**Bonita Company's Inventory Transactions for April****Purchases:**- **April 1**: Starting balance on hand - 280 units at $5.90 each- **April 4**: 580 units at $6.00 each- **April 11**: 480 units at $6.30 each- **April 18**: 380 units at $6.30 each- **April 26**: 780 units at $6.60 each- **April 30**: 380 units at $6.80 each**Sales:**- **April 5**: 480 units sold- **April 12**: 380 units sold- **April 27**: 1,160 units sold- **April 28**: 150 units sold**Inventory Calculation Instructions:**Compute the inventory at April 30 using the following methods. Assume that perpetual inventory records are maintained in units only.1. **First-in, First-out (FIFO)**2. **Last-in, First-out (LIFO)**3. **Average Cost**Round the final answers to 0 decimal places (e.g., 6,548).**Table for Inventory Calculation:**- **FIFO**: $ _______- **LIFO**: $ _______- **Average-cost**: $ _______

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Answered: Purchases Sales April 1 (balance on…

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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QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
Sales revenue First Quarter $ 15,800 Second Quarter $21,300 Cost of goods sold Beginning inventory Purchases $ 5,200 $ 4,700 3,800 13,200 Goods available for sale 9,000 17,900 Ending inventory 4,700 10,000 Cost of goods sold Gross profit 4,300 11,500 7,900 13,400 Expenses 6,300 Pretax income 5,800 $ 5,700 $ 7,100 During the third quarter, it was discovered that the ending Inventory for the first quarter should have been $5,180. Required: 1. What effect did this error have on the combined pretax Income of the two quarters? 2. Which quarter's or quarters' (if any) EPS amounts were affected by this error? 3. Prepare corrected Income statements for each quarter. 4. Prepare the schedule to reflect the comparative effects of the correct and Incorrect amounts on the Income statement. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the schedule to reflect the comparative effects…
JANUARY FEBRUARY MARCH ABBOT MERCHANDISE Purchases $21,948 $14,576 $12,945 Returns $4,367 $987 $2,398 Discounts $2,000 $100 $1,156 CABOT FARMS Purchases $12,978 $9,567 $14,503 Returns $1,298 $876 $904 Discounts $100 $400 $250 DIVERSITY SERVICES Purchases $18,756 $15,678 $12,987 Returns $257 $125 $359 Discounts $25 $75 $250 Using the displayed information, what was the total amount paid to Diversity Services for the first quarter? $46,330 $47,030 $47,421 $48,512
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Cash receipts Cash payments For inventory purchases For S&A expenses January $ 107,000 February $113,000 March $ 133,000 93,500 34,500 75,500 35,500 88,500 30,500 Franklin Medical had a cash balance of $11,500 on January 1. The company desires to maintain a cash balance of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Franklin pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. > Answer is complete but not entirely correct. Cash Budget Section 1: Cash Receipts Beginning cash balance January February March $ 11,500 $ 6,700 $ 6,000 Add:…
Transactions for the month of June were: Purchases Sales June 1 (balance) 3180 @ $3.30 June 2 2350 @ $5.40 3 8820 @ 3.20 6 6380 @ 5.40 7 4900 @ 3.40 9 3920 @ 5.40 15 7180 @ 3.50 10 1540 @ 8.00 22 1960 @ 3.60 18 5610 @ 8.00 25 760 @ 8.00 Assuming that periodic inventory records are kept in units only, the ending inventory on a LIFO basis is
Date Apr. 3 8 30 May 8 10 19 28 June 5 16 21 28 Transaction Inventory Purchase Sale Sale Purchase Sale Sale Purchase Sale Sale Purchase Sale Number of Units 72 120 72 36 120 216 Per Unit $600 720 2,000 2,000 800 2,000 2,000 880 2,100 2,100 960 2,100 Total $43,200 103,680 192,000 120,000 96,000 144,000 72,000 105,600 151,200 201,600 207,360 226,800
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.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…

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Purchases Sales April 1 (balance on hand) 280 @ $5.90 April 5 480 4 580 6.00 12 380 11 480 6.30 27 1,160 18 380 6.30 28 150 26 780 6.60 30 380 6.80