required: a) Prepare the Stock Ledger card using the WAC method under perpetual system. b) Calculate the total amount of purchases.c) Calculate the cost of goods sold. d) Calculate the gross profit or loss made if the selling price of the dress is $15 each.e) Calculate the amount of closing stock. please answer this question I need a help on this. Daven and Company sells saffron dresses. Thefollowing transactions took place during themonth.June 1 Balance 10 dress at $20 each8 Purchases 15 dress at $8 each10 Sold 12 dresses19 Purchased 25 dresses at $10 each22 Sold 15 dresses26 Purchased 35 dresses at $9 each30 Sold 20 dressesRequired

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Description: required: a) Prepare the Stock Ledger card using the WAC method under perpetual system. b) Calculate the total amount of purchases.c) Calculate the cost of goods sold. d) Calculate the gross profit or loss made if the selling price of the dress is $

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required: a) Prepare the Stock Ledger card using the WAC method under perpetual system. b) Calculate the total amount of purchases. c) Calculate the cost of goods sold

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...

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Donna's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Donna's purchases of Xpert snowboards during September is shown below. During the same month, 123 Xpert snowboards were sold. Donna's uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 28 $97 Purchases 101 103 (b) Purchases Purchases Totals Solution 45 20 50 Your Answer Correct Answer 143 * Your answer is incorrect. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. The ending inventory at September 30 Cost of goods sold 104 The sum of ending inventory and cost of goods sold $ Total Cost $ 2,716 4,545 2,060 5,200 $14,521 $ FIFO 9321 For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO 0 $ $ LIFO 11805 LIFO 0 Attempts: 1 of 1 used
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
PURCHASES TRANSACTIONS Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise on account during the month of October: Oct. 2Purchase Invoice No. 321, 1,950, from Boggs Distributors. 7Purchase Invoice No. 152, 2,915, from Wolfs Wholesaler. 10Purchase Invoice No. 634, 3,565, from Komuro Co. 16Purchase Invoice No. 349, 2,845, from Fritz McCord, Inc. 24Purchase Invoice No. 587, 3,370, from Boggs Distributors. 26Purchase Invoice No. 764, 2,240, from Sanderson Company. 31Purchase Invoice No. 672, 1,630, from Wolfs Wholesaler. Required 1. Record the transactions starting with page 16 of a general journal. 2. Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.
Mays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.
West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 4 Bought fifty 10-speed bicycles from Nielsen Company, 4,775, invoice no. 26145, dated January 3; terms net 60 days; FOB Topeka. 7 Bought tires from Barton Tire Company, 792, invoice no. 9763, dated January 5; terms 2/10, n/30; FOB Topeka. 8 Bought bicycle lights and reflectors from Gross Products Company, 384, invoice no. 17317, dated January 6; terms net 30 days; FOB Topeka. 11 Bought hand brakes from Bray, Inc., 470, invoice no. 291GE, dated January 9; terms 1/10, n/30; FOB Kansas City, freight prepaid and added to the invoice, 36 (total 506). 19 Bought handle grips from Gross Products Company, 96.50, invoice no. 17520, dated January 17; terms net 30 days; FOB Topeka. 24 Bought thirty 5-speed bicycles from Nielsen Company, 1,487, invoice no. 26942, dated January 23; terms net 60 days; FOB Topeka. 29 Bought knapsacks from Davila Manufacturing Company, 304.80, invoice no. 762AC, dated January 26; terms 2/10, n/30; FOB Topeka. 31 Bought locks from Lamb Safety Net, 415.47, invoice no. 27712, dated January 26; terms 2/10, n/30; FOB Dodge City, freight prepaid and added to the invoice, 22 (total 437.47). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
Berrys Pet Store records purchase transactions in the general journal. The company is located in Boston, Massachusetts. In addition to a general ledger, Berrys Pet Store also uses an accounts payable ledger. Transactions for April related to the purchase of merchandise are as follows: Apr. 2Bought ten Carefree Pet Bedding bags from Blackburn Company, 399.90, invoice no. 4R48, dated April 1; terms net 30 days; FOB destination. 5Bought seven Marine Betta Kits from Herrera Company, 83.93, invoice no. 4851, dated April 3; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 15 (total 98.93). 6Bought 15 Two Door Deluxe Kennels from Barrett, Inc., 719.85, invoice no. 1845R, dated April 5; terms 1/10, n/30; FOB destination. 8Bought five Dome Top Bird Cages from Faulkner Company, 1,849.95, invoice no. 1485, dated April 7; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 76 (total 1,925.95). 13Received credit memo no. 415 from Faulkner Company for merchandise returned, 589.13. 23Bought three Five Tiered Cat Trees from Rhodes Manufacturing, 1,107, invoice no. 246J, dated April 21; terms net 60 days; FOB destination. 27Bought 30 Glitter Collection Leashes from Solomon Products Company, 299.70, invoice no. 2675, dated April 25; terms net 30 days; FOB destination. 30Received credit memo no. 861 from Solomon Products Company for merchandise returned, 76.25. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the April 1 balances, if any, as given: Barrett, Inc., 185.25; Blackburn Company, 254.64; Faulkner Company, 485.12; Herrera Company; Rhodes Manufacturing, 452.31; Solomon Products Company, 1,785.23. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using working papers, record the April 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 3,162.55; Purchases 511, 559.06; Purchases Returns and Allowances 512, 123.50; Freight In 514, 15.20. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 115. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
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Required information Use the following information for the Quick Study below. Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 15 units @ $18.00 cost Purchases on December 14 29 units @ $27.00 cost Purchases on December 21 25 units @ $32.00 cost QS 5-10 Periodic: Assigning costs with FIFO LO P1 Required:Monson sells 25 units for $45 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on FIFO. Next Visit question map Question 1 linked to 2 and 3 of 5 Total1 2 3 of 5 Prev
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 106 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Explanation Units Unit Cost Inventory $100 103 Purchases Purchases Purchases Totals 15 Ending inventory at September 30 42 eTextbook and Media 57 21 * Your answer is incorrect. 135 104 $ 105 Total Cost FIFO $1,500 4,326 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) 5,928 2,205 $13,959 2705 $ LIFO 5826 $ AVERAGE-COST
REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 101 snowboards were sold. REI uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory 10 $112 Purchases 115 Purchases 116 Purchases Totals 50 Ending inventory at September 30 57 21 138 117 $ Total Cost $1,120 FIFO 5,750 Compute the ending inventory at September 30 using FIFO, LIFO, and average-cost. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) 6,612 2,457 $15,939 $ LIFO $ AVERAGE-COST
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