Date2/10/20223/21/2022DesiptionPurchasedSantity4 itemse S20 per itemSitems$19 per itemsitemsGitems S18 per itemPurchased4/06/20227/26/20228/18/20228/02/202210/22/202211/22/202212/22/2022SoldPurchasedSoldPurchased7items6items$17 per item4 itemsSoldSold2itemsPurchaseditemi eS16Caloulate both the ending inventory and the COGS using the LUIFO methodb Prepare the ncome Statement, Rtatement of Retained tarnins and talance Sheet assuming the company had cash sales of $100,000Balance SheetStmt of R/EIncome StmtAssetsLiabilitiesEquityEnd R/ENet IncomeNet Income

Rate a/10/2022 3/21/2022 Oestion Purchased 4 items520 per item SitemsS19 per item Purchased A/0/2022 Sold Sitems 6 items S1 per item 7 items GitemsS17 per item 72/2022 IN2022 Purchased Sold /02/2022 10/22/2022 Purchased Sold 4em Sold Purchased 2 tems tem S16 12/22/2022 Calelate both the endirg inventory and the COGS using the UFO method Pepare the enme Statement, atement of latained taning and Balence Sheet auming the company had cash sales of $100,000 Balance Sheet Stmt of R/E Income Stmt Assets Liabilities (quity End R/E Net Income Net income

Rate a/10/2022 3/21/2022 Oestion Purchased 4 items520 per item SitemsS19 per item Purchased A/0/2022 Sold Sitems 6 items S1 per item 7 items GitemsS17 per item 72/2022 IN2022 Purchased Sold /02/2022 10/22/2022 Purchased Sold 4em Sold Purchased 2 tems tem S16 12/22/2022 Calelate both the endirg inventory and the COGS using the UFO method Pepare the enme Statement, atement of latained taning and Balence Sheet auming the company had cash sales of $100,000 Balance Sheet Stmt of R/E Income Stmt Assets Liabilities (quity End R/E Net Income Net income

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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S Module Three Assignment - ACC X * CengageNOwv2 | Online teachir x genow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еВook Purchase-Related Transactions The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30. Accounts Payable Cash 1,980 (1) 13,860 (2) 150 (3) (4) 11,880 (4) 11,880 Inventory (1) 13,860 (3) 1,980 (2) 150 a. Describe each transaction. 1. 2. 3. 4. b. Determine the invoice amount of the merchandise that was returned in (3). (Previous Check My Work 6:39 AM 45°F ヘ回图目急 11/13/2021 pit sc dete Mom 4+ 144 144 40 Sacksbace 8.
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How much should be recorded as the purchase price of theindividual PPE items: For items 18 to 22, identify the amount to be included asEquipment 18. Payment for injuries to third‐parties not covered byinsurance – P200,00019. Freight amounted to P50,000 and freight insuranceamounted to P5,000.20. Site preparation of P100,000 and installment cost ofP75,000.21. Test run cost which includes P10,000 materials, P15,000direct labor cost, P1,000 allocated supervisor’s salary andother overhead cost of P5,000. The good produced was soldfor P30,000.22. Value‐added tax amounting to P100,00023. Import tax of P30,00
g - EC X b cengage mindtao - B X b cengage mindtap - B x * My Home * CengageNOWv2 | O X cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSes... The following journal entry was included in the accounting records of Jentzen Corp.: Oct. 15 Accounts Payable 4,000 Merchandise Inventory 40 Cash 3,960 Based on this information, it is likely that the company: Oa. Sold inventory for cash. Ob. Paid for inventory purchased on credit, and took advantage of a 1% purchase discount. Oc. Purchased inventory for cash. Od. Collected cash for inventory sold on credit, and recognized a 1% sales discount.
Exam III (Multiple Choice) Question 29 of 30 Wildhorse Company recently purchased the following items for resale at a lump-sum cost of $73500: Item No. of Items Purchased Resale Price Per Unit M 4900 $4.20 N 2450 12.90 о 6900 The appropriate cost per unit of inventory is: M N о $5.16 $5.16 $5.16 $4.20 $12.90 $6.90 6.90 -/1 01:39:24 ° $3.02 $9.63 $4.95 SUPPORT $3.09 $9.50 $5.08
Baghdad Univercity Higher Institute of Accounting and Finuncial studies Departmet of Acounting studies The Second Stage /cost and Administrative A cc- Finaricial Accouniting Dr. Wafea AL. Haidari Q: The Following Information is avalable from Iraq Coimpanly unit uni! C-st January I, 2018 Beginning Inventory Purchases : February 10, 2018 Februany 20, 2018 March 1200 $16 メ18 ス。 $ 22 $24 on April 30, s018, shows 3ece uits 22 00 2600 10, 2013 1600 April Aphysical Inventory on hand. Instructions :- 25, r018 1200 Assuming Iraq Co. Uses a periadic system, Prepare Schedules to Compute the Ending Inventory al Aprilso, 2018 under each of the Following Invertory methads (round to two decimal places). a. Specific Identification. b. FIFO C Weighted Average. Under (a), 8∞ units from the beginning Inventary are on hand and 2200 from the February 10, pwchae ae on hand O O
Like new express. had machines in Stock at the Inventory records for Date Jan 1 Aug 5 Oct 19 Nov 23 Purchase Dec 16 Total available for Sale 490 multi function Center end of the 95 Purchase Purchase the year are Quantity Begining Incubory So Purchase 100 100 300 200 750 year follows. A 92,341.67 B93, 341.67 C 94, 994.67 Answer D 103, 094.67 Key Corf Total 7,100 142 269 26,900 233 23,300 189 56,706 157 31,400 145,400 Using the average Cost method of inventory pricing dollar value of ending inventory Calculate the
CNOWv2 Student Help x + enow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locato... 시기 wsing Protection X Chapter 9 < Cost of merchandise sold Inventories: Beginning of year eBook Inventory Turnover and Days' Sales in Inventory Financial statement data for years ending December 31 for Amsterdam Company follow: End of year 20Y4 20Y3 X Inventory Turnover 20Y4 Show Me How 20Y3 CengageNOWv2 | Online t X Search 20Y4 $3,598,900 593,000 648,000 a. Determine the inventory turnover for 20Y4 and 20Y3. Round to one decimal place. Print Item 20Y3 $3,015,630 b. Determine the days' sales in inventory for 20Y4 and 20Y3. Assume 365 days a year. Round interim calculations and final answers to one decimal place. OL 589,600 Days' Sales in Inventory days days c. Does the change in the inventory turnover and the days' sales in inventory from 20Y3 to 20Y4 indicate a favorable or an unfavorable 593,000 10 Q 813 PrtSc Insert S 1 3/
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Urgenntttt!!!! Calculate gross profit.