and January 15. Usc the fonmats for inventory subsidiary records illustrated on pages 333-335On January 15, 2001, California Irrigation sold 1,000 RainMaster-30 oscillating sprinkler headsto Rancho Landscaping. Immediately prior'to this sale, California's perpetual inventory recordsfor this sprinkler head included the following cost layers:Purchase DateQuantityUnit CostTotal CostDec. 12, 2000600$9.25$ 5,550Jan. 9, 20019009.508,550Tolal on hand1,500$14,100InstructionsNotc: We prcsent this problem in the normal sequence of the accounting cycle-that is, journalentries befere leiger entries. However, ycu may find it helpful to work part b first.a. Prepare a separate journal entry to record the cost of goods sold relating to the January 15 saleof 1,000 RainMaster-30 sprinkler heads, assuming that California Irrigation uses:1. Specific identification (500 of the units sold were purchased on December 12, and the re-maining 500 wcre purchased on January 9).2. Average cost.3. FIFO.4. LIFO.b. Complete a subsidiary ledger record for RainMaster-30 sprinkler heads using each of uie eesinventory'valuation methods listed above. Your inventory records should show both purcna oof this product, the sale on January 15, and the balance on hand at December 12, Januayof this chapter.

Name: and January 15. Usc the fonmats for inventory subsidiary records illu
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: and January 15. Usc the fonmats for inventory subsidiary records illustrated on pages 333-335On January 15, 2001, California Irrigation sold 1,000 RainMaster-30 oscillating sprinkler headsto Rancho Landscaping. Immediately prior'to this sale, Califo

Journal entry is the primary entry that records the transactions initially.

Business

Accounting

On January 15, 2001, California Irrigation sold 1,000 RainMaster-30 oscillating sprinkler heade to Rancho Landscaping. Immediately prior' to this sale, California's perpetual inventory records for this sprinkler head included the following cost layers: Purchase Date Quantity Unit Cost Total Cost Dec. 12, 2000 600 $9.25 $ 5,550 Jan. 9, 2001 900 9.50 8,550 Tolal on hand 1,500 $14,100

On January 15, 2001, California Irrigation sold 1,000 RainMaster-30 oscillating sprinkler heade to Rancho Landscaping. Immediately prior' to this sale, California's perpetual inventory records for this sprinkler head included the following cost layers: Purchase Date Quantity Unit Cost Total Cost Dec. 12, 2000 600 $9.25 $ 5,550 Jan. 9, 2001 900 9.50 8,550 Tolal on hand 1,500 $14,100

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

Heer Don't upload any image please
wh.ca/d21/le/content/126096/viewContent/7921257/View mitaltar CETIL Situation 4: On March 31, 2017, Wayside Corporation purchased a new piece of manufacturing equipment for $1,615,000. At that time, the estimated useful life of the equipment was five years, with a residual value of $325,000. On August 1, 2020, due to increased competition causing a decreased selling price for its product, Wayside decided to discontinue the product. By December 31, 2020, there was a formal plan in place to sell the equipment, and the equipment qualified for classification as held for sale. At December 31, 2020, the equipment's fair value less costs to sell was $260,000. Due to matters beyond Wayside's control, a potential sale of the equipment fell through in 2021, although consumer confidence in Wayside's product increased significantly because of reported defects in its competitors' products. The equipment remained classified as held for sale at December 31, 2021, when the equipment's fair value less…
Bilboa Freightlines, S.A., of Panama, has a small truck that it uses for intracity deliveries. The truck is worn out and must be either overhauled or replaced with a new truck. The company has assembled the following information: Present Truck New Truck Purchase cost new $ 30,000 $ 39,000 Remaining book value $ 17,000 - Overhaul needed now $ 16,000 - Annual cash operating costs $ 15,500 $ 14,000 Salvage value-now $ 9,000 - Salvage value-five years from now $ 8,000 $ 10,000 If the company keeps and overhauls its present delivery truck, then the truck will be usable for five more years. If a new truck is purchased, it will be used for five years, after which it will be traded in on another truck. The new truck would be diesel-operated, resulting in a substantial reduction in annual operating costs, as shown above. The company computes depreciation on a straight-line basis. All investment projects are evaluated using a 9% discount rate. Click here to view…
ANNA Company purchased inventories from abroad for resale incurring the following costs: Determine the cost to be capitalized as part of inventory. 2. ROSALINDA Company accepted a special manufacturing order from RIZZA Company. The Company incurred P250,000 for materials and P170,000 for conversion costs. Since this is a special order, the Company also incurred P100,000 for designing the product and P50,000 for modifying the current production process. In addition, excessive wastage of materials amounting to P80,000 was incurred because of the highly-specialized nature of the order. Lastly, the Company also incurred storage cost of P70,000 when the inventory was in work-in-process stage and P40,000 when it was already a finished product. What amount should be capitalized as part of inventory?
5
The following costs pertain to a new delivery truck that was purchased on March 31, 2020. All costs were paid in cash. Calculate how much the truck will be capitalized as an asset for the truck. How much will be expensed? You are not required to prepare a journal entry. Cost of Truck $30,000 Delivery charges $1,300 Ongoing gasoline purchases each week $ 200 Sales Tax $2,100
Alpesh
$post
Bilboa Freightlines, S.A., of Panama, has a small truck that it uses for intracity deliveries. The truck is worn out and must be either overhauled or replaced with a new truck. The company has assembled the following information: Present Truck New Truck Purchase cost new $ 30,000 $ 39,000 Remaining book value $ 17,000 - Overhaul needed now $ 16,000 - Annual cash operating costs $ 15,500 $ 14,000 Salvage value-now $ 9,000 - Salvage value-five years from now $ 8,000 $ 10,000 If the company keeps and overhauls its present delivery truck, then the truck will be usable for five more years. If a new truck is purchased, it will be used for five years, after which it will be traded in on another truck. The new truck would be diesel-operated, resulting in a substantial reduction in annual operating costs, as shown above. The company computes depreciation on a straight-line basis. All investment projects are evaluated using a 9% discount rate. Click here to view…
please answer correct
REVIEW PROBLEM: SALE OF PROPERTY, PLANT AND EQUIPMENT The 1. M. Stoned Company acquired a machine from the Mickey Lobe Corporation on January 1, 20A0. The purchase price of the machine was $100,000, which did not include the 6% sales tax. Installation and delivery charges amounted to $4,000. One of the employees, Bad Wiser, damaged some parts while installing the machine. It cost $500 to repair the damage. The machine has a projected useful life or 10 years. The estimated salvage for the machine is $5,000. REQUIRED: 1. Compute the initial cost of the machine on January 1, 20X6: 100000 +1,000 +6% 6000 110,000 2. Compute the yearly depreciation expense under the straight-line method: 110,000 5,000 10,500 10 3. Show what this machine would look like on the Balance Sheet at the end of 20X9. 4. Assume the machine is sold on December 31, 20X9 for $60,000. Compute the gain or loss on the sale. Show all work clearly!!! (110,000- 60,000)x. 50,000 5. Record the sale.
i need the answer quickly