Need experts solution only. Don't use AI. Metlock Company's record of transactions for the month of April was as follows.PurchasesSalesApril 1 (balance on hand)840 @ $6.00April 3700 @$10.0042,100 @ 6.0891,960 @10.0081,120 @6.4011840 @11.001322131,680 @6.50231,680 @11.0021980 @6.60271,260 @12.0029700 @6.796,4407.420 (a2)Your answer is partially correct.Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost.(Round answer to 0 decimal places, e.g. 2,760.)LIFO$6444Average-cost$6223eTextbook and MediaSave for LaterAttempts: unlimitedSubmit Answer

Part 1: LIFO Method:Under the LIFO method, the inventory available in the latest purchased lot will…

Answered: Metlock Company's record of…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.6.1MBA

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Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.
Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
(FIFO, LIFO and Average-Cost Determination) John Adams Company’s record of transactions for the month of April was as follows. PurchasesSalesApril 1 (balance on hand) 4813 21 29600 @ $6.00 1,500 @ 6.08 800 @ 6.40 1,200 @ 6.50 700 @ 6.60 500 @ 6.795,300 April 3 911 23 27500 @ $10.00 1,400 @ 10.00 600 @ 11.00 1,200 @ 11.00 900 @ 12.004,600nstructions a. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average-cost.b. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.c. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. d. In an inflationary period, which inventory method—FIFO, LIFO, average-cost—will show the high-est net income?
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 @ 690 @ 590 @ 490 @ 890 @ 490 $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 12 27 28 590 490 1,380 150
Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days. Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200
am. 112.
MYD company’s record of transactions concerning part VF5 for the month of September was as follow (dalam Rp. 000.000) : Purchases Sales Sept 1 Balance on hand 600@Rp. 6 Sept 3 500@Rp. 10 Sept 4 1.500@Rp. 6.08 Sept 9 1.300@Rp. 10 Sept 8 800@Rp. 6.4 Sept 11 600@Rp. 11 Sept 13 1.200@Rp. 6.5 Sept 23 1.200@Rp. 11 Sept 21 700@Rp. 6.6 Sept 27 900@Rp. 12 Sept 29 500@Rp. 6.79 Instruction: Assuming that periodic inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost Assuming that perpetual inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost In an inflationary record, which inventory method will show the highest net income?
Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 @ $5.80 570 @ 5.90 470 370 6.10 6.20 6.50 370 @ 6.70 770 @ Sales April 5 12 370 27 1,140 150 470 28
A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 450 @ $5.00 May 3 225 @ $7.00 4 1,340 @ $4.90 6 1,070 @ 7.00 8 840 @ $5.10 12 940 @ 7.50 14 740 @ $5.20 18 440 @ 7.50 22 1,260 @ $5.30 25 1,400 @ 8.00 29 600 @ $5.35 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory $
Accounts receivable turnover and days' sales in receivables Financial statement data for years ending December 31 for Schultze-Solutions Company follow: 20Y2 20Y1 Sales $1,848,000 $1,881,000 Accounts receivable: Beginning of year 195,300 184,700 End of year 224,700 195,300 a. Determine the accounts receivable turnover for 20Y2 and 2OY1. If required, round the final answers to one decimal place. Accounts Receivable Turnover 20Y2 20Y1 b. Determine the days' sales in receivables for 20Y2 and 20Y1. Use 365 days, if required round the final answers to one decimal place. Days' Sales in Receivables days 20Y2 days 20Y1 Pre roreivable turnover and the davecalos in rereivahles fronm 20Y1 to 20Y2 indicate a favorahle or unfavorahle change?
The following data pertains to the customers' accounts of ABC Corp at June 30, 20X1:Accounts receivable, June 1, P80,000Accounts receivable, June 30, P97,000Cash collections during the month (net of 2% cash discount), P107,800Sales returns , P10,000Customer's account written off, P17,000How much is the credit sales for the month? a. 134,800 b. 137,000 c. 154,000 d. 151,800
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