Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only.(1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round final answers to 0 decimal places, eg. 6,548.)Ending Inventory(1)FIFO7401(2)LIFO(3)Average-cost Oriole Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)411182630390690590490890490Ⓡ$7.00 April 57.107.407.507.80Sales8.101227285904901,380150

FIFO Method :— Under this method, beginning inventory and old purchases is used first for output or…

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590@ 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 222 12 27 28 590 490 1,380 150

Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590@ 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 222 12 27 28 590 490 1,380 150

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounts Receivable Turnover and Days' Sales in Receivables Classic Company designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company's products incluc such brands as Polo by Classic, Classic Purple Label, Classic, Polo Jeans Co., and Chaps. Polo Classic reported the following for two recent years: For the Period Ending Year 2 Year 1 $4,795,005 $4,730,400 Sales 543,850 558,450 Accounts receivable Assume that accounts receivable were $492,750 at the beginning of Year, 1. a. Compute the accounts receivable turnover for Year 2 and Year 1. Round your answers to two decimal places. Year 2: Year 1: b. Compute the days' sales in receivables for Year 2 and Year 1. Round your final answers to one decimal place. Use 365 days per year in your calculations. Year 2: days Year 1: days C. The change in the accounts receivable turnover from year 1 to year 2 indicates a(n) decrease v in the efficiency of collecting accounts receiv and is a(n)…
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question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
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What is the balance of accounts payable at May 31st?
Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…
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