Oriole Company completed the following transactions in October: Oriole uses a perpetual inventory system.Credit SalesSales ReturnsDateAmount TermsDateAmountDate ofCollectionOct. 3$8002/10,n/30Oct. 111,5003/10, n/30Oct. 14$300Oct. 175,500 1/10, n/30Oct. 201,250Oct. 211,740 2/10, n/30Oct. 23440Oct. 236,900 2/10, n/30Oct. 27500(a)Indicate the cash received for each collection. Show your calculations.Oct. 8Oct. 16Oct. 29Oct. 27Oct. 28

Introduction: The amount of days it takes to recover accounts receivable is referred to as the cash…

Oriole Company completed the following transactions in October: Oriole uses a perpetual inventory system.. Credit Sales Sales Returns Amount Terms Date Date Amount Date of Collection Oct. 3 $800 2/10,n/30 Oct. 8 Oct. 11 1,500 3/10, n/30 Oct. 14 $300 Oct. 16 Oct. 17 5,500 1/10, n/30 Oct. 20 1,250 Oct. 29 Oct. 21 1,740 2/10, n/30 Oct. 23 440 Oct. 27 Oct. 23 6,900 2/10, n/30 Oct. 27 500 Oct. 28 (a) Indicate the cash received for each collection. Show your calculations

Oriole Company completed the following transactions in October: Oriole uses a perpetual inventory system.. Credit Sales Sales Returns Amount Terms Date Date Amount Date of Collection Oct. 3 $800 2/10,n/30 Oct. 8 Oct. 11 1,500 3/10, n/30 Oct. 14 $300 Oct. 16 Oct. 17 5,500 1/10, n/30 Oct. 20 1,250 Oct. 29 Oct. 21 1,740 2/10, n/30 Oct. 23 440 Oct. 27 Oct. 23 6,900 2/10, n/30 Oct. 27 500 Oct. 28 (a) Indicate the cash received for each collection. Show your calculations

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

Inventory data for an item for November are: Description Date 1-Nov 4-Nov 15-Nov 17-Nov 28-Nov 30-Nov Beg. Inventory Purchased Sold Purchased Purchased Sold Units and Prices 15 units at $10 each 50 units at $12 each 45 units for $40 each 30 units at $15 each 10 units at $20 each 50 units for $45 each Suppose this company employs a perpetual inventory system using FIFO assumptions. What is the gross margin earned in November?
A company's inventory records indicate the following data for the month of April: Date April 1 April 7 April 11 Beginning inventory Purchase Sale Purchase Sale Purchase Multiple Choice O $33,300. O April 16 April 22 April 29 If the company uses the first-in, first-out (FIFO) method and the periodic inventory system, what would be the cost of the ending inventory? $53,680. O $40,720. Activities $35,922. $38,480. Units Acquired at Cost 700 units @ $36 = $25,200 580 units @ $40 = $23,200 500 units @ $44 = $22,000 Units Sold at Retail 480 units @ $50 = $24,000 1,000 units @ $110 400 units @ $110
Skysong Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 Purchases (gross) Freight-in Sales revenue Sales returns Purchase discounts (a) $145,400 658,600 27,700 990,600 76,300 11,900 Compute the estimated inventory at May 31, assuming that the gross profit is 25% of sales. The estimated inventory at May 31 $
Owifix
Calculator Based on the following data for the current year, what is the inventory turnov Sales on account during year $463,344 Cost of merdhandise sold during year 155,318 Accounts receivable, beginning of year 41,563 Accounts recelvable, end of year 52,925 Merchandise inventory, beginning of year 33,500 Merchandise inventory, end of year 41,246 Оа. 16.6 ОБ. 3.2 Oc. 12.4 Od. 4.2
Skysong Company's record of transactions for the month of April was as follows. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. Purchases Sales (1) FIFO April 1 (balance on hand) 1,800 @ $5.60 April 3 1,500 @ $10.00 4 4,500 @ Inventory $ $ 5.70 9 4,200 @ 10.00 822 2,400 @ 6.00 11 1,800 @ 11.00 eTextbook and Media 13 3,600 @ 6.10 23 3,600 @ 11.00 21 2,100 @ 6.20 27 2,700 @ 12.00 Save for Later 29 1,500 @ 6.40 13,800 15,900 (c) (2) LIFO Attempts: 0 of 3 used Submit Answer
Thraya Industries had the following transactions in the month of March. Thraya uses a perpetual inventory system to account for its inventory transactions. All sales and purchases are on account. Date Units Unit Cost Unit Sales Price Mar. 1 Beginning inventory 2,000 litres $6.15/l Mar. 3 Purchase 2,500 litres $6.21/l Mar. 5 Sale 2,300 litres $10.50/l Mar. 10 Purchase 4,000 litres $6.72/l Mar. 20 Purchase 2,500 litres $6.94/l Mar. 30 Sale 5,200 litres $12.50/l Calculate the cost of goods sold, ending inventory, and gross profit for March using the weighted average (WA) method. Round the per-unit cost to two decimal places. Prepare journal entries to record the purchases and sales from parts B and C. Assume all purchases and sales are made on account. Answer the following questions for management. Which inventory method (FIFO or WA) produces the more meaningful inventory amount for…
Culver Inc. uses a perpetual inventory system. Its records show the following for the month of May. Date May 1 May May May (a) 15 Transaction Units Inventory 33 Purchase 18 Sale 24 Purchase Total Cost of goods sold $ Ending Inventory 25 $ (47) 42 53 Unit Cost $10 11 12 Calculate the cost of goods sold for May and the ending inventory at May 31 using the FIFO formula. Total Cost $330 275 504
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June 1 Purchased $2,800 of merchandise; terms 1/10, n/30. 5 Sold $1,000 of merchandise for $1,400; terms n/15. View transaction list Journal entry worksheet 2 3 > Record the credit purchase. Note: Enter debits before credits. Date General Journal Debit Credit June 01 Record entry Clear entry View general journal
The following units of a particular item were availlable for sale during the calendar year: Jan. 1 Inventory 4,100 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,200 units Nav. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods ssold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Cost of Goods Sold Inventory Purchases Quantity Total Cos Quantity Unit Cost Total Cost Unit Cost Unit Cost Total Cost Quantity Date Jan. 1 Apr. 19 June 30 Sept. 2 Nov. 15 Dec. 31 Balances
Journalize the following transactions for Allen Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. September 5 September 11 September 15 Date Sold goods costing $3,720 to Walker Company on account, $6,200, terms 4/10, n/30. Walker Company was granted an allowance of $1,550 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. Received the amount due from Walker Company. Account Title Debit Credit
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $75 was added to the invoice. 5 Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $18,900, terms FOB shipping point, n/eom. 19 Paid freight of $140 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $33,000, terms FOB destination, 1/10, n/30. 30 Paid…