REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 110 snowboards were sold.DateSept. 1Sept. 12Sept. 19Sept. 26DateExplanation UnitsInventoryPurchasesSept. 5Sept. 16Sept. 29PurchasesPurchasesTotalsSaleSaleSaleTotalsUnits8485413110455823Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system.139Unit Cost$107110111112Total Cost$1,3914,9506,4382,576$15,355 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)September 1September 5 $September 12September 16$$$September 19 $September 26 $(a2)September 29 $eTextbook and Media107.000The ending inventory $107.000109.700109.700110.957111.246111.246Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.)FIFOAttempts: 1 of 6 usedLIFOAVERAGE-COST

Answer to Question (a1):- Weighted Average Unit Cost Sep-01 107.000 Sep-05 107.000 Sep-12…

Answered: REI sells snowboards. Assume the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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"Candy Andy” opened a candy shop in St. Lawrence Market. Andy purchases the candy in bulk (wholesale), and resells the merchandise to generate a profit using periodic system. During the months of May and June, the following transactions occurred. Please do the journal entries using periodic system: : May 10 Andy purchased $400 of Skittles from Wrigley Company, terms 2/10, n/30, FOB shipping point. 11 The correct company paid $35 dollars of shipping costs to DHL in cash. 12 Expired Skittles worth $20 were returned to Wrigley Company for full credit. 20 Andy paid Wrigley Company in full June 15 Andy sold all the remaining Skittles for a total price of $950 cash. 15 A customer had their Skittles shipped to them, with freight terms of FOB shipping point. The shipping costs to Purolator were $15. 17 Andy gave a customer a $50 cash sales allowance for unsatisfactory…
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…
Record the following transactions for adcok 1.on April 12 sold$11000 of merchandise to milton inc ..term 2/10,n/30 2.on April 15 Milton returned $2000 of merchandise 3.on April 22 Milton paid for the merchandise
Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable Note the following: o All amounts given are pre-tax values. o Discounts are determined on pre-tax amounts. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321. terms 2/10, n/30. July 4. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque # 42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice #321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)
9. Review the following transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers purchases 82 fishing poles at $33 each with cash. Oct. 5 April Anglers purchases 116 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. Oct. 12 April discovers 18 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. April also discovers that 32 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $15 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts. Solution Debit Credit Date Accounts and Explanation
Jan. 1 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. 8 Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid invoices totaling $3,000 to Geeslin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. Required: For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries to record these transactions on the books of Raymond. Jan. 1 (Purchased inventory on credit) Jan. 8 (Returned merchandise) Jan. 10 (Recorded payment within discount period) Jan. 30 (Recorded payment outside of discount period) O O D00 O
ss
Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. Note: Enter debits before credits. Date General Journal Debit Credit May 12
Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an invoice with a list price amount of $6,800 and payment terms of 2/10, "/30 - Alison uses the net method to record purchases. Alison should record the purchase at: Multiple Choice $6,664. $6,936. $3,332. $6,800.
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31. Jan. 8 Purchased merchandise for resale on account. The invoice amount was $14,780; assume a perpetual inventory system. 17 Paid January 8 invoice. Apr. 1 Borrowed $54,000 from National Bank for general use; signed a 12-month, 10% annual interest-bearing note for the money. June 3 Purchased merchandise for resale on account. The invoice amount was $17,420. July 5 Paid June 3 invoice. Aug. 1 Rented office space in one of Roger’s buildings to another company and collected six months’ rent in advance amounting to $6,000. Dec. 20 Received a $180 deposit from a customer as a guarantee to return a trailer borrowed for 30 days. 31 Determined wages of $9,200 were earned but not yet paid on December 31 (disregard payroll taxes). Show how all of the liabilities arising from these transactions are reported on the balance sheet at December 31.…
Wiset Company completes these transactions during April of the current year (the terms of all Its credit sales are 2/10, n/30). Apr. 2 Purchased $14, 200 of nerchandise on credit from Noth Company, terms 2/10, n/68. 3 (a) Sold nerchandise on credit to Page Alistair, Invoice No. 768, for $4,200 (cost is $3,700). 3 (b) Purchased $1,410 of office supplies on credit from Custer, Inc. terms n/30. Issued Check No. 587 to World View for advertising expense of $915. Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $10,000 (cost is $7,2e8). Returned $70 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces accounts payable by that anount. Purchased $10,510 of store equipment on credit from Hal's Supply, terms n/30. Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $13,600 (cost is $7,1e8). Issued Check No. 588 to Noth Company in paynent of its April 2 purchase less the discount of $284. 4 5 6 11 12 13 (a) Received payment from Page Alistair for the…

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