Problem #2 Effect of Freight Terms to Inventory Transactions: 1. Jesus Armenta Supplies shipped merchandise to Lily Custodio Sales on Dec. 28, 2009, terms FOB destination. The merchandise arrives at Lily Custodio's on Jan. 4, 2010. 2. Divina Quezada shipped merchandise to Nancy Mulles on Dec. 25, 2009, FOB destination. Nancy Mulles received the merchandise on Dec. 31, 2009. 3. Lamberto Reyes Bros. shipped merchandise to Liwayway Ables Company on Dec. 27, 2009, FOB shipping point. Liwayway Ables Company received the merchandise on Jan. 3, 2010. 4. Felinita Barroga Company shipped merchandise to Nanette Virtudazo on Dec. 24, 2009, FOB shipping point. The merchandise arrived at Nanette Virtudazo's on Dec. 29, 2009. Required: For each of the above transactions, indicate which company should include the inventory on its Dec. 31, 2009 balance sheet:

Problem #2 Effect of Freight Terms to Inventory Transactions: 1. Jesus Armenta Supplies shipped merchandise to Lily Custodio Sales on Dec. 28, 2009, terms FOB destination. The merchandise arrives at Lily Custodio's on Jan. 4, 2010. 2. Divina Quezada shipped merchandise to Nancy Mulles on Dec. 25, 2009, FOB destination. Nancy Mulles received the merchandise on Dec. 31, 2009. 3. Lamberto Reyes Bros. shipped merchandise to Liwayway Ables Company on Dec. 27, 2009, FOB shipping point. Liwayway Ables Company received the merchandise on Jan. 3, 2010. 4. Felinita Barroga Company shipped merchandise to Nanette Virtudazo on Dec. 24, 2009, FOB shipping point. The merchandise arrived at Nanette Virtudazo's on Dec. 29, 2009. Required: For each of the above transactions, indicate which company should include the inventory on its Dec. 31, 2009 balance sheet:

Name: Problem #2Effect of Freight Terms to InventoryTransactions:1. Jesus A
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Problem #2Effect of Freight Terms to InventoryTransactions:1. Jesus Armenta Supplies shipped merchandise to Lily Custodio Sales on Dec. 28,2009, terms FOB destination. The merchandise arrives at Lily Custodio's on Jan. 4,2010.2. Divina Quezada shipp

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Apr. 3 Inventory 12 units @ $45 11 Purchase 13 units @ $47 14 Sale 18 units 21 Purchase 9 units @ $60 25 Sale 10 units Complete the subsidiary inventory ledger assuming the business maintains a perpetual inventory system and calculate the cost of merchandise sold and ending inventory using FIFO. Purchases Cost ofMerchandise Sold Inventory Date Qty Unit Cost Total Cost Qty Unit Cost Total Cost Qty Unit Cost Total Cost Apr. 3 $ $ 11 $ $ $ $ $ $ 14 $ $ $ $ $ $ 21 $ $ $ $ $ $ 25 $ $ $ $ $ $ Total cost of Merchandise sold $ Ending inventory value $ Previous
Hello please solve 17
Vinubhai
please dont provide answer in image format thank you
Use: FIFO method. FIFO ********************** correct answer please.
Do not give answer in image
A-7
Please do not give solution in image format thanku
Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
vishu subject-Accounting
Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8
Recording Inventory ActivitiesPerpetual SystemQuestion 1: Shipped merchandise that cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days.Dr Account Dr AmountCr Account Cr AmountDr Account Dr AmountCr Account Cr Amount