Please see below. I need help making a made up purchase schedule of inventory. Please include parts listed below. Note that these can be made up one but they need to make sense.
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- 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.Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.Beginning inventory, purchases, and sales data for portable game players are as follows: The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. b. Based upon the preceding data, would you expect the inventory to be higher or lower using the last-in, first-out method?
- Using the following accounts, record journal entries using the periodic inventory system for the following purchase transactions of Apex Industries. Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances Accounts Payable Merchandise Inventory Sales Cash Purchases Sales Returns and Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. DR CR Returned 5 defective computers for a full refund from the manufacturer on November 10. DR CR Paid account in full from the November 6 purchase on November 22. DR CRPrepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the beginning balances in your inventory accounts). Prepare an income statement. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.Using the following accounts, record journal entries using the periodic inventory system for the following purchase transactions of Apex Industries. Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances Accounts Payable Merchandise Inventory Sales Cash Purchases Sales Returns and Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. DR CR Returned 5 defective computers for a full refund from the manufacturer on November 10. DR CR Paid account in full from the November 6 purchase on November 22. DR CR
- Can you sse the image attached (the data table ) to repare a step by step perpetual inventory record using, FIFO, LIFO, and weighted-average inventory 4 costing methods, and /determine cost of goods sold and ending merchandise inventory for each method. Also show me the formulas and step by step how to do it for each +make sure to display 2 decimal places for weighted average unit and total cost please.Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don’t forget to enter the opening balances in your inventory accounts). Compute an ending balance in each account.I need help calculating the ending inventory and cost of goods sold using the LIFO method (Please Show Calculations) Note: I also attached an example of what the LIFO chart should look like, please follow that example to answer this question. Jensen Company had the following transactions regarding their inventory, They use a perpetual inventory system. Beginning Inventory: 100 units @ $6.00 per unit First Purchase: 100 units @ $7.00 per unit Sale: 150 units @ $15.00 per unit Second Purchase: 150 units @ $8.00 per unit Sale: 150 units @ $15.00 per unit
- Data for the next 6 questions: You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the…PLEASE FILL OUT THE CHART. use the following information to complete it. Thank you! Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 160 units @ $52.20 per unit March 5 Purchase 255 units @ $57.20 per unit March 9 Sales 320 units @ $87.20 per unit March 18 Purchase 115 units @ $62.20 per unit March 25 Purchase 210 units @ $64.20 per unit March 29 Sales 190 units @ $97.20 per unit Totals 740 units 510 unitsA company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $200 to the vendor. The journal entry to record these returns would be:
