Q1) Pier 1 Imports operates almost 1,000 stores around the world. Assume you are dealing with a Pier 1 store in Dallas. Assume the store began with an inventory of 50 chairs that cost a total of $1,500. The store purchased and sold merchandise on account as follows: Purchase 1 60 chairs @ $35 Sale 1. @ $60 100 chairs Purchase 2 80 chairs @ $40 Sale 2. @ $70 Assume that Pier 1 uses the FIFO cost method. Cash payments on account totaled $5,100. Operating expenses were $2,400; the store paid two-thirds in cash and accrued the rest as Accounts Payable. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Make journal entries to record the store's transactions. 70 chairs

Q1) Pier 1 Imports operates almost 1,000 stores around the world. Assume you are dealing with a Pier 1 store in Dallas. Assume the store began with an inventory of 50 chairs that cost a total of $1,500. The store purchased and sold merchandise on account as follows: Purchase 1 60 chairs @ $35 Sale 1. @ $60 100 chairs Purchase 2 80 chairs @ $40 Sale 2. @ $70 Assume that Pier 1 uses the FIFO cost method. Cash payments on account totaled $5,100. Operating expenses were $2,400; the store paid two-thirds in cash and accrued the rest as Accounts Payable. Required 1. Prepare a perpetual inventory record, at FIFO cost, for this merchandise. 2. Make journal entries to record the store's transactions. 70 chairs

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Description: Q1) Pier 1 Imports operates almost 1,000 stores around theworld. Assume you are dealing with a Pier 1 store in Dallas.Assume the store began with an inventory of 50 chairs that costa total of $1,500. The store purchased and sold merchandise onaccoun

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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Puestion 2: Cost flows, income statement You own a store. Beginning inventory on January 1 was $4,000. Ending inventory on December 31 was $2.500. You purchased $27000 of new merchande dung the ya Sales revenue for the year was $51,000. Selling, general, and adeministrative (SGAA) costs for the year were $4,00o. a) Compute the cost of goods sold (COGS) for the year. b) Prepare the income statement for the year. Reveoue COGS Gross Margin SGBA costs Profit
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The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: January 20 April 21 July 25 $12 = $13 = 410 units 130 units 230 units 80 units $14 = September 19 $15 During the year, The Shirt Shop sold 680 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Required A Purchased Purchased Purchased Purchased Complete this question by entering your answers in the tabs below. Ending inventory Required B Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. Note: Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount. FIFO @ @ @…
tion If the merchandise costs $6,000, insurance in transit costs $500, tariff costs $50, processing by the purchasing department costs $35, and the receiving dock personnel costs $15, what is the total cost of the merchandise? -ous page O a. $6,000 O b. $6,550 O c. $6,600 O d. $6.500 -Arrianmont) Groun Arrianmont on lob Type here to search S X E 3 E $ D € O EI % R JU F JU OL V 5 C ^ 6 0 B Y H & 7 U N 3 8 O H 1 M ( Q K O 0 Time left 0 A P Next page 28°C M T
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assume the selling cost was 7000$ and it was shipping FOB shipping point. We received the goods on 2/30. Terms of the sale were 2/10. n/45. Shipping costs covered by the suppliers, were 500$. we chose to insure the goods while in transit for 80$. While in transit, the driver of the truck was issued a speeding ticket for $120. To unload the goods and get them out onto our sales floor cos an additional $200. We paid for the goods on 12/31. As of 12/31/2020. what is the value of this particular inventory on our balance sheet?
Olly Company is a merchandising business that sells dog food. Based on the following information, what is the gross margin for Olly Company? Sales Revenue Cash $ 500,000 100,000 50,000 Accounts Receivable Inventory Cost of goods sold Operating expenses Multiple Choice $135,000 $200,000 $285,000 $160,000 25,000 300,000 40,000
5. Calculate sales revenue and gross profit under each of the four methods.
Ellie Inc. sold 6 similar items in February for $15 each. The company started with 3 items in inventory that cost $5. The following purchases were made during February: 2 items were purchased on February 3 with a unit cost of $8 1 item on February 15 with a unit cost of $8.50 4 items on February 22 with a unit cost of $7.50 What is the cost of goods sold using the FIFO method?
The Consignment Out account of Fila Department Store is shown below: CONSIGNMENT OUT For goods shipped to consignee: For account sales by consignee: Cost of 24 pcs. boys' clothes P4,800 20 pcs. Boys' clothes P6,300 Cost of 48 pcs. underwear 7,680 30 pcs. Underwear 7,500 Freight and handling costs: Boys' clothes 1,080 Underwear 2,000 The commission on both types of goods was 15% of the selling price. All of the account sales were accompanied by checks for correct amounts. There is one account sale on hand which had not been recorded on the books of Fila. It shows that no consigned goods had been sold but the freight and handling costs of P150 applicable to underwear had been incurred by the consignee. Compute for the consignment profit.