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Question 5 Beginning inventory, purchases and sales data for hammers are as follows: Mar 3 Inventory 12 units @$25.00 11 Purchase 13 units@$27.00 14 Sale 18 units 21 Purchase 9 units @$30.00 25 Sale 10 units Instruction: Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions: a) FIFO (First-In, First-Out) b) LIFO (Last-In, First-Out) Cost of Purchases Merchandise Sold Inventory Date Qty Unit Total Cost Qty Unit Total CostQty Unit Total Cost Cost Cost Cost Mar 3 Mar 11 Mar 14 Mar 21 Mar 25 Balances

Question 5 Beginning inventory, purchases and sales data for hammers are as follows: Mar 3 Inventory 12 units @$25.00 11 Purchase 13 units@$27.00 14 Sale 18 units 21 Purchase 9 units @$30.00 25 Sale 10 units Instruction: Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions: a) FIFO (First-In, First-Out) b) LIFO (Last-In, First-Out) Cost of Purchases Merchandise Sold Inventory Date Qty Unit Total Cost Qty Unit Total CostQty Unit Total Cost Cost Cost Cost Mar 3 Mar 11 Mar 14 Mar 21 Mar 25 Balances

FINANCIAL ACCOUNTING
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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Question 5 Beginning inventory, purchases and sales data for hammers are as follows: Mar 3 Inventory 12 units @ $25.00 11 Purchase |13 units @$27.00| 14 Sale 18 units 21 Purchase 9 units @$30.00 25 Sale 10 units Instruction: Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions: a) FIFO (First-In, First-Out) b) LIFO (Last-In, First-Out) Cost of Purchases Merchandise Sold Inventory Date Qty Unit Total Cost Qty Unit Total Cost Qty Unit Total Cost Cost Cost Cost Mar 3 Mar 11 Mar 14 Mar 21 Mar 25 Balances Answer :Student Mark
Transcribed Image Text:Question 5 Beginning inventory, purchases and sales data for hammers are as follows: Mar 3 Inventory 12 units @ $25.00 11 Purchase |13 units @$27.00| 14 Sale 18 units 21 Purchase 9 units @$30.00 25 Sale 10 units Instruction: Assuming the business maintains a perpetual inventory system, complete the inventory cards and calculate the cost of merchandise sold and ending inventory under the following assumptions: a) FIFO (First-In, First-Out) b) LIFO (Last-In, First-Out) Cost of Purchases Merchandise Sold Inventory Date Qty Unit Total Cost Qty Unit Total Cost Qty Unit Total Cost Cost Cost Cost Mar 3 Mar 11 Mar 14 Mar 21 Mar 25 Balances Answer :Student Mark
Question 4 Allocate Instruction: Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer) assuming all use a perpetual inventory system July 3 Abbott Co. sold merchandise on account to Dalton Co., $5,000, terms FOB shipping point, net/eom. The cost of the merchandise sold was $2,300. July 5 Dalton Co. paid $335 freight charges on purchase from Abbott Co. July 9 Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,000. The cost of the merchandise returned was $1,220. July 11 Abbott Co. received payment from Dalton Co. for purchase of July 3. Abbott Co. Dalton Co. Date Accounts Debit Credit Accounts Debit Credit Answer
Transcribed Image Text:Question 4 Allocate Instruction: Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer) assuming all use a perpetual inventory system July 3 Abbott Co. sold merchandise on account to Dalton Co., $5,000, terms FOB shipping point, net/eom. The cost of the merchandise sold was $2,300. July 5 Dalton Co. paid $335 freight charges on purchase from Abbott Co. July 9 Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,000. The cost of the merchandise returned was $1,220. July 11 Abbott Co. received payment from Dalton Co. for purchase of July 3. Abbott Co. Dalton Co. Date Accounts Debit Credit Accounts Debit Credit Answer
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