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.
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
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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✓Browsing Protection eBook Perpetual Inventory Using FIFO X Chapter 9 Mar. 1 Cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locato... 9 13 Beginning inventory, purchases, and sales for Item Copper are as follows: Inventory Sale Purchase 25 Sale X Show Me How O Search 450 units at $7 390 units 410 units at $8 340 units CengageNOWv2 | Online t X 40 LA 00 LA L L Print Item CNOWv2 Student Help Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31. a. Cost of merchandise sold on March 25 b. Inventory on March 31 0 시기 U x + | ☆== + 11:48 AM 3/11/2023