Sunshine Electronics started with 300 printers in inventory. They purchased 500 more and sold 600 during the period. Their ending physical count shows 150 printers. Calculate the number of missing units.
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- Calculate the numberGreat Electronics sells two types of products: laptops and monitors. They purchased the laptops at $500/unit and the monitors at $180/unit. When they examine the ending inventory at the end of the accounting period, they count 50 laptops and 30 monitors. They determine the market value of the laptops is $520/unit and the value of the monitors is $140/unit. Record the journal entry to bring the inventory to the correct amount on the balance sheet.Hi there, I'm really stuck on how to solve and sort this problem. Here is a picture of the problem as well as the cells they want me to put the transactions into
- At the end of the current period, a company checks its physical inventory against its records and discovers the following. . 1,700 units (products) were in the warehouse. . 23 of the 1,700 units in the warehouse were destroyed when a storage shelf collapsed. . 180 units were loaded in a trailer. The units are to be delivered to a customer, terms FOB destination. • 140 units were out on consignment to a retailer. Determine the number of units in the company's period-end inventory. Units in Ending Inventory Units of Product in warehouse: Add: Less: Total units in period-end inventory 1,700 units unitsMurphy Hardware bought 800 3-cubic-feet bags of organic peat moss from Mitchell Garden Distributors on account. Each bag cost $6.25. Murphy paid Reed Trucking $275 to have the bags of peat moss shipped to its warehouse. Murphy returned 20 bags that were defective and paid for the remainder. Murphy uses the perpetual inventory system. 1. Prepare the journal entry to record the purchase of 800 bags of peat moss. 2. Prepare the journal entry to record the payment of freight. 3. Prepare the journal entry to record the return of 20 defective bags. 4. Prepare the journal entry to record payment for the purchase. No discount was offered.Cortez Company sells chairs that are used at computer stations. Its beginning Inventory of chairs was 150 units at $42 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 305-unit purchase at $47 per unit; the second was a 400-unit purchase at $49 per unit. During the period, it sold 495 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending Inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Do not round Intermediate calculations. Round your final answers to nearest whole dollar amount. FIFO Weighted LIFO Average Cost of goods sold Ending inventory $ 22,595 $ 24,235 $ 23,275 $ 17,640 $ 16,909 $ 16,909
- Quidditch, Inc. is a merchandiser of a single line of broomsticks. At the beginning of the day, the shop had 15 brooms in its inventory. During the day, 5 new brooms were delivered to the shop. By close of business, only 9 brooms remained in inventory The purchase price of each broom from the supplier is $250. In addition, the company pays $5 for shipping on each broomstick and 2% of the purchase price for delivery insurance on each broomstick. These costs have remained consistent since the company began business. Quidditch sells each broomstick for $475. Which of the following statements is correct? A. The product cost per broomstick is $260. B. The ending inventory reported on the company's balance sheet is $2,340. OC. The company's total gross profit for the day is $2,365 OD. The gross profit per broomstick is $215. OE. All of the above statements are correct.[The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 7 shovels on account at a selling price of $10 per unit. January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $3 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $3 per unit. January 31 Counted inventory and determined that 13 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Do not give answer in imageMunabhai
- Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 160 units at $46 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 285- unit purchase at $51 per unit; the second was a 385-unit purchase at $53 per unit. During the period, it sold 495 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Cost of goods sold Ending inventory FIFO LIFO Weighted AverageCortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 140 units at $65 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 130-unit purchase at $74 per unit; the second was a 228-unit purchase at $78 per unit. During the period, it sold 288 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses: a. FIFO. b. LIFO. c. Weighted average.Summer Company is a wholesaler of car seatcovers. At the beginning of the current year, the entity's inventory consisted of 90 car seatcovers priced at P1,000 each. During the current year, the following events occurred: 1. Purchased 800 car seatcovers on account at P1,000 each. 2. Returned 50 defective car seatcovers to supplier and received credit. 3. Paid of the car seatcovers purchased. 4. Sold 790 car seatcovers at P2,000 each. 5. Received 2 Ocar seat covers returned by a customer and gave redit. The goods were in excellent condition. 6. Received cash for 680 of the car seat covers sold. 7. Physical count at year-end revealed 60 units on hand. Required: a. Prepare joumal entries, including adjustments to record the above transactions assuming the company uses periodic system and perpetual system. b. Determine the cost of sales under each inventory system.
