Red River Warehouse counts shipping supplies weekly. Beginning count 310 boxes, purchased 500, used 680. Physical count shows 110 boxes. Report the number of missing boxes.
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- Kelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30 FOB shipping point. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30. 14 20 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions for Office Depot. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O…Executive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 60 types of products the company keeps in stock. The following transactions show the purchases and sales of a particular desk chair (product code DC-7) during September. Sept. 1 Balance on hand. 50 units, cost $60 each........................$3,000 Sept. 4 Purchase, 20 units, cost $65 each........................................$1,300 Sept. 8 Sale, 35 units. sales price $100 each...................................$3,500 Sept. 9 Purchase, 40 units, cost $65 each........................................$2,600 Sept. 20 Sale, 60 units, sales price $100 each.................................$6,000 Sept. 25 Purchase, 40 units, cost $70 each.......................................$2,800 Sept. 30 Sale, 5 units, soles price $110 each.....................................$550a. Record the beginning inventory, the purchases, the cost of goods sold, and the running balance…
- What is the total invoice amount?Required information. In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 300 units at $5 on January 1, (2) 500 units at $9 on January 8, and (3) 910 units at $10 on January 29, Assume 1,110 units are on hand at the end of the month. Calculate the cost of goods available for sale, cost of goods sold, and ending inventory under the weighted average cost flow assumptions. Assume perpetual inventory system and sold 600 units between January 9 and January 28. (Round your intermediate calculations to 2 decimal places.) Goods Available for Sale Cost of Goods Sold Ending Inventory Weighted Average CostPlease help with the attached screenshot. I have tried using an excel spreadsheet examples to resolve but to no avail.
- Can someone please help me regarding this. Direction: Prepare the journal entries of Wah Lei for the month of January. Follow the proper format using the periodic inventory system. And prepare the general ledger after.TRANSACTIONS:January 1 - Purchased goods from May Company with list price of 600,000 less 10% purchase discount, paid cashJanuary 6 - Returned 40,000 of defective goods and replaced with cashJanuary 9 - Cash sales, 145,000 (cost 78,000)January 13 - Purchased goods from Feh Enterprises worth 75,000 on account. Terms 2/15, n/30January 16 - Paid 9,000 freight on goods purchased.January 17 - Sold goods to Bet Trading on credit. Term: 1/10, n/30, 240,000 (cost 130,000)January 20 - Received returned goods from January 17 sale worth 100,000 (cost 60,000)January 22 - Received cash in full settlement of the account from Bet TradingJanuary 25 - Full settlement from the purchase of January 13January 28 - Purchases on account, 130,000, terms: 2/10, n/30deGoods costing $2,500 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system.
- Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Aug. 3 Shipping charges Aug. 7 Purchase with cash Aug. 12 PaymentLate in the year, Software City began carrying WordCrafter, a new word processing software program. At December 31, Software City's perpetual Inventory records included the following cost layers in its Inventory of WordCrafter programs. Purchase Date Nov. 14 Dec. 12 Total available for sale at Dec. 31 Quantity 10 28 38 Unit Cost $ 400 320 $ Total Cost $ 4,000 8,960 $12,960 a. At December 31, Software City takes a physical Inventory and finds that all 38 units of WordCrafter are on hand. However, the current replacement cost (wholesale price) of this product is only $250 per unit. 1. Prepare the entries to record this write-down of the Inventory to the lower-of-cost-or-market at December 31. (Company policy is to charge LCM adjustments of less than $2,000 to Cost of Goods Sold and larger amounts to a separate loss account.) 2. Prepare the entries to record the cash sale of 32 WordCrafter programs on January 9, at a retail price of $380 each. Assume that Software City uses the FIFO flow…Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Cullumber Co. at a total cost of $1,750, on account, terms n/30. 9 Paid freight of $50 on calculators purchased from Cullumber Co. 10 Returned calculators to Cullumber Co. for $55 credit because they did not meet specifications. 12 Sold calculators costing $600 for $760 to Fryer Book Store, on account, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $32. 20 Sold calculators costing $500 for $740 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record…
