Find the missing units Sunrise Medical Supply maintains inventory cards.Item #789 shows: beginning 180 units, received 250units, issued 340 units. Physical count reveals 82units. Determine the missing units.

Explanation of Beginning Inventory: Beginning inventory refers to the amount of stock or goods that…

Answered: Sunrise Medical Supply maintains…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 5PA: Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances...

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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 June 5, Staley Electronics purchases 200 units of inventory on account for $20 each. After closer examination, Staley determines 40 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $35 each. Required: Record transactions for the purchase, return, and sale of inventory using a perpetual system.
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.
The Pins Shop shows the following data related to an item of inventory. SHOW ALL COMPUTATION FOR FULL CREDITI Inventory, January 1 99 units @ $5.00 Purchases, January 9 300 units @ 6.00 Purchases, January 19 100 units @ $7.00 Inventory Sold: 398 Units a. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using FIFO? b. Using the periodic system, what value should be assigned to the ending inventory AND cost of goods sold using LIFO?
Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 36 units at $8 August 2 26 units August 11 46 units at $9 August 10 31 units August 23 41 units at $10 August 19 61 units August 21 31 units Wildhorse uses a periodic inventory system.Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO.
What is the value of unaccounted inventory
Cullumber Lighting had a beginning inventory of 23 units at a cost of $7 per unit on August 1. During the month, the following purchases and sales were made. Purchases Sales August 5 28 units at $8 August 2 18 units August 11 38 units at $9 August 10 23 units August 23 33 units at $10 August 19 53 units August 21 23 units Cullumber uses a periodic inventory system. Determine ending inventory and cost of goods sold under: 1. FIFO and 2. LIFO. FIFO 1. Ending inventory $ 2. Cost of goods sold $ $ $ LIFO
The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. 2. 3. 4. 5. 6. 7. An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the materials were received on December 28, 2020. Materials costing $7,300 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns were entered into Ogale's general ledger on December 28, even though the returned items did not arrive at the vendor's office until January 6, 2021. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a railroad car on the company's siding on that date and…
Executive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 60 types of products the company keeps in stock. The following transactions show the purchases and sales of a particular desk chair (product code DC-7) during September. Sept. 1 Balance on hand. 50 units, cost $60 each........................$3,000 Sept. 4 Purchase, 20 units, cost $65 each........................................$1,300 Sept. 8 Sale, 35 units. sales price $100 each...................................$3,500 Sept. 9 Purchase, 40 units, cost $65 each........................................$2,600 Sept. 20 Sale, 60 units, sales price $100 each.................................$6,000 Sept. 25 Purchase, 40 units, cost $70 each.......................................$2,800 Sept. 30 Sale, 5 units, soles price $110 each.....................................$550a. Record the beginning inventory, the purchases, the cost of goods sold, and the running balance…
Sheridan Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date Number of Units Unit Cost May 7 55 $11 July 28 25 14 On June 1, Sheridan sold 20 units, and on August 27, 45 more units. (a) Your answer is partially correct. Prepare the perpetual inventory schedule for the above transactions using FIFO. Product E2-D2 Date Purchases Cost of Goods Sold Balance May 7 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer June 1 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer July 28 $enter a dollar amount Correct answer $enter a dollar amount Correct answer $enter a dollar amount Correct answer Aug. 27 $enter a dollar amount Correct answer $enter a dollar amount Incorrect…
Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases: Purchases on December 7 - 10 units @ 6.00 cost Purchases on December 14 - 20 units @ 12.00 cost Purchases on December 21 - 15 units @ 14.00 cost Monson sells 15 units for $20 each on December 15. Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Amounts to be deducted should be indicated with a minus sign. Round cost per unit to 2 decimals.)
Late in the year, Software City began carrying WordCrafter, a new word processing software program. At December 31, Software City's perpetual inventory records included the following cost layers in its inventory of WordCrafter programs: Purchase Date Quantity 10 November 14 Unit Cost $420 330 Total Cost $4,200 7,260 December 12 22 32 Total available for sale at December 31 $ 11,460 Required: a. At December 31, Software City takes a physical inventory and finds that all 32 units of WordCrafter are on hand. However, the current replacement cost (wholesale price) of this product is only $260 per unit. 1. Prepare the entries to record the write-down of this inventory to the lower-of-cost-or-market at December 31. (Company policy is to charge LCM adjustments of less than $2,000 to Cost of Goods Sold and larger amounts to a separate loss account.) 2. Prepare the entries to record the cash sale of 26 WordCrafter programs on January 9, at a retail price of $380 each. Assume that Software City…

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Sunrise Medical Supply maintains inventory cards. Item #789 shows: beginning 180 units, received 250 units, issued 340 units. Physical count reveals 82 units. Determine the missing units.