchase of inventories comprise the purchase price, import duties…
Q: Prepare the journal entry to record the sale of 1,800 units that cost $9 per unit and sold for $15…
A: Journal entries recording is the first step of accounting cycle process, under which one account is…
Q: An item was shipped from a supplier under FOB shipping point. The invoice in the amount of $2,000…
A: Cost of inventory is the cost which is incurred on the buying of the inventory. It even includes…
Q: Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co.,…
A: We have to record the given sales transactions into the journal.
Q: Date Account titles and Explanation Amount (Dr.) Amount (Cr.) Jun-10 Merchandise inventiry $ To…
A: The question is based on the concept of Journal Entry.
Q: For each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during…
A: 1.The FOB shipping point indicates that title or ownership of merchandise inventory will be…
Goods have been sold that cost $3.000 to make. Provide the
Step by step
Solved in 2 steps
- Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer FOB Shipping Point for a cost of $200. Additional costs of $400 were incurred to acquire the goods. No discounts were taken. What is the buyer's total cost of merchandise inventory?A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling priceReview the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
- For each transaction of Sealy Company, (a) determine whether or not Sealy owns the goods during transit. (b) If Sealy is responsible for transportation costs, record the entry for shipping costs assuming they are paid in cash and the perpetual inventory system is used. journal entry worksheet Purchased goods FOB shipping point. Transportation costs are $690. Sold goods FOB destination. Transportation costs are $290. Sold goods FOB shipping point. Transportation costs are $440. Purchased goods FOB destination. Transportation costs are $170.The acquisition of goods with an invoice price of $10,000 is subject to the following terms: 2/10, n/30, FOB destination. The vendor covered all transportation expenses in the amount of $300. What is the merchandise's net cost?Merchandise with an invoice price of $10,000 is purchased subject to terms of 2/10, n/30, FOB destination. Transportation costs paid by the seller totaled $300. What is the net cost of the merchandise?
- Please help meInformation related to Swifty Co. is presented below. 1 2. 3. 4 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.The company "Z" displays in its accounting records the following costs for the goods purchased to reach safely its warehouses: Invoice value of goods 150.000€, discounts given on the invoice value of the purchase of 11.000 €, transport paid for the transport of goods from the warehouse of the supplier to the premises of the buyer 2.500 €, insurance premiums of goods 3.150 € were paid, packing costs for the transport 8.450 €, fees and customs clearance costs 7.780 €, commissions purchases 4.140 €, administrative expenses 5.550 €, salaries and wages 6.750 €, light-water-phone 3.150€, advertising-promotion costs 3.550€ and financial interest (debit) 1.485€. Requested: To determine the cost of purchase of the quantities purchased.
- An item was shipped from a supplier under FOB shipping point. The invoice in the amount of $2,000 included payment terms of 2/10, n/30. When the invoice was paid, a purchase discount in the amount of $40 was taken. Other details relating to the purchase of this item included the following: shipping charges of $300, storage fees of $50, and insurance premium of $100. The cost of this inventory item is $1,960 $2,410 $2,401 $2,404Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $70,000. Credit terms of 5/15, n/60 apply. If Jorgensen uses the net price method, the purchase should be recorded at a. $70,000 b. $66,500 c. $59,500 d. $42,000MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is 114.000 +10 % VAT. Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2) Machinary is purchased for 326.000 TL + %10 VAT, Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. 3) Merchandise sold for 64.000 USD (rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash. Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid (cash) by the customer for USD Merchandise sale. Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .…