P 850,000 50,000 P S00,000 Sales Less: Sales returns Net Sales Accounts Receivable Less: Allow. for bad debts Net Realizable value P 74,000 12,000 P 62,000 Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12,000 20,000 What is the journal entry to set up the ending inventory? O. Ending Inventory 60,000 Beginning Inventory 15.000 Income & Exp. Summary 45,000 Inventory 60,000 Accounts Payable 60,000 Inventory 15,000 Income & Exp. Summary 15,000 Inventory 60,000 Income & Exp. Summary 60,000

P 850,000 50,000 P S00,000 Sales Less: Sales returns Net Sales Accounts Receivable Less: Allow. for bad debts Net Realizable value P 74,000 12,000 P 62,000 Beginning inventory Ending inventory P45,000 60,000 Freight in Freight out 12,000 20,000 What is the journal entry to set up the ending inventory? O. Ending Inventory 60,000 Beginning Inventory 15.000 Income & Exp. Summary 45,000 Inventory 60,000 Accounts Payable 60,000 Inventory 15,000 Income & Exp. Summary 15,000 Inventory 60,000 Income & Exp. Summary 60,000

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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Using the gross profit method with the following cost data, estimate the cost of ending inventory. Sales Estimated gross profit rate Beginning Inventory Purchases a. $363,000 b. $75,000 Oc$297,000 d. $57,000 $660,000 45% $75,000 $345,000
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Which of the following journal entries would be recorded when the inventory with cost of 11.000 TL has a shrinkage of 1.000 TL in its value? a.1.000 TL debit to 621-COGS; 1.000 TL credit to 153-Inventory b.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 100-Cash c.1.000 TL debit to 689-Ext. Loss; 1.000 TL credit to 153-Inventory d.1.000 TL debit to 157-Other Inventory; 1.000 TL credit to 153-Inventory
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Please answer c Do not give answer in image
20. By the gross profit method, the ending inventory, based on the following facts, should be Beginning inventory Net purchases 57,000 92,000 Net sales revenue Gross profit rate a. $134,000. b. $78,800. C. $55,200. d. $97,200. 77,000 40%