Shepherd Cycles started May with 5 bicycles that cost $48 each. On May 16, Shepherd purchased 30 bicycles at $55 each. On May 31, Shepherd sold 21 bicycles for $97 each. Requirements 1. 2. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity, Tot. = Total) Shepherd Cycles Date May 1 May 16 Purchases QTY Unit Cost Tot. Cost ID 30 55 1650 Cost of Goods Sold QTY Unit Cost Tot. Cost QTY Inventory on Hand Unit Cost Tot. Cost 48 $ 5 $ 35 454 240 → 1890 С 265

Shepherd Cycles started May with 5 bicycles that cost $48 each. On May 16, Shepherd purchased 30 bicycles at $55 each. On May 31, Shepherd sold 21 bicycles for $97 each. Requirements 1. 2. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 1. Prepare Shepherd Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity, Tot. = Total) Shepherd Cycles Date May 1 May 16 Purchases QTY Unit Cost Tot. Cost ID 30 55 1650 Cost of Goods Sold QTY Unit Cost Tot. Cost QTY Inventory on Hand Unit Cost Tot. Cost 48 $ 5 $ 35 454 240 → 1890 С 265

Name: Shepherd Cycles started May with 5 bicycles that cost $48 each. On Ma
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Shepherd Cycles started May with 5 bicycles that cost $48 each. On May 16, Shepherd purchased 30 bicycles at $55 each. On May 31, Shepherd sold 21 bicycles for $97 each.Requirements1.2.Prepare Shepherd Cycle's perpetual inventory record assuming the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

New Tech Cycles started October with 12 bicycles that cost $42 each. On October 16, New Tech purchased 40 bicycles at $68 each. On October 31, New Tech sold 28 bicycles for $99 each. Requirements 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.
Haresh
Use the following information to answer Short Exercises S6-3 through S6-6.Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entries—Weighted-average Requirements Prepare Boston Cycle’s perpetual inventory record assuming the company uses the weighted-average inventory costing method. Journalize the October 16 purchase of merchandise inventory on the account and the October 31 sale of merchandise inventory on account.
Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.
Owe
Novak Outdoor Stores Inc. uses a perpetual inventory system and has a beginning inventory, as at April 1, of 149 tents. This consists of 51 tents purchased in February at a cost of $213 each and 98 tents purchased in March at a cost of $221 each. During April, the company had the following purchases and sales of tents: Date Apr. 3 (a) 10 17 24 30 (b) Your Answer Units Unit Cost Purchases 204 290 Cost of goods sold Gross profit Ending inventory $ $ Correct Answer (Used) Your answer is incorrect. Gross profit margin Save for Later $276 Determine the cost of goods sold and the cost of the ending inventory using FIFO. 287 19 $ eTextbook and Media Units 78 244 202 Sales Unit Price $393 Calculate Novak Outdoors's gross profit and gross profit margin for the month of April. (Round gross profit margin to 1 decimal place, e.g. 1.2% and gross profit to O decimal places, e.g. 5,275.) 137,902 393 34,153 393 96 Attempts: 2 of 3 used Submit Answer
thank u !
Sant Summa is a retailer that purchases merchandise inventory from Lee Co. Sant Summa record inventory purchases using the gross method and the perpetual inventory system. Sant Summa started the month of July with $2,000 in inventory. Required: Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information. 2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point. (Inventory cost Lee $4,000) 3-Jul Paid $350 for shipping charges for the May 2 purchase. 4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co. (inventory cost to Lee of $170) 13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts. (Lee…
Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
Carla Vista Lighting had a beginning inventory of 29 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. August 5 34 units at $8 August 11 44 units at $9 August 23 39 units at $10 Purchases 1. 2. Ending inventory Cost of goods sold $ Sales Carla Vista uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. $ August 2 August 10 August 19 August 21 24 units FIFO 29 units 59 units 29 units $ LIFO
Required information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…
The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1. Date Blankets Units Cost May 3 Purchase 10 $18 10 Sale 4 17 Purchase 12 $16 20 Sale 4 23 Sale 2 30 Purchase 12 $22 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. a.$64 b.$32 c.$72 d.$264