Show ledger A/c as they would appear when using simple average method and weighted average method of pricing the issues from the following data. Dates 2014 June 01 Particulars units R.U Opening Balance Purchases Issues Purchases Issues Issues Purchase Issues Purchases Issues 300 200 150 200 150 2 02 2.2 04 06 11 19 22 27 2.3 200 200 2.4 250 200 150 28 2.5 30 The stock scarification record reveals shortages on 10th and 29th of June, 10 units and 20 units respectively. There was a refund of surplus of 20 units from a work order on 25th issued earlier on

Show ledger A/c as they would appear when using simple average method and weighted average method of pricing the issues from the following data. Dates 2014 June 01 Particulars units R.U Opening Balance Purchases Issues Purchases Issues Issues Purchase Issues Purchases Issues 300 200 150 200 150 2 02 2.2 04 06 11 19 22 27 2.3 200 200 2.4 250 200 150 28 2.5 30 The stock scarification record reveals shortages on 10th and 29th of June, 10 units and 20 units respectively. There was a refund of surplus of 20 units from a work order on 25th issued earlier on

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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Presented below is information related to Headland Enterprises. Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month *(a) Sales Revenue Cost of Goods Sold Inventory, Beginning Purchases Cost of Goods Available Jan. 31 Inventory, Ending Cost of Goods Sold Gross Profit $18,300 17,690 Feb. 28 $18,422 15,372 20,740 35,380 Gain (loss) due to Market Fluctuations of Inventory Your answer is partially correct. Try again. From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February $35380 [18300 20740 139040 [18422 20618 [14762 +2440 Mar. 31 $12322 $20,740 19,032 29,280 42,700 Apr. 30 March -1048 143466 $17,080 16,226 32,330…
Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
The Product inventory balance of 62,754 on December 31, 2010 is based on the following information: $-Value LIFO index at January 1, 2006 1.0000 $-Value LIFO index at December 31, 2006 1.0425 $-Value LIFO index at December 31, 2007 1.0750 $-Value LIFO index at December 31, 2008 1.0675 $-Value LIFO index at December 31, 2009 1.1400 $-Value LIFO index at December 31, 2010 1.1825 Ending inventory valued at FIFO $72,000 Dec 31 Ending product inventory of $85,000 valued at FIFO. Index value for $- Value LIFO on December 31,2011, is 1.2333. Need help making a closing entry for the bolded. Above it is some background
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Attached is the spreadsheet to use to enter the figures. Please help
The following information was taken from the inventory records of Earland Company for January of the current year: Balance at January 1 50,000 units @ 8.024 Purchases: January 10 20,000 units @ 8.50 January 25 January 12 48,000 units @ 8.75 Sales: 30,000 January 30 53,000 Earland company does not maintain perpetual inventory records. 11.)What should be the inventory on January 31, using the weighted average method? 12.)The cost of sales during the period under FIFO method is
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Records from FDN Trading revealed the following data: Inventory, January 1 Physical count, December 31 The company uses the periodic inventory system and follows the calendar year. How much should be credited to Income Summary to reflect the ending inventory? $50,000 $72,000
The table shows the balances and transactions that ABC Company had during 2009. Using the information in the table, What would the company's inventory amount be on the December 31, 2009 balance sheet if the perpetual First-in, First-out method is used? (Answers are rounded to the nearest dollar.)
A company had the following inventory transactions during the month of January 2018. Receipts Jan. 1 500 units @ $20 each Jan. 5 1,000 units @ $30 each Jan 10 600 units @ $40 each Select one: Issues What is the weighted average unit cost of closing inventory to the nearest dollar? O a. $36 O b. $45 O c. $33 O d. $40 Jan. 8 1,200 units @ $50 each
The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data: Required: 1. Complete the two final columns shown beside each item in Pinnacle's comparative financial statements. (Round your percentage answers to 1 decimal place. Any decrease in the amount should be indicated with minus sign.) Increase (Decrease) 2017 over 2016 4 2017 2016 Amount Income statement Sales revenue Cost of goods sold $ 106,400 $96.000 50,200 46.500 Gross profit 56.200 49.500 Operating expenses 35,400 32.400 Interest expense 3,700 3,700 income before income tax expense 17.100 13.400 Income tax expense (30%) 5.130 4,020 Net income $ 11.970 $ 9.380 Balance sheet: Cash $ 55,370 $16,770 Accounts receivable, net Inventory 35,800 30,500 23,800 44,500 Property and Equipment, net Total assets Accounts payable 92,600 102.000 $ 207,570 $ 193.770 S 41,100 $33.500 Income tax payable 1,000 470 Note payable, long-term Total liabilities Contributed capital (9,000…
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