Problem 6-9B Part 33. Prepare the top section of the multiple-step income statement through gross profit for the month of June.CIRCUIT COUNTRYMultiple-step Income Statement (partial)For the month of JuneNet salesCost of goods sold:Beginning inventory2,250Add: PurchasesLess: Purchase returnsLess: Purchase discountsAdd: Freight-inCost of goods available for saleLess: Ending inventoryCost of goods soldGross profit !Required informationProblem 6-9B Record transactions and prepare a partial income statement using a periodic inventorysystem (LO6-8)[The following information applies to the questions displayed below.]At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occur during themonth of June.2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45.4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310.8 Return defective radios to Radio World and receive credit, $400.JuneJuneJuneJune 10 Pay Radio World in full.June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750.June 18 Receive payment on account from customers, $3,100.June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30.June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150.June 26 Return damaged radios to Sound Unlimited and receive credit of $500.June 28 Pay Sound Unlimited in full.Problem 6-9B Part 33. Prepare the top section of the multiple-step income statement through gross profit for the month of June.CIRCUIT COUNTRYMultiple-step Income Statement (partial)For the month of JuneNet salesCost of goods sold:Beginning inventory2,250

Required information Problem 6-9B Record transactions and prepare a partial income statement using a periodic inventory system (LO6-8) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full. 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310.

Required information Problem 6-9B Record transactions and prepare a partial income statement using a periodic inventory system (LO6-8) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,550. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,250, terms 2/15, n/45. June June 8 Return defective radios to Radio World and receive credit, $400. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $4,100, that had a cost of $2,750. June 18 Receive payment on account from customers, $3,100. June 20 Purchase radios on account from Sound Unlimited for $3,350, terms 2/10, n/30. June 23 Sell radios to customers for cash, $4,850, that had a cost of $3,150. June 26 Return damaged radios to Sound Unlimited and receive credit of $500. June 28 Pay Sound Unlimited in full. 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $310.

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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k t K nt ences Peterson Furniture Designs is preparing the annual financial statements dated December 31. Ending inventory information about the five major items stocked for regular sale follows: Required: 1-a. Complete the table column "Write-Down per Item" and then sum the final column. 1-b. Compute the amount of the total write-down when the LCM/NRV rule is applied to each item. 2. Prepare the journal entry Peterson Furniture Designs would record on December 31 to write down its inventory to LCM/NRV. Complete this question by entering your answers in the tabs below. h Req 1A Req 1B Item Alligator Armoires Bear Bureaus Cougar Credenzas Dingo Cribs Elephant Dressers Complete the table column "Write-Down per Item" and then sum the final column. NRV per Item Write-down per Item Req 2 Unit Cost (FIFO) $ 60 55 53 55 22 $ 56 55 59 55 14 Req 1A Quantity on Hand 50 30 80 70 50 Total Write- down Req 1B >
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Current Attempt in Progress 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. Purchased calculators from Dragoo Co. at a total cost of $1,580, on account, terms n/30 FOB shipping point. 6. Paid freight of $49 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $62 credit because they did not meet specifications. Sold calculators costing $480 for $680 to Fryer Book Store, on account, terms n/30. Granted credit of $46 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $36. 10 12 14 20 Sold calculators costing $560 for $800 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…
Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…
Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
Problem 6-3B (Algo) Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) At the beginning of June, Circuit Country has a balance in inventory of $2,100. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $1,800, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio World, $220. June 8 Return defective radios to Radio World and receive credit, $200. June 10 Pay Radio World in full. June 11 Sell radios to customers on account, $3,200, that had a cost of $2,300. June 18 Receive payment on account from customers, $2,200. June 28 Purchase radios on account from Sound Unlimited for $2,900, terms 3/10, n/30. June 23 Sell radios to customers for cash, $4,400, that had a cost of $2,700. June 26 Return damaged radios to Sound Unlimited and receive credit of $400. June 28 Pay Sound Unlimited in full. Required: 1. Assuming that Circuit…
question 5 A record of transactions for the month of January was as follows: Purchases Sales Jan 1 (balance) 500 @ $5.00 Jan 3 200 @ $7.00 10 1,300 @ $5.60 18 1,000 @ 8.50 25 800 @ $6.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory and cost of goods sold for FIFO, LIFO and moving average.
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ms: Series A OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 7-1A FIFO perpetual inventory month period ending March 31, are as follows: brerionom exs 2 022.2 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 bo 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,500 units June 30 Purchase 4,600 units at $45 Sept. 2 Sale 4,900 units Nov. 15 Purchase 1,800 units at $48 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4. Under LIFO, if units are in inventory at two or more different costs, enter the units with the LOWER unit cost first in the Inventory Unit Cost column. Schedule of Cost of Goods Sold LIFO Method Pukchases Cost of Goods Sold Inventory Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Jan. 1 Apr. 19 June 30 Sept. 2