Scanlon Company sells 1,000 widgets to Avon Inc. for $14 each, FOB shipping point. The widgets are shipped on December 26, Year 4, and arrive at Avon on January 3, Year 5. The widgets should be included in Avon's inventory valuation at 12/31/Year 4. a. True b. False
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- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 each………………………………………...…….$550 Required: Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using Average Cost Method & LIFO method. Prepare journal entries to record these purchases and sales in…
- Port Corporation sells item X-100. Purchases, sales and costs of item X-100 for the last quarter of 2019 follow: Date Units Purchased Units Sold Unit Cost October 1 October15 October 30 500 300 $4.00 $4.10 600 November 10 400 $4.20 November 25 500 December 5 December 20 800 $3.90 700 The selling price for all units sold in the quarter was $10.00. REQUIRED: 1. Assume the company uses a periodic inventory system. Calçulate the cost of goods sold for the last quarter of 2019 using the FIFO method of cost valuation. 2. Prepare the journal entry to record the sale on October 30th (on account Assume the company uses a perpetual inventory system and FIFO method of valuation. 3. Prepare the journal entry to record the sale on October 30th (on account). Assume the company uses a periodic inventory system and FIFO method of valuation 4. This question does not relate to the data above. Ignore all of the above information. Required: If ANY company wants to maximize gross margin and, assuming the…June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 10 units that cost $22 per unit. During the current month, the company purchased 60 units at $20 each. Sales during the month totaled 45 units for $43 each. What is the cost of goods sold using the FIFO method? a. $200. b. $900. c. $920. d. $1,935.Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2025. Date January 11 January 24 February 8 March 16 June 11 (a) Purchased 1,320 Ending inventory Quantities 700 Sold 340 560 Balance 440 1.760 1,420 860 1,560 Unit Price of Purchase $4.70 $4.80 $5.20 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.
- The XZ Ltd. is a retailer and uses the Perpetual Inventory System. The below information is available regarding the purchases and sales activities: Purchase price: $4.20 Selling price: $5.70 Purchase discount (paid in 10 days): 6% Sales discount (received in 15 days): 10% Calculate the correct entries for its business activities. The XZ purchased 300 units on credit from AA on the 2nd of July. The XZ sold 200 units on credit to DSX on the 3rd of July. The XZ returned 50 defective units to AA on the 9th of July. The XZ paid cash to AA on the 11th of July. DSX paid its purchase on the 12th of July.Use the following to answer questions 7 – 17 During September, KC Company sells 730 mountain bikes for $1,000 each. The company has the following inventory purchase transactions: Date Transaction # of Units Unit cost Total Cost 1-Sep Beginning Inventory 7-Sep 19-Sep 50 $710 $35,500 Purchase 425 S715 303,875 Purchase 275 $723 198,825 750 S538,200 7. $ period? What were company's sales for the For questions 8 - 10 assume the company uses First-in, First-out (FIFO) inventory valuation. Calculate ending inventory (FIFO) Calculate cost of goods sold (FIFO) 8. $ 9. $ 10. $ Calculate gross profit (FIFO) For questions 11 - 13 assume the company uses Last-in, First-out (LIFO) inventory valuation. 11. $ Calculate ending inventory (LIFO) 12. $ Calculate cost of goods sold (LIFO) 13. $ Calculate gross profit (LIFO) For questions 14 - 16 assume the company uses Weighted Average cost inventory valuation.Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Ending inventory Gross profit $ 4,668.51 $ Purchases Number of Units 570 670 670 1,093.00 Unit Cost Number of Units $3.90 $4.00 $4.00 370 Required: 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Sales 370 Sales Price 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) $5.40 $5.40
- 21)April 4, 2020 Smith and West, who uses the periodic inventory system, purchased 1000 widgets from ABC company on account, at a cost of $5 each. HST is applied and they charged the goods, PI-26. Terms: 5/10 n/30. Debit - Purchases $5,000, HST Recoverable $650 </> Credit - A/P - ABC Company $5,650 23) On April 17, 2020, taking into account what happened in 21), Smith and West paid the remaining amount of their bill in full. What would be the Accounts Payable amount that is paid in this transaction?ABC Company makes the following purchases: 1.One item on 2/2/2020 for $10 2.One item on 2/15/2020 for $15 3.One item on 2/25/2020 for $20 ABC Company sells one item on 2/28/2020 for $90. What would be the balance of ending inventory and cost of goods sold for the month ended February 2020. Find the Ending Inventory and Cost of good Sold by : FIFO?Average cost?Please do not give image format
