Please do not give solution in image format thanku On August 31, Pharoah Supply had an inventory of 20 backpacks at a cost of $18 each. The company uses a perpetual inventorysystem. During September, the following transactions and events occurred:Sep. 3 Purchased 66 backpacks at $25 each from Janzen, terms n/30. Received a 10% quantity discount.6 Received credit of $90 for the return of four backpacks purchased on September 3 that were defective.Paid for the September 3 purchase,79 Sold 20 backpacks for $35 each to McGill Books, terms n/30. The cost of each backpack was $18 each.13 Cash sales of 15 backpacks for $35 each to Calvin Office Supply.21 Purchased 27 backpacks at $18 each from Coleman Company, terms 2/10, n/30.30 A physical inventory count indicated an ending inventory balance of $830. Journalize the September transactions for Stanton Supply, using a perpetual inventory system (Credit account titles are automaticallyIndented when the amount is entered. Do not Indent manually. If ne entry is required, select "No Entry for the account titles and enter for theamounts, List all debit entries before credit entries)Account Titles and ExplanationDate(To record sales to McGill Books)(To record cost of goods sold)(To record cash sales of Calvin Office Supply)(To record cost of goods sold)Debit|||CreditDOBD 00:00:00 000

Perpetual Inventory System A perpetual inventory system relies on a bookkeeping technique called…

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Business

Accounting

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Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows: Instructions 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). 4. Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
On September 1, Blue Spruce Inc. had an inventory of 20 backpacks at a cost of $30 each. The company uses a perpetual inventory system and estimates returns at 10%. During September, the following transactions occurred: Sep 4 Purchased 37 backpacks at $30 each from Back Packs Unlimited, terms n/30. 6 Received credit of $210 for the return of 7 backpacks purchased on Sept. 4 that were defective. 9 Sold 22 backpacks for $50 each to University Supply, terms n/30. 14 Paid Back Packs Unlimited in full. 18 Received payment from University Supply. Record the September transactions for Blue Spruce Inc..(If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Credit
Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3 Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30. Sept.6 Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective. Sept.9 Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30. Sept.13 Paid Zuzu Company in full. Sept.19 Received payments from Bailey Books. Instructions Journalize the September transactions for Reineman Supply Company.
Wilderness Inc. uses a perpetual inventory system and follows ASPE standards. During September, the following transactions occurred regarding their backpack inventory: Sept 4 Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB Shipping Point. Sept 5 The necessary party paid the shipping fees of $50 from the Sept. 4 transaction. Sept 6 Returned $250 of the backpacks that were purchased Sept. 4 that were defective. Sept 9 Sold backpacks for $1,000 to University Supply, terms 2/15, n/30, FOB Shipping Point. The cost of the backpacks were $600. Sept 11 The necessary party paid the shipping fees of $75 for the Sept. 9 transaction. Sept 13 Paid amount owed to Back Packs Unlimted for September transactions. Sept 16 University Supply found some damages on 3 of the backpacks that were sold on Sept. 9 so we granted them an allowance of $100. Sept 22 Received payment from University Supply for September…
Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3Purchased 100 backpacks at $50 each from Zuzu Company, terms 3/10, n/40. Sept.6Received credit of $250 for the return of 10 backpacks purchased on Sept. 3 that were defective. Sept.9Sold 25 backpacks for $100 each to Bailey Books, terms 2/10, n/30. Sept.13Paid Zuzu Company in full. Sept.19Received payments from Bailey Books. Instructions Journalize the September transactions for Reineman Supply Company
On September 1, the beginning of its fiscal year, Crane Ltd. had an inventory of 104 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: Sept. 2 Purchased 780 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 20 calculators to Digital for $400 credit because they did not meet specifications. 11 Sold 330 calculators for $30 each to Campus Book Store, terms n/30. ranagement estimates returns of 4% based on prior experience. 14 Granted credit of $600 to Campus Book Store for the return of 20 calculators that were not ordered. The calculators were restored to inventory. 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store. create Taccounts for inventory and cost of goods sold accounts
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At the beginning of November, Yoshi Inc's inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the…
Ali Baba Tours uses a perpetual inventory system. Selected transactions for the month of July are presented below. july 1 Opening inventory showed 30 units at a cost of $12 each. 5 Purchased 20 units on credit at a cost of $15 each. 8 Purchased 40 units on credit at a cost of $20 each. 12 Purchased 10 units on credit at a cost of $25 each. 15 Sold 60 units to Magic Carpets, Inc for cash at a selling price of $40 / unit. Required: - Calculate Cost of Goods Sold under the FIFO method. - Calculate the value of Ending Inventory using LIFO - As a manager of All Baba receiving a bonus of 2% of net profit, which inventory valuation method do you prefer and why?