Oxford Bookseller Limited retails books using the perpetual inventory method. They ended 2019 withinventory of 40 books with a cost price of $40.00. The following information was provided for themonth of January 2020DateDescriptionPurchaseNo. of UnitsUnit Cost/Selling Price71354310Sale1286412Sale Return156419Purchase554623Purchase Return104626Sale946927Purchase754828Sale Return256930Sale4371Required: Calculate:a. The Cost of Goods Soldb. Ending Inventoryc. Gross Profitd. Gross Profit RateUnder each of the following methods (unit costs to the nearest cent and ending inventory to thenearest dollar):First In, First Out (FIFO)Average Cost

Name: Oxford Bookseller Limited retails books using the perpetual inventory
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Description: Oxford Bookseller Limited retails books using the perpetual inventory method. They ended 2019 withinventory of 40 books with a cost price of $40.00. The following information was provided for themonth of January 2020DateDescriptionPurchaseNo. of Uni

1. First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is…

Business

Accounting

Oxford Bookseller Limited retails books using the perpetual inventory method. They ended 2019 with inventory of 40 books with a cost price of $40.00. The following information was provided for the month of January 2020 No. of Units 135 Date Description Purchase Unit Cost/Selling Price 43 10 Sale 128 64 12 Sale Return 15 64 19 Purchase 55 46 Purchase Return Sale 23 10 46 26 94 69 27 Purchase 75 48 28 Sale Return 25 69 30 Sale 43 71 Required: Calculate: a. The Cost of Goods Sold b. Ending Inventory c. Gross Profit d. Gross Profit Rate Under each of the following methods_(unit costs to the nearest cent and ending inventory to the nearest dollar): First In, First Out (FIFO) Average Cost

Oxford Bookseller Limited retails books using the perpetual inventory method. They ended 2019 with inventory of 40 books with a cost price of $40.00. The following information was provided for the month of January 2020 No. of Units 135 Date Description Purchase Unit Cost/Selling Price 43 10 Sale 128 64 12 Sale Return 15 64 19 Purchase 55 46 Purchase Return Sale 23 10 46 26 94 69 27 Purchase 75 48 28 Sale Return 25 69 30 Sale 43 71 Required: Calculate: a. The Cost of Goods Sold b. Ending Inventory c. Gross Profit d. Gross Profit Rate Under each of the following methods_(unit costs to the nearest cent and ending inventory to the nearest dollar): First In, First Out (FIFO) Average Cost

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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The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct 1 Balance: 94 units costing $5 each. 3 Purchased 109 units from Arnold Brothers costing $7.50 each 4 Returned 29 of the units purchased on October 3. 9 Sold 84 units to Kitchen Club, invoice #210. 15 Purchased 209 units from Arnold Brothers costing $8.20 each. 18 Sold 168 units to Thorhild Co-op, invoice #211. 19 Paid for the October 3 purchase; cheque #101. 23 Paid for the October 15 purchase, cheque #102. 24 Sold 59 units to Boyle Grocery, invoice #212. 31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…
Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 2. Determine the store’s cost of goods sold for August under the periodic inventory system. Assume the FIFO method. For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.
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Hanabishi Company had 20,500 units on January 30, 2019, based on physical count of goods on that date. The following items have not yet been recorded as purchases and sales as of November 30. No. Transaction Terms Number of units 1 Purchase FOB Shipping point 550 2 Purchase FOB Destination 450 3 Purchase FOB buyer 650 4 Sale FOB Shipping point 600 5 Sale FOB Destination 850 All items were shipped by the seller January 30, 2019 and received by buyer February 15, 2019 How many units should be considered as inventory at the end of January 2019?
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Mist Company uses a PERIODIC inventory system. Mist had the following inventory purchases and sales during 2021: 2021 Beginning Inventory (purchased in 2020) Purchases: 60 units @ $20 per unit Purchase 1 on 3/8/21 140 units @ $28 per unit Purchase 2 on 8/5/21 50 units @ $32 per unit Sales: Sale 1 on 5/8/21 80 units @ $90 per unit Sale 2 on 9/13/21 125 units @ $90 per unit Of the items sold on 5/8/2021, 60 units were from the beginning inventory and 20 units were from 3/8/21 purchase. The 9/13/21 sale included 85 units from the 3/8/21 purchase and 40 units from the 8/5/21 purchase. Show how Mist's Balance Sheet and Income Statement would look under each of the inventory cost flow assumptions. Compute Ending Inventory, Sales, COGS, and Gross Profit under Specific Identification, Weighted Average Cost, FIFO and LIFO. Fill in your answers on the table below. SHOW YOUR WORK. Round per…
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
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! Required information [The following information applies to the questions displayed below.] On July 15, 2024, the Niche Car Company purchased 3,000 tires from the Treadwell Company for $30 each. The terms of the sale were 2/10, n/30. Niche uses a perpetual inventory system and the net method of accounting for purchase discounts. Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. 2. Prepare the journal entry for the payment, assuming instead that it was made on August 15, 2024. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. No Date 1 July 15, 2024 Inventory Accounts payable 2 July 23, 2024 Accounts payable Interest expense Cash General Journal Debit 88,200 1,800…