Northern Lights Hotel maintains guest supplies inventory. Beginning count 400 units, purchased 300 units, used 580 units. Physical count shows 105 units. Missing units?
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- I am waiting for the answerRequired Informatlon [The following Information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 50e units @ $ 7 = Purchased 3e0 units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 January 20 April 21 July 25 September 19 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptlons. Difference in gross margin between the FIFO and LIFO cost flow assumptionsRequired Informatlon [The following information apples to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 500 units @ $ 7 = January 20 April 21 July 25 September 19 $3,500 Purchased 30e units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. b. Record the above transactions In general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
- Please do not give solution in image format thankupurchased the following supplies for use in the repair shop: Unit of Measure Quantity Purchased Item Price per Extended Unit Total Cost Shop Towels Rolls 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 $6 $240 Total $1,395 rins On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Quantity Remaining Unit of Item Measure Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: Unit of Measure Quantity Remaining Item Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial list of the accounts in Martha's General Ledger. These are the only accounts you need for this problem. D Cash D Supplies D Supplies ExpenseReview 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.
- On July 1, 2021, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Item Unit of Quantity Purchased Price per Unit Extended Total Cost Measure Shop Towels Rolls Supplies a 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 t1 -- July 1 $6 $240 Total $1,395 Account N On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Unit of Quantity Remaining Item Measure ent 2 -- Ju Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: ient 3 -- Quantity Remaining Unit of Item Measure Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial…The following purchase transactions occurred during August for Backcountry Kayak Excursions. Aug 1 Purchased Kevlar kayaks (equipment) for $429 on account from Gear Inc. Aug 6 Purchased kayak paddles (supplies) for $674 on account from Southland Co. Aug 14 Purchased life vests (supplies) for $3,749 on account from Gear Inc. Record these transactions in a purchases journal. If no entry is required, select "no entry" from the dropdown box. If an amount box does not require an entry, leave it blank. Purchases Journal Page 1 Date Account Credited Post Ref Accounts Payable Cr. Supplies Dr. other Accounts Dr. Post. Ref. Amount Aug 1 6 14Required Information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = 210 units@ $ 11 = 290 units @ $ 14 = 100 units @ $ 16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions
- Please do not give solution in image format thankuJakes Cabins is a small motel chain with locations near the national parks of Utah, Wyoming, and Montana. The chain has a total of 500 guest rooms. The following operating data are available for June: a. Determine the guest nights for June. b. Determine the available room nights for June. c. Determine the occupancy rate for June. d. Assume that the occupancy rate for June of the prior year was 82%. Has the utilization rate for Jakes Cabins improved or declined?Required information (The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 4800 units es 8 Purchased 200 units e $10 Purchased 280 units @ $13 Purchased 90 units @ $15 $3, 200 2, e00 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
