SavedHelpSaveYou are auditing Martha's Prison Clothes Incorporated as of December 31, 2023. The inventory for orange jumpsuits shows 1,263 suitsat $782 for a total of $987,666. When you look at the invoices for the jumpsuits, you see the following:Inventory Number127321284412905Required:Date11/22/2312/03/2312/28/23Quantity1,000800600Unit Price$ 765777782Total$ 765,000621,600469,200a. Determine the adjusting entry, if any, for the cost of inventory at December 31, 2023 assuming the FIFO method of inventory pricing.b. Determine the adjusting entry, if any, for the cost of inventory at December 31, 2023 assuming the FIFO method of inventory pricingif you saw a sale posted on January 9, 2024 for 500 suits at a net amount of $750?Complete this question by entering your answers in the tabs below.Required aRequired bDetermine the adjusting entry, if any, for the cost of inventory at December 31, 2023 assuming the FIFO method of inventory pricing ifyou saw a sale posted on January 9, 2024 for 500 suits at a net amount of $750?Note: If no entry is required for a transaction/event, select "No journal entry required".View transaction listAJournal entry worksheet

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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You are auditing Martha’s Prison Clothes Incorporated as of December 31, 2023. The inventory for orange jumpsuits shows 1,263 suits at $782 for a total of $987,666. When you look at the invoices for the jumpsuits, you see the following: Inventory Number Date Quantity Unit Price Total 12732 11/22/23 1,000 $ 765 $ 765,000 12844 12/03/23 800 777 621,600 12905 12/28/23 600 782 469,200 Required: Determine the adjusting entry, if any, for the cost of inventory at December 31, 2023 assuming the FIFO method of inventory pricing. Determine the adjusting entry, if any, for the cost of inventory at December 31, 2023 assuming the FIFO method of inventory pricing if you saw a sale posted on January 9, 2024 for 500 suits at a net amount of $750?
Problem 10: You were tasked to audit the books of Plusplus Inc, a business personally owned by Ross Dagadag. Your task is to audit the inventory items which the company currently reports at P350,000 based on a physical count made before business hours on December 27, 2020 and the company's accounts payable which amounts to P275,000. The following invoices are for merchandise purchases entered in the voucher register of the company. Invoice no. December Register Amount F.O.B. Date of invoice Merchandise received P 5,000 Destination 1,000 Shipping pt 4,000 Shipping pt 2,000 Destination 10,000 Destination January 5 Dec 29 2501 Dec 25 2502 Dec 27 January 4 January 8 Dec 30 2503 Dec 27 2504 Dec 30 Dec 22 2505 January Register 2506 11,000 Destination 8,000 Destination 9,000 Shipping pt 7,000 Shipping pt 6,000 Shipping pt 3,000 Destination Dec 30 Dec 30 2507 Dec 30 Dec 26 January 5 Dec 29 2508 Dec 26 January 2 Dec 25 January 7 2509 2510 January 5 Dec 30 2511 The company returned damaged goods…
Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
On December 5, 2019, Super Circuit Store sold gift certificates totalling $12,000. By December 31, 2019, all but $2,125 worth of these certificates had been redeemed for merchandise. Outstanding certificates were then redeemed by January 15, 2020. Required: 1. Prepare journal entries on Super Circuit’s books to reflect the preceding transactions. 2. How would the gift certificates be reported on Super Circuit’s balance sheet on December 31, 2019?
Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.
On August 28, Blazing Red Company began operations in 2016. 2019, a fire broke out in the company's warehouse destroying inventory and most of the accounting records. The follo all information was assembled from the microfilmed records. and purchases are on account. All sales Jan. 1, 2019 Aug. 28, 2019 P575,400 522,360 352,560 Inventory Accounts Receivable Accounts Payable Collections from customers, January 1 to August 28, 2019 Payments to suppliers January 1 to August 28, 2019 Goods out on consignment on August 28, 2019, at cost Goods in transit at August 28, 2019 purchased FOB shipping point P515,560 491,400 3,015,200 1,950,000 195,000 69,500 The company's average gross profit percentage for the past three years is 30%. REQUIRED: What is the inventory fire loss?
Record journal entries for the following transactions for Captain Harry Outfitters using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Captain Harry Outfitters returned 3 damaged tents for $400. The purchase was on account. 2. Captain Harry Outfitters received an allowance of $240 for 5 hats that were the wrong color. The purchase was on account. 3. Captain Harry Outfitters returned 25 rain ponchos for $50. Captain Harry Outfitters paid cash. 4. Captain Harry Outfitters paid the balance due on tents that were originally purchased for $19,000. The credit terms were 2/10, n/30, and the payment was made within the discount period. 5. Captain Harry Outfitters paid for the balance due on hats that were originally purchased for $1,100. The credit terms were 1/10, n/30, and the payment was not made within the discount period. No. Account Titles and Explanation…
You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the shipping room was a product costing P 264,000 marked "Hold for shipping instruction". This item was not included in the count although the purchased order of the customer was received on December 10, 2022. Actual shipment and billing happened on January 2, 2023. On December 28, goods costing P 232,960 were shipped to Holy Cow Company. The invoice accompanying the goods with selling price of P 300,000 was marked "on consignment". These goods were excluded from the inventory at year end. The company received merchandise costing P 92,500 on January 3, 2023. The invoice was received and recorded on January 4, 2023 with FOB shipping point ter. Shipment was made on December 31. The goods were included in the year-end inventory although these were not yet received when the physical count was taken. A customized product of a VIP customer was completed and in the shipping room at year-end. Actual…
Carla Home Improvement Company installs replacement siding, windows, and louvered glass doors for single-family homes and condominium complexes. The company is in the process of preparing its annual financial statements for the fiscal year ended May 31, 2020. Jim Alcide, controller for Carla, has gathered the following data concerning inventory. At May 31, 2020, the balance in Carla's Raw Materials Inventory account was $505,920, and Allowance to Reduce Inventory to NRV had a credit balance of $27,630. Alcide summarized the relevant inventory cost and market data at May 31, 2020, in the schedule below. Alcide assigned Patricia Devereaux, an intern from a local college, the task of calculating the amount that should appear on Carla's May 31, 2020, financial statements for inventory under the LCNRV rule as applied to each item in inventory. Devereaux expressed concern over departing from the historical cost principle. Aluminum siding Cedar shake siding Louvered glass doors Thermal…
Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system:
I am taking TCA 221 class. I am in Ch.8 now, which is ACASH. I need to use the net method of recording purchases, complete the following: 1. Record the purchase of the inventory. 2. Record the payment of the invoice within the discount period. 3. Record the payment of the invoice after the discount period. The scenarion is -- "Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 2/10, n/30."
What did i do wrong in my calculations? On November 21, 2021, a fire at Hodge Company’s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $18,000. The following information was available from the records of Hodge’s periodic inventory system: Inventory, November 1 $ 130,000 Net purchases from November 1, to the date of the fire 146,000 Net sales from November 1, to the date of the fire 226,000 Based on recent history, Hodge’s gross profit ratio on Product Tex is 30% of net sales. Required:Calculate the estimated loss on the inventory from the fire, using the gross profit method. $134,200

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