P3-4. Alex Comipany. runs. a computer-supplies company.:During the first:few. months of the . year, the accounting records shows.the following transšactions: January. Februäry March April-. „May. "Total'operafing expenses during the period amounted lo P5,000. Opening'stock of 400 units at a costiof.P30.00 each- Bought 200 P50,00 éach Bought 120 units. at a 'cost of P38.00 eäch. Şold 280 units for P50,00 each Required:" a. Calculate the ending inventory using FIFO, LIFO and average method 6. Determinė ihe net income undet éach méthod:

P3-4. Alex Comipany. runs. a computer-supplies company.:During the first:few. months of the . year, the accounting records shows.the following transšactions: January. Februäry March April-. „May. "Total'operafing expenses during the period amounted lo P5,000. Opening'stock of 400 units at a costiof.P30.00 each- Bought 200 P50,00 éach Bought 120 units. at a 'cost of P38.00 eäch. Şold 280 units for P50,00 each Required:" a. Calculate the ending inventory using FIFO, LIFO and average method 6. Determinė ihe net income undet éach méthod:

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 27CE: Inventory Analysis Singleton Inc. reported the following information for the current year: Required:...

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Current Attempt in Progress Blue Spruce Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. Purchased books on åccount for $ 2.265 from Catlin Publishers. June 1 Sold books on account to Garfunkel Bookstore for $ 1,000. The cost of the merchandise sold was $ 800. 6. Received $ 65 credit for books returned to Catlin Publishers. 9. Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $ 1,000. The cost of the merchandise sold was $ 850. 20 Purchased books on account for $ 800 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. Paid Priceless Book Publishers in full. 26 28 Sold books on account to General Bookstore for $ 2,950. The cost of the merchandise sold was $ 830, 30 Granted General Bookstore $ 120 credit for books returned costing $ 60.
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Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 ea Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7)…
Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 each………………………………………...…….$550 Required: Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using Average Cost Method & LIFO method. Prepare journal entries to record these purchases and sales in…
Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 each………………………………………...…….$550 Required: Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using W.Average Cost Method & LIFO method. Prepare journal entries to record these purchases and sales in…
Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.
Black Hawk, Inc., uses a perpetual inventory system and maintains an inventory record of each type of product in stock. The following transactions show beginning Inventory, purchases, and sales of CT-300, a cellular telephone, for the month of May: May 1 Balance on hand 20 units, cost $40 each.............................$800 May 5 Sale, 8 units, sales price $60 each.......................................$480 May 6 Purchase, 20 unites, cost $45 each......................................$900 May 21 Sale, 10 units, sales price $60 each...................................$600 May 31 Sale, 15 units, safes price $65 each...................................$975 a. Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card like the one illustrated on page 471. Use the first-in, first-out (FIFO) method. b. Prepare general journal entries to record the purchases and sales in May. Assume that all transactions were on account.
XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual inventory system. The begining inventory for the month of december was 2500 TL (2.500 units at unit cost of 1TL). Journalize the below transactions of XYZ company for the month of December. 1. Purchased 5000 units of inventory on account, FOB destination, at a unit cost of 1.5 TL per unit The journal entry involves a debit to and a credit to accounts payable for TL inventory 7500 Purchases 2500
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Records from FDNACCT Co. revealed the following data: Inventory, January 1 = P130,000 Physical count, December 31= P400,000 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory?
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Prepare the necessary journal entries (include journal entry descriptions) for the selected transactions of Ink Company whose fiscal year end is December 31%. Ink uses the net method to record inventory transactions (the method outlined in your textbook and my PowerPoint). You MUST show the details of any calculations either in parenthesis or as a footnote. Date Transaction Description. Sold inventory, S9,000, terms FOB shipping point. The cost of the inventory sold was $6,000. 2/7/20Y8 2/12/20Y8 Issued customer a refund of $400 for return of unwanted inventory related to the February 7th sale. The cost of the merchandise return was $250. 4/13/20Y8 Purchased inventory on account, $5,000, terms FOB shipping point, 1/15, n/45. 4/14/20Y8 Paid freight of $200 to UPS related to the April 13th purchase. 4/16/20Y8 Returned damaged inventory from April 13th purchase, $300. 5/10/20Y8 Paid for the purchase on April 13th less the return on April 16th. 8/27/20Y8 Sold inventory on account, $2,000,…