The Amount of Sheridan company's inventory? Question:Financial Account - 23-69Sheridan Company follows the practice of pricing itsinventory at LCNRV, on an individual-item basis.Quantit Cost perItemEstimated SellingNo.yUnitPriceCost to Complete andSell13201,300$4.00$5.63$2.0013331,0003.384.251.2514269005.636.251.7514371,1004.504.001.6915108002.814.061.7515226003.754.881.0015733,1002.253.131.5016231,1005.887.501.88From the information above, determine the amount ofSheridan Company inventoryThe amount of Sheridan Company's inventory $

In this problem, Sheridan Company applies the Lower of Cost or Net Realizable Value (LCNRV) rule on…

Answered: Question:Financial Account - 23-69…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 34E

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Activity 11-5. VAT ( Compute for tne VAT and write the appropriate accounting entry: 1. Invoice Price, gross of VAT Entry: (If Sale) P 11,200 2. Invoice Price, net of VAT Entry: (If Purchase) P 11,200 P 25,000 3. Gross Selling Price, including VAT Entry: (If Sale) 4. Gross Purchase Price, excluding VAT P Entry: (If Purchase) 20,000 5. Compute the VAT Payable:
Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare
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View Policies Current Attempt in Progress Vaughn Manufacturing uses the perpetual inventory and the gross method. On March 1, it purchased $74000 of inventory, terms 2/10, n/30.bn March 3, Vaughn returned goods that cost $9000. On March 9, Vaughn paid the supplier. On March 9, Vaughn should credit O purchase discounts for $1300. O purchase discounts for $1480. O inventory for $1300. O inventory for $1480. Save for Later Attempts: 0 of 2 used Submit Answer
Please answer 16-18
Accounting for Cash Discounts Illustration An entity purchases inventory with a list price of P10,000 on account under credit terms of 20%, 10%, 2/10, n/30 Required: Prepare the journal entries using a. Gross method b. Net method
Question 18 and 19: Presented below is information related to Carnation with, Incorporated: Cost P 250,000 898,500 60,000 18,000 Retail P 390,000 1,460,000 80,000 Inventory, January 1, 2015 Purchases Purchase returns Purchase discounts Sales (net of 2% discounts) Sales returns 0- -0- -0- 80,000 1,234,800 95,550 -0- Freight-in 18. Assuming that Camation, Inc, uses the average retail inventory method, how much would be the cost of its ending inventory at December 31, 2015? 19. Assuming that Carnation, Inc. uses the FIFO retail inventory method, how much would be the cost of its ending inventory at December 31, 20157
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