Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated with the physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimated approximately $1,300 of merchandise sold will be returned with a cost of $900. Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Journalize the adjustment for estimated sales returns. Requirement 1. Journalize the adjustment for inventory shrinkage. (Record debits first, then credits. Exclude explanations from journal entries.) Date Jun. 30 Accounts Debit Credit

Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated with the physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimated approximately $1,300 of merchandise sold will be returned with a cost of $900. Requirements 1. Journalize the adjustment for inventory shrinkage. 2. Journalize the adjustment for estimated sales returns. Requirement 1. Journalize the adjustment for inventory shrinkage. (Record debits first, then credits. Exclude explanations from journal entries.) Date Jun. 30 Accounts Debit Credit

Name: Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30,
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Melrose St. Book Shop's unadjusted Merchandise Inventory at June 30, 2024 was $6,600. The cost associated withthe physical count of inventory on hand on June 30, 2024, was $5,950. In addition, Melrose St. Book Shop estimatedapproximately $1,300 of m

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Estimating sales returns On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns.
Kiddie World uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following data are available for the quarter ending September 30, 2021: Cost Retail Beginning inventory $ 320,000 $ 465,000 Net purchases 863,000 1,230,000 Freight-in 24,500 Net markups 50,000 Net markdowns 20,000 Net sales 1,210,000 Estimate ending inventory and cost of goods sold using the conventional method. (Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.))
UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
Sheridan Company's record of transactions for the month of April was as follows. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. Cost of goods sold $ eTextbook and Media Save for Later Attempts: 0 of 5 used (d) In an inflationary period, which inventory method - FIFO, LIFO, average - cost - will show the highest net income? inventory method will show the highest net income. 4132129Purchases1,650 @ 5.801,320 @770 @ 550 @5,8306.206.30a 6.502327Sales1,540 @ 10.001,320 @ 11.00990 @5,06012.00
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The Company uses a periodic inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average. (Round cost per unit to 2 decimal places.)
Calculate the ending inventory at cost using the retail method (round cost-to-retail ratio to 2 decimals and final answer to 0 decimals). Keep in mind the ending inventory at October 31, 2023, at retail prices, is $82, 600.
Stanley Flooring Company’s perpetual inventory records indicate that $1,129,000 of mer-chandise should be on hand on December 31, 20Y1. The physical inventory indicates that $1,109,300 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Stanley Flooring Company for the year ended December 31, 20Y1. Assume that the inventory shrinkage is a normal amount.
Perez Company had the following information for the year ending December 31: Units Unit Cost Beginning inventory 360 $34 Purchase: April 6 290 35 Sale: May 4 380 Purchase: July 19 590 39 Sale: September 9 450 Purchase: October 10 140 45 Perez uses the perpetual inventory system and the FIFO method. Required: Using FIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold
Journalizing adjusting entries including estimating sales returns Emerson St. Book Shop’s unadjusted Merchandise Inventory at June 30, 2018 was 55,200. The cost associated with the physical count of inventory on hand on June 30, 2018, was $4,900. In addition, Emerson St. Book Shop estimated approximately 31,000 of merchandise sold will be returned with a cost of $400. Requirements Journalize the adjustment for inventory shrinkage. Journalize the adjustment for estimated sales returns.
On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method. Goods available for sale: at cost $49,920, at retail $64,000; net sales $51,200; and ending inventory at retail $12,800. Compute the estimated cost of the ending inventory using the retail inventory method. Estimated cost of ending inventory $
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Computing the gross profit percentage Macarthy Landscape Supply’s selected accounts as of December 31, 2018, follow. Compute the gross profit percentage for 2018.