Presented below is information related to Carla Vista Co., owned by D. Lee, for the month of January 2024. Ending inventory per perpetual records $22,000 Rent expense $19,000 Ending inventory actually on hand 18,400 Salaries expense 55,900 Cost of goods sold 223,000 Sales discounts 10,900 Delivery expense 5,700 Sales returns and allowances 12,700 Insurance expense 11,100 Sales 367,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Jan. 31 > Debit Credit

Presented below is information related to Carla Vista Co., owned by D. Lee, for the month of January 2024. Ending inventory per perpetual records $22,000 Rent expense $19,000 Ending inventory actually on hand 18,400 Salaries expense 55,900 Cost of goods sold 223,000 Sales discounts 10,900 Delivery expense 5,700 Sales returns and allowances 12,700 Insurance expense 11,100 Sales 367,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles Jan. 31 > Debit Credit

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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Data below for the year ended December 31, 2018, relates to Houdini Inc. Houdini started business January 1, 2018, and uses the LIFO retail method to estimate ending inventory. Cost Retail Beginning inventory 66,0 00 104, 24 000 Net purchases 280, 000 420, 000 Net markups 20,0 00 40,0 00 Net markdowns 375, 00 Net sales Estimated ending inventory at cost is: O $90,720. $91,600. O $83,500. None of these answer choices are correct.
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Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the records indicate the following data: ($ in 000s) Cost Retail Beginning inventory $ 80 $ 125 Purchases 671 1,006 Freight-in on purchases 30 Purchase returns 1 2 Net markups 4 Net markdowns 8 Net sales 916 2. Use the retail method to approximate cost of ending inventory valued under Conventional method. (Enter your answer in thousands including 2 decimal places, i.e. 12,550 would be 12.55.)
Recording Inventory Purchases and Sales on Account Record the entries for the following transactions for Shoppers Inc. Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $56,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $288 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $22,400 of inventory during the first week of January 2020, to customers for $40,000, with a sales tax rate of 5%. Of the total sales for the week, 30% are cash sales, and 70% are credit sales (n/30). c. On January 14, 2020, Shoppers Inc. pays the balance for purchases on account. d. Assume instead that Shoppers Inc. sells $24,000 of inventory during the first week of January 2020 to customers for $44,800, which includes a 5% sales tax. Of the total sales for the week, 30% are cash sales, and…
Please do not provide answer in image formate thank you. Suppose that on October 21, 2019, both Company A and Company B sold inventory with a cost of $61,700. The updated balance of inventory as at October 1 for both companies was $146,900. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at October 21 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on October 21 A Perpetual $Answer B Periodic $Answer
Calculate the ending inventory at cost using the retail method (round cost-to-retail ratio to 2 decimals and final answer to 0 decimals). Keep in mind the ending inventory at October 31, 2023, at retail prices, is $82, 600.
Liability Transactions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 8% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $180,000 from Triple Creek Bank, issuing a 60-day, 9% note. July 21. Purchased tools by issuing a $102,000, 90-day note to Poulin Co., which discounted the note at the rate of 8%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $180,000. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $96,000,…
Brandeis Company's accounting records show the following for the year ending on December 31, 2022. Beginning Inventory Net Purchases Ending Inventory Using the periodic system, the cost of goods sold is $252,500 $235,000 $270,900 $208,500 $17,500 213,000 22,000 ? I hope you needed this image.
Stanley Flooring Company’s perpetual inventory records indicate that $1,129,000 of mer-chandise should be on hand on December 31, 20Y1. The physical inventory indicates that $1,109,300 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Stanley Flooring Company for the year ended December 31, 20Y1. Assume that the inventory shrinkage is a normal amount.
The records for the Flagstaff Company showed the following for the one item they sell during the year ended December 31, 2022: Date of Transactions Units Unit Costs Inventory 1/1 40 $20 Purchase 3/5 120 $24 Sale 5/15 80 Purchase 7/11 40 $22 Sale 9/24 30 Purchase 10/23 50 $26 Sale 11/5 40 Required: Assuming a periodic inventory system compute the cost of goods sold during the year and the ending inventory in dollars under each of the following inventory costing methods (show computations and round to the nearest cents): 1) Weighted-average cost (Average cost method the book calls it) 2) First-in, First-out (FIFO) 3) Last-in, First-out (LIFO)
SPD Company ("SPD") asks you to review its inventory values at 31 December 2021, and prepare the necessary adjustments to the books. The following information is given to you. (1) SPD uses the periodic method of recording inventory. A physical count reveals $78,819 of inventory on hand at 31 December 2021. (2) Not included in the physical count of inventory is $11,690 of merchandise purchased on 13 December from MILL. This merchandise was shipped f.a.b shipping point on 22 December and arived in January. The invoice arrived and was recorded on 31 December. (3) Included in inventory is merchandise sold to DES on 17 December, f.o.b destination. This merchandise was shipped after it was counted. The invoice was prepared and recorded as a sale on account for $13,298 on 31 December. The merchandise cost $10,210, and DES received it on 4 January. (4) Included in inventory was merchandise received from BCC on 31 December with an invoice price of S16,625. The merchandise was shipped f.o.b.…
Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2024, the records indicate the following data: Beginning inventory Purchases Freight-in on purchases Purchase returns Net markups Net markdowns Net sales ($ in 000s) Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Cost $ 60 533 26 1 $ $ Retail $ 100 935 1 Required: Assuming the price level increased from 1.00 at January 1 to 1.80 at December 31, 2024, use the dollar-value LIFO retail method to approximate cost of ending inventory and cost of goods sold. Note: Round your intermediate and final answers to the nearest whole dollar. Enter your answers in thousands. +372 X Answer is complete but not entirely correct. ($ in 000s) 209 X 130 X 650 X 812 Screenshot