Can you help me with this question Question 5Beginning inventory, purchases and sales data for hammers are as follows:Mar 3 Inventory 12 units @ $25.0011 Purchase |13 units @$27.00|14 Sale18 units21 Purchase 9 units @$30.0025 Sale10 unitsInstruction: Assuming the business maintains a perpetual inventory system, complete theinventory cards and calculate the cost of merchandise sold and ending inventory under thefollowing assumptions:a) FIFO (First-In, First-Out)b) LIFO (Last-In, First-Out)Cost ofPurchasesMerchandise SoldInventoryDate Qty Unit Total Cost QtyUnitTotal Cost QtyUnitTotal CostCostCostCostMar 3Mar 11Mar 14Mar 21Mar 25BalancesAnswer:Student Mark Question 4AllocateInstruction: Journalize the following transactions for both Abbott Co. (seller) and Dalton Co.(buyer) assuming all use a perpetual inventory systemJuly 3 Abbott Co. sold merchandise on account to Dalton Co., $5,000, terms FOB shippingpoint, 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 CreditAnswer

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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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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