Presented below is information related to Pharoah Co., owned by D. Davis, for the month of January 2024. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Delivery expense Insurance expense $20,700 18,700 216,000 5,900 4 11.500 Rent expense Salaries expense Sales discounts Sales returns and allowances Sales $20,400 54,900 9,500 13,100 383,000 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)

Presented below is information related to Pharoah Co., owned by D. Davis, for the month of January 2024. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Delivery expense Insurance expense $20,700 18,700 216,000 5,900 4 11.500 Rent expense Salaries expense Sales discounts Sales returns and allowances Sales $20,400 54,900 9,500 13,100 383,000 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)

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 1PB: FIFO perpetual inventory The beginning inventory at Dunne Co. and data on purchases and sales for a...

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On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
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The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000