Prepare the journal entry to record the sale of 1,200 units that cost $7 per unit and sold for $16 per unit. If an amount box does not require an entry, leave it blank.     fill in the blank 2 fill in the blank 3     fill in the blank 5 fill in the blank 6     fill in the blank 8 fill in the blank 9     fill in the blank 11 fill in the blank 12

Q: Prepare the journal entry to record the sale of 1,300 units that cost $6 per unit and sold for $17…

A: Journal entry recording is the initial step of accounting cycle process. Under this atleast one…

Q: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The purchases by Nizwa Book Store are given below. If the shop sells 70 books, find the value of…

A: The different methods used to value the inventory are : LIFO, FIFO, average method.

Q: 57 units are in the ending inventory from the units that were purchased first. Beginning inventory:…

A: The question has asked to compute the value of ending inventory under the LIFO method.  LIFO method:…

Q: i need the answer quickly

A: In perpetual inventory system , Real time inventory is maintained as inventory per book is matched…

Q: 45 units are in the ending inventory. Beginning inventory: 35 units at $6.14 June 3: 45 units at…

A: FIFO which is also written as first in first out, is the method under which ending inventory is…

Q: A2 please help......

A:

Q: How can I calculate this. And which answer to choose and why?

A: Inventory valuation is based on the flow of assumptions. The FIFO method indicates that those units…

Q: Required 1. Calculate the dollar value of ending inventory and cost of goods sold using FIFO

A: Date Purchase Sales (at cost )Balance unit unit costtotal costunit unit costTotal costunit unit cost…

Q: On July 2, we purchased merchandise inventory on account for $ 15,000 with credit terms of 1/10,…

A: The journal entries are prepared to record the transactions on a regular basis. The cash discount is…

Q: Determine the appropriate journal entry for inventory You review the data for inventory on hand on…

A: Introduction          Costs like administrative overheads, selling costs, and storage costs are…

Q: Complete the Adjustments column of the work sheet represented below. Ending merchandise inventory is…

A: Inventory refers to the goods held by the business either for selling or for further production so…

Q: A small gift shop has a beginning inventory at $9,120. If the additional inventory detailed in the…

A: Cost of goods sold is calculated as difference between cost of goods available for sale and ending…

Q: Fill in the nissing values: Do not enter connas , $ or $ signs. Remember to use 2 decimal places for…

A: given information

Q: [The following information applies to the questions displayed below] Sandra's Purse Boutique has the…

A: LIFO stands for Last in First out. Using LIFO, the newer inventory is sold out and oldest inventory…

Q: Inventory by Three Methods; Cost of Goods Sold The units of an item available for sale during the…

A: FIFO Method:Under FIFO method using periodic inventory system, Value of ending inventory is…

Q: An animal shelter plans to sell T-shirts bearing their logo at an upcoming crafts fair. They find a…

A: Cost of inventory = Cost of purchase + Cost of logo printing + Cost of freight in

Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: Record the following transactions in the general journal.  The company uses perpetual inventory.…

A: Discount on Payment = Net payable x discount rate = ($1500 - $200)*2% = $26

Q: In its first month of operations, Sheffield Company made three purchases of merchandise in the…

A: There are different method of inventory valuation like FIFO, LIFO ,Specific identification method…

Q: Jan. 21 July 25 Oct. 20 1 (a) 20 (b) (c) (d) Beginning inventory Purchase Nov. 15 Sale Sale Purchase…

A: Inventory valuation is based on the flow of inventory issued by the organization. It can be the…

Q: Required information [The following information applies to the questions displayed below) Trey…

A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that the…

Q: 4 Required information Use the following information for the Quick Study below. (Algo) (11-14) [The…

A: VALUATION OF INVENTORY    Inventory Valuation is a Method of Calculation of Value of Inventory…

Q: June 1 Purchased 1 unit for $70 June 5 Purchased 1 more unit for $80 June 10 Purchased 1 more unit…

A: FIFO method of inventory valuation means first in first out, which means that inventory purchased…

Q: 16. Shown below is the activity for one of the products of Random Creations: anuary 1 balance, 80…

A: LIFO stands for Last In first out. Using LIFO, the newer inventory is sold out and older inventory…

Q: Prepare journal entries to record the following transactions for Allied assuming it uses a perpetual…

A: The journal keeps the record of day to day transactions of the business.

Q: Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care…

A: The objective of the question is to calculate the cost of goods sold (COGS) and the ending inventory…

Q: A company uses a periodic inventory system. On August 1, the company had 6 items of beginning…

A: The inventory can be valued using various methods as FIFO, LIFO and average method. Using FIFO, the…

Q: LO 6.1Record journal entries for the following transactions of Furniture Warehouse. July 5:…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: Step 1: To compute for total goods available for sale, get the sum of the cost of beginning…

Q: Prepare the journal entries to record the following transactions on Pharoah Company's books using a…

A: The systematical recording of all monetary business transactions is called a journal entry. They are…

Q: opuiui

A: Calculate the cost of goods sold (COGS) by beginning with the oldest inventory and moving ahead.…

Q: You have the following information for Lily Inc. Lily Inc. uses the periodic method of accounting…

A: FIFO method refers to first in first out which means the inventory which has purchased before will…

Q: You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of…

A: Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Q: Opiu

A: To determine the value of the inventory on October 15 using the FIFO (First-In, First-Out) periodic…

Q: 2144 On February 3, Smart Company sold merchandise in the amount of $2,200 to Truman Company, with…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: LIFO Method: It is a method of valuation of closing inventory in which system we sold first the unit…

Q: Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care…

A: The objective of the question is to calculate the cost of goods sold (COGS) and the ending inventory…

Q: Make a Sales journal entries for the following:

A: Sales journal entries records all cash and credit sales with sales return, discount and allowances.…