### Required Information[The following information applies to the questions displayed below.]The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.- **January 20:** Purchased 500 units @ $7 = $3,500- **April 21:** Purchased 300 units @ $9 = $2,700- **July 25:** Purchased 380 units @ $12 = $4,560- **September 19:** Purchased 190 units @ $14 = $2,660During the year, The Shirt Shop sold 1,110 T-shirts for $23 each.---**Instructions:**b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.

As per FIFO method Particulars Units Amount Jan 20th purchase 500 3500 April 21 Purchase 300…

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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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Late 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…
Required information (The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 4800 units es 8 Purchased 200 units e $10 Purchased 280 units @ $13 Purchased 90 units @ $15 $3, 200 2, e00 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.
tps://ezto.mheducation.com/ext/map/index.h Saved Required information [The following information applies to the questions displayed below.] Scavenger Company, a manufacturer of recycling bins, began operations on January 1 of the current year. During this time the company produced 60,000 units and sold 55,000 units at a sales price of $15 per unit. Cost information for this year is shown in the following table: Production costs $ 2.50 per unit Direct materials Direct labor $ 3.00 per unit $ Variable overhead Fixed overhead 0.75 per unit $240,000 in total Non-production costs Variable selling and administrative Fixed selling and administrative $ 10,000 in total $50,000 in total Given the Scavenger Company data, what is net income using absorption costing? Multiple Choice < Prev 5 of 7 #
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Buffalo Corp. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Buffalo Corp.’s purchases of EZslide snowboards during September. During the same month, 103 EZslide snowboards were sold. Buffalo Corp. uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 14 $110 $ 1,540 Sept. 12 Purchases 50 113 5,650 Sept. 19 Purchases 54 114 6,156 Sept. 26 Purchases 22 115 2,530 Totals 140 $15,876 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the…
Required Information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 410 units @ $ 9 = 210 units@ $ 11 = 290 units @ $ 14 = 100 units @ $ 16 = $3,690 2,310 4,060 1,600 During the year, The Shirt Shop sold 840 T-shirts for $25 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. Difference in gross margin between the FIFO and LIFO cost flow assumptions
Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Transaction Units Cost Total Cost $ 4,920 21,250 18,000 $ 82 Beginning inventory Purchase 60 Jan. 1 250 85 May. 5 Nov. 3 Purchase 200 90 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. X Answer is not complete. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for # of units Cost per unit Ending Inventory # of # of units Cost per unit Cost per unit Cost of Goods Sold units Sale Beginning Inventory Purchases: 60 O $ 82 O $ 4,920 82 2$ May 5 250 O S 85 O 21,250 250 O $ 85 21,250 Nov. 3 200 O S 90 V 18,000 200 O s 90 18,000 470 X S 90 42,300 Total 510 44,170 450 39,250 470 $ 42,300
Prepare journal entries 1-7 please and thank you.
Mary's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Mary's purchases of Xpert snowboards during September is shown below. During the same month, 119Xpertsnowboards were sold. Mary's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept 1 Inventory 25 $95 $2,375 Sept. 12 Purchases 45 100 4.500 Sept 19 Purchases 20 102 2,040 Sept. 26 Purchases 50 103 5.150 Totals 140 $14.065 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 Cost of goods sold
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Haresh
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