On August 20, 2017, Lockman Limited incurs the following costs related to inventory, all of which were paid in cash: Invoice (inventory) cost Sales tax on inventory purchased Cost to market inventory to customers Inventory delivery cost Cost to insure inventory during shipment/delivery Inventory packaging and inspection costs Cost to clean inventory sitting on retail shelves for too long TOTAL 125,000 5,000 800 3,000 200 Account 800 500 135,300 What journal entry should Lockman Limited record associated with these costs? Debit 105.000.00 Credit

On August 20, 2017, Lockman Limited incurs the following costs related to inventory, all of which were paid in cash: Invoice (inventory) cost Sales tax on inventory purchased Cost to market inventory to customers Inventory delivery cost Cost to insure inventory during shipment/delivery Inventory packaging and inspection costs Cost to clean inventory sitting on retail shelves for too long TOTAL 125,000 5,000 800 3,000 200 Account 800 500 135,300 What journal entry should Lockman Limited record associated with these costs? Debit 105.000.00 Credit

Name: On August 20, 2017, Lockman Limited incurs the following costs relate
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: On August 20, 2017, Lockman Limited incurs the following costs related to inventory, all of which were paid in cash:Invoice (inventory) costSales tax on inventory purchasedCost to market inventory to customersInventory delivery costCost to insure in

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

Want answer
. The Cherry Company's physical inventory on December 31, 2021 showed that merchandise with a cost of P364,000 was on hand at that date. Excluded from this amount are the following items: Merchandise costing P30,000 held by Cherry Company on consignment. Merchandise costing P45,000 shipped FOB shipping point to a customer on December 29, 2021. The goods are expected to be received by the customer on January 4, 2022. Merchandise costing P62,000 shipped FOB destination to a customer on December 31, 2021. The goods were expected to be received by the customer on January 6, 2022. Merchandise costing P78,000 shipped by a vendor FOB destination on December 30, 2021 and received by Cherry Company on January 5, 2022. Merchandise costing P54,000 shipped by a vendor FOB seller on December 31, 2021 and received by Cherry Company on January 3, 2022. What is the correct inventory that should appear in Cherry Company's statement of financial position at December 31, 2021?
CARDO Company suspects that there is missing inventory in its warehouse at December 31, 2021. All sales and purchases were made on account. Also, the gross profit rate based on net sales is consistent every year. To aid in your investigation, you obtained the following: How much is the cost of sales based on the historical gross profit rate?
27 )
HI, may i know why didn't record cost , $5000?
can someone help me with this question with correct and complete working ? please thank you
The following information is taken from the accounting records of Rapid Runner Incorporated for the year 2024. Required: Compute the missing amount. Cost of goods sold 239 Freight-in 24 Ending inventory 149 Gross purchases 304 Sales 404 Purchase discounts Beginning inventory 152 Gross profit 165 Purchase returns 52
Need all answer's
Seiz Company used perpetual inventory system to record inventory transactions for 2021. Inventory P 1,900,000 Sales 6,500,000 Sales returns 150,000 Cost of goods sold 4,600,000 Inventory losses 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory writedown is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? a. 5,020,000 b. 4,500,000 c. 4,720,000 d. 4,920,000
Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.