Name FINANCIAL ACCOUNTING Inventory Costing Case On January 1, 2022, Chris Columbus decided to start a new business, Ahoy Mates, that sells children's toy boats. Each boat is sold for $24. The following purchases were made during 2022. Jan 1 Jan 15 Feb 2 Feb 10 Mar 1 April 4 Items 550 @ 200 @ 900 @ 500 @ 200 @ 750 @ 205 o Cost $10.89 10.80 10.78 11.20 11.45 11.40 11.72
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- I Analyze and make journal entries for the following transactions of Dada's Mart owned and operated by Diana . 2020 1 Cash purchases from Macro, P75,000 plus 12% VAT. 5 Purchased goods from Yssa's Fruit Farm for P 67,200, VAT included.Terms: 2/10, n/30. 8 Returned defective goods to Yssa's Fruit Farm, P 5,000, VAT excluded. 10 Bought equipment for office use from Jhamas Marketing, P 35,000 plus VAT. Term: n/60. 15 Paid in full the account to Yssa's Fruit Farms. 20 Purchased goods from Colette Grocery, P33,600, VAT included. Term: 2/10, n/30. 24 Returned defective goods to Colette Grocery, P 5,600, VAT included. 30 Made a full payment to Colette Grocery JanMower-Blower Sales Company started business on January 20, 2022. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2022 were as follows: January 21 February 3 February 28 March 13 April 6 May 22 June 3 June 20 August 15 September 20 November 7 Blowers 10 @ $700 20 @ $680 20 @ $650 10 @ $650 10 @ $700 Req A1 The December 31, 2022, inventory included 10 blowers and 20 mowers. Assume the company uses a periodic inventory system. Required: a. 1. Compute ending inventory valuation at December 31, 2022, under the FIFO and LIFO cost flow assumptions. 2. Is there any difference in valuation under FIFO and LIFO. Blowers Mowers b. If the cost of mowers had increased to $750 each by December 26th, and if management had purchased 20 mowers just before the end of the year, which cost flow assumption was probably being used by the firm? Mowers Complete this question by entering your answers in the tabs below. Req A2 and B $ 10 @ $620 20 @ $640 20 @ $660…eBook Show Me How Caloulator Print Item Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. what is the amount of the gross profit? Check My Work Email Instructor Save and Exit All work saved. ch %23
- Lemon Company Name and Student ID: Q6: if 2 of the lemons on 1st July belong to your father, should we include those lemons in our sales and inventory? - Purchased 3 units in 1st July $5/each. Purchased 3 units on 7th August $7/each- Purchased 3 units on 10th September $10/each- We sold 3 lemons on 1st September. We found 6 lemons left at the end of September. . Q1. What is the total revenue if the selling price is $20/each?. Q2. How many units are available for sale on 31 August (goods available for sales)? How much in total dollars amount? - Q3: Please calculate the cost of goods sold (the total cost of the lemons sold) under different methods. Please show your workings.. a). b). c). d). e). Q4: Among a)-c), which one can provide the largest Gross Profit? (Hint: Sales - Cost of goods sold = Gross Profit). Q5: Is it possible to include the cost of the lemons from 10th September purchase? -2. Al Wardi marketing company purchases mobiles directly from manufacturers and sells it to small retailers. The following transactions occurred during 2020: January, 12th: 75 mobiles on hand @ RO 30 each March, 21st: 80 mobiles purchased @ RO 40 each. May, 14th: 120 mobiles purchased @ RO 50 each. July, 10th: 80 mobiles purchased @ RO 60 each. September 16th: 50 mobiles purchased @ RO 80 each During 2020 Al Wardi company sold 300 mobiles. Required: Compute the Cost of Inventory sold and the value of closing inventory during 2020 under the following cost inventory methods. (a). First in, first out (FIFO) (b). Last in, first out (LIFO) (c) Average cost methoda. Star Troopers Bhd is a wholesaler that buys and sells toy action figures. The transactions in the last four months of 2020 were recorded as below: C. Month September October November December Units Purchased 300 200 250 100 Unit purchase price RM 8 First-in-first-out (FIFO) b. Last-in-first-out (LIFO) 10 11 Units sold 260 180 220 It is the policy of the company to purchase on the tenth day and sell on the last day of each month. All product purchased were kept in a storeroom before sales. 140 Required: Record the above transactions in a store ledger card using each of the following stock valuation methods: Cumulative weighted average cost (CWACO). (Calculate the weighted average cost per unit to 4 decimal places.)
- MAKE THE NECCESSARY JOURNAL ENTRIES.... BALIM Company is a merchandising company and tradindg OFFICE SUPPLİES .Company’s November 2020 trancations are as follows. 2. Company Decided to import Machinary for 200.000 DOLAR. (USD) Installation and Adjustment Cost is 85.000 TL + %10 VAT. Import Tax is 35.000 TL. 75.000 USD , Advance is paid by issueing a check. USD Rate is 5.50 TL/USD .Marin Shed Solutions sells its largest shed for $1,100 plus HST of 13 %. On May 10, 2024, it sold 26 of these sheds. On May 17,2024, the company sold 85 of these sheds. All sales are cash sales. For each day's sales, calculate the HST. May 10, 2024 May 17, 2024 Question Part Score $ Date $ HST payable Prepare a journal entry to record the sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles Debit --/2 CreditEA1. LO 9.1 Prepare journal entries for the following transactions from Restaurant Depot. Nov. 8 Nov. 17 Customer Miles Shandy purchased 200 pans at $35 per pan, costing Restaurant Depot $21 per pan. Terms of the sale are 2/10, n/30, invoice dated November 8. Miles Shandy pays in full with cash for his purchase of November 8.
- M.Brown used to operate a merchandising business in St. James, Jamaica.Some years ago, he decided to start manufacturing the goods that he sold in order to achieve cost efficiency. On June 30, 2016 you extracted the following Trial Balance from the books of M.BrownDetails/Accounts Dr $ Cr $Accounts payable 10,000,000Finished goods Inventory, July 1, 2015 20,000,000Rent and insurance 1,680,000Carriage outwards 2,400,000Motor vehicles 7,500,000Provision for depreciation motor vehicles 1,500,000Production workers salary 16,000,000Furniture, etc. 5,000,000Cash 15,000,000Direct expenses 4,000,000Net sales 124,000,000Capital 57,280,000Indirect factory expenses 4,000,000Work in progress, July 1, 2015 8,000,000Electricity 6,000,000Purchases of direct raw materials 40,000,000Administrative expenses 12,000,000Drawings 3,000,000Provision for unrealized profit 2,000,000Direct raw materials, July 1, 2015 10,000,000Accounts receivable 14,000,000Carriage inwards for direct raw materials…5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Particulars Debit Credit RM RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500 16,900 10,400 1,200 750 Lighting Rent Insurance Advertising Bad debts Discount received 2,500 3,750 950 1,400 650 1,600As part of the employment interview for an accounting job at Sound Design, you have been asked to answer the questions below, based on an invoice from one of Sound Design's vendors, Target Electronic Wholesalers. Invoice Stock # Description Unit Price Amount 4811V Stereo Receivers 50 ✕ $291.50 = _______________________ 511CX Blu-Ray Players 25 ✕ $139.28 = _______________________ 6146M Home Theater Systems 40 ✕ $659.12 = _______________________ 1031A LCD TVs 20 ✕ $598.00 = _______________________ Merchandise Total _______________________ Insurance + Shipping $1,250.00 Invoice Total _______________________ An invoice. The top of the invoice is divided into several distinct sections. The first section is located in the top left of the invoice, is unlabeled, and contains an image of a target with an arrow in the center of the target. The second section is located in the top center of the invoice, is unlabeled,…