Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use average costing to keep a close eye on its purchase costs. After looking at the attached summary, how much should the ending cost of the silver inventory be? Grams Cost per Gram P 40.50 Date Transaction June. 1| Beginning Balance 5 Purchase 10 Purchase 16 Sale 1,200 2,400 40.80 2,700 41.20 6,000 24 Purchase 2,000 41.00

Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use average costing to keep a close eye on its purchase costs. After looking at the attached summary, how much should the ending cost of the silver inventory be? Grams Cost per Gram P 40.50 Date Transaction June. 1| Beginning Balance 5 Purchase 10 Purchase 16 Sale 1,200 2,400 40.80 2,700 41.20 6,000 24 Purchase 2,000 41.00

Name: Silver Lining Inc. uses the perpetual inventory method toaccount its
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Description: Silver Lining Inc. uses the perpetual inventory method toaccount its silver purchases. They use average costing tokeep a close eye on its purchase costs. After looking atthe attached summary, how much should the endingcost of the silver inventory be

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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Silver Lining Inc. uses the perpetual inventory method to account its silver purchases. They use average costing to keep a close eye on its purchase costs. After looking at the attached summary, how much should the ending cost of the silver inventory be? Date Transaction June. 1 Beginning Balance 5 Purchase 10 Purchase 16 Sale 24 Purchase Grams Cost per Gram 1,200 2,400 2,700 6,000 2,000 P 40.50 40.80 41.20 41.00 O P94,150.36 P94,360.00 O P94,274.29 O P84,500.00
Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 21 66 116 61 62 152 1. FIFO 2. Moving weighted average Unit Cost $ 46 $51 $ 56 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $56 Ending Inventory
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
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es ! Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Sales (gross) Sales discounts Sales returns and allowances Net sales Cost…
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You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…
Use the following information to prepare the cost of goods sold section of the income statement for Beth's Jewels. Beginning merchandise inventory $41,000 Ending merchandise inventory 34,000 Purchases 52,000 Purchases returns and allowances 4,700 Purchases discounts 1,300 Freight-in 900 Beth's Jewels Cost of Goods Sold Cost of goods sold: Merchandise inventory, December 31 $fill in the blank 2 Merchandise inventory, ending $fill in the blank 4 Less: Freight-in $fill in the blank 6 Less: Purchases discounts fill in the blank 8 fill in the blank 9 Goods available for sale $fill in the blank 11 Add: Purchases fill in the blank 13 fill in the blank 15 $fill in the blank 17 fill in the blank 19 Cost of goods sold $fill in the blank 20
balances for a merchandising company are listed below. (The company uses the inventory method.) 1. Selected account periodic Sales Revenue $ 90,000 Sales Returns and Allowances 4,000 Purchases 60,000 Inventory (beginning) ??? Inventory (ending) 13,000 Purchase Returns and Allowances 2,000 Transportation - in 3,000 Transportation-out 1,000 Sales Discounts 6,000 Purchase Discounts Gross Profit 5,000 21,000 Determine the company's beginning inventory. A. $15,000 B. $16,000 C. $18,000 D. $19,000 E. $22,000
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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale 1. FIFO Units. 19 64 114 59 58 148 2. Moving weighted average Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Unit Cost $44 $49 $54 Cost of Goods Sold $54 Ending Inventory < Prev www 2 of 8 --- Nex