Print Preview8/28/2019CengageNOWv2 | Online teaching and learning resource from Cengage Leaming28. PR.03-03Problem 3-3Inventories (LO 3.2)Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year:March 110,000 boxes at $1.60 $16,0001uAugust 1520,000 boxes at $1.70 34,000November 20 10,000 boxes at $1.80 18,000At the end of the year, Lawrence's inventory consisted of 15,000 boxes of candy.Calculate Lawrence's ending inventory and cost of goods sold using the FIFO inventory valuation method.Ending inventory $Cost of goods sold $b. Calculate Lawrence's ending inventory and cost of goods sold using the LIFO inventory valuation method.Ending inventory $Cost of goods sold $

Compute the total cost in the year:

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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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Chef Amy does beginning inventory on Thursday night and finds that she has $4194 in food products in the restaurant. Throughout the week answered she purchases: out of 1.00 $2088 produce, question • $1678 protein, • $870 dry goods, and • $3914 dairy. The following Thursday she does ending inventory and finds that she has $3464 in food. She looks at her sales and finds that she made $30541 over the same 7 day period. What is her total food cost? Select one: a. $12,744 b. $16,208 C. $9,280 d. $8,550
9:46 MW Σ e5-20 Learning Objective3 Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. Sold $16,000 of antiques on account, credit terms are n/30. Cost of 4 goods is $8,000. 8 QAA Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. 5G+ lll 62% Ę 13 Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. C 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. 20 Antique Mall paid $70 on freight out. 29 Received payment from the customer on the amount due from Jan. 20, less the discount. 301/ 1480 ►C Word Bit ||| 0 < : ×
Mighty Oaks sells one product, 10’ tall oak trees. Their activity this month is as follows: Sept. 1beginning inventory40 trees at $20 = $800 Sept. 3Sell30 trees at $80 Sept. 5 buy 70 trees @ 30=$2,100 Sept. 6 sell60 trees at $80 Sept. 14 buy90 trees @ $40=$3,600 Sept. 21 sell86 trees @ $80 Sept. 28 buy 20 trees @ $50=1,000 Total220 trees$7,500 176 trees What is the Cost of Goods Sold (perpetual) using: LIFO (last in, first out) $ _________________FIFO (first in first out) $___________________________________
Learning Task 2: Journalizing using Periodic Inventory System Prepare necessary adjusting entries on September 2020. Masaya Merchandising sells facsimile, copers and other types of office equipment. The transaction during the month:
Consider the information below for Jack's Fantastic Chairs company, for the month of January 2020. January 1st Beginning Inventory 100 Chairs @ $10 cost each January 10th Purchased in Inventory 250 Chairs @ $13 cost each January 12th Purchased in Inventory 50 Chairs @ $14 cost each January 17th Purchased in Inventory 72 Chairs @ $20 cost each Jack uses the Periodic System to keep track of his lInventory. On January 31st. Jack counts his ending Inventory. He has 25 Chairs unsold (still in his shop). Therefore, the value of his Cost of Goods Sold (COGS) for the month for January, assuming FIIFO, is: Select one: O a. $5,980 O b. $5,796 O c. $5,890 O d. $5,976
eview - Google Chrome od/quiz/review.php?attempt3D208064&cmid-184726 Moodle January February Inventory purchases budget in units 000 0000 Each unit costs $10 and all purchases are made on credit. ABC pays 20% in the month of purchase and 80% in the month following the purchase. December inventory purchases totalled $70,000. How much cash will be disbursed for inventory purchases in January? Select one: none of these 0000 $176,000 000'08$ e to search
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