Record the following transactions of Pal Tos Sales for the month of May under thePerpetual Inventory System. Assume that terms for all purchases are 2/20, n/30 andterms for all sales are 1/15, n/30. Cost for each sales and returns is 80% of the sales orreturn price.2020May 5Cash sales, P210,0006 Purchased P550,000 merchandise from Hoo Enterprise on account8 Sold P30,000 goods to Lucky Trading11Purchased PP150,000 merchandise from Vee Cut Sales15Cash purchases, P221,00017Received P3,000 returns of defective merchandise from Lucky Trading19Returned P50,000 defective goods to Hoo Enterprises22Lucky Trading settled its amount in full25Paid Hoo Enterprises in full30Settled account with Vee Cut sales in full

The journal entries are prepared to record daily transactions of the business.

Answered: Record the following transactions of…

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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Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Units Acquired at Cost 100 units @ $50 per unit 400 units@ $55 per unit Date Mar. Mar. Mar. Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Activities 1 Beginning inventory 5 Purchase 9 Sales 420 units @ $85 per unit 120 units @ $60 per unit 200 units @ $62 per unit 160 units @ $95 per unit Totals 820 units 580 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, the March 9 sale consisted of 80 units from beginning inventory and 340 units from the March 5 purchase; the March 29 sale consisted of 40 units from the March 18 purchase and 120 units from the March 25 purchase. es Complete this question by einering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to…
s
Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June (1) Purchased $2,000 of merchandise; terms 1/10, n/30. (5) Sold $ 1,000 of merchandise for $1,400; terms n/15. Please answers in Journal entry worksheet
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8
Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Suppose that Sunland has the following inventory data: Nov. 1 Inventory 10 units @ $7 each Purchase 100 units @ $7.45 each 60 units @ $7.30 each 80 units @ $7.60 each 8 17 25 Purchase Purchase The company uses a periodic inventory system. A physical count of merchandise inventory on November 30 reveals that there are 90 units on hand. Cost of goods sold under FIFO is O $666. O $681. O $1180. O $1419.
Assume that Wally World uses a perpetual weighted average inventory system. During the period, it had two sales. Calculate the average cost per unit on hand as of June 30 when it made its second sale. Jun 1 Beginning Inventory 10 @ $12 Purchase 10 @ $15 Sale units Purchase 10 @ $18 8 units Jun 5 Jun 8 Jun 28 Jun 30 Sale O $10/unit O $15.375/unit O $15/unit O $13.50/unit
Show Me How Beginning inventory, purchases, and sales data for prepaid cell phones for December are as follows: Inventory Dec. 1 1,600 units at $33 Purchases Dec. 10 800 units at $35 20 720 units at $37 Sales Dec. 12 1,120 units 14 960 units 31 480 units a. Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Prepaid Cell Phones Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of Quantity Goods Sold Goods Sold Sold Unit Cost Total Cost Cost of Inventory Quantity Inventory Unit Cost Inventory Total Cost Date Dec. 1 1,600 33 52,800 Dec. 10 800 35…
Bins Incorporated uses the periodic inventory system. The following table shows beginning inventory and inventory purchases for 2020: Month Beginning Inventory January February March Totals Sales Units Units 2,240 2,880 1,960 3,000 2,080 2,800 2,720 8,680 9,000 Purchases Cost per unit $5.00 $7.00 $5.00 $7.00 Totals $11,200 $13,720 $10,400 $19,040 $54,360 Relative to March, the company projects a 5 percent increase in cost of goods sold during April. The desired ending inventory balance for April is $2,400. Romaguera Inc pays cash to settle 60 percent of its purchases on account during the month of purchase and pays the remaining 40 percent in the month following the purchase. The accounts payable balance as of March 31 was $6,800. Required: Based on the FIFO inventory valuation methods answer the following questions. You may round your final answer to the nearest dollar. What is the ending inventory balance at the end of March? $ What is the total cost of goods sold at the end of…

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