Suppose that on April 13, 2018, both Company A and Company B sold inventory with a cost of $59,500. The updated balance ofinventory as at April 1 for both companies was $89,600. Company A uses the perpetual inventory system. Company B uses theperiodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at April 13for each company?Do not enter dollar signs or commas in the input boxes.Company Inventory System Value of Inventory on April 13APerpetual$81100BPeriodic$116500

Step 1The calculation of the value of inventory on April 13 is as follows: CompanyInventory…

Answered: Suppose that on April 13, 2018, both…

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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A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $50,000 and then sells this inventory on account on March 7, 2021, for $70,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event select "No Journal Entry Required" in the first account field.)
Penn Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2015, the accounting records provided the following information for product 1: Inventory, December 31, 2014 For the year 2015: Purchase, March 21 Purchase, August 1 Inventory, December 31, 2015 Ending inventory Cost of goods sold Units Unit Cost 1,820 $4 FIFO 5,010 2,880 4,120 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost inventory costing methods. (Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount.) 6 LIFO Average Cost
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Vermont Resources, which uses the FIFO inventory costing method, has the following account balances at October 31, 2025, prior to releasing the financial statements for the year: $ Merchandise Inventory, ending Cost of Goods Sold Net Sales Revenue 15,500 72,000 122,000 Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Accounts and Explanation Date Oct. 31 Debit Vermont has determined that the current replacement cost (current market value) of the October 31, 2025, ending merchandise inventory is $12,000. Read the requirements. Credit
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (20,000units at $25 each). During 2018, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2018. Esquire uses a periodic inventory system. Calculate the December 31, 2018, endinginventory and cost of goods sold for 2018.
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
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
Please do not provide answer in image formate thank you. Suppose that on October 21, 2019, both Company A and Company B sold inventory with a cost of $61,700. The updated balance of inventory as at October 1 for both companies was $146,900. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at October 21 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on October 21 A Perpetual $Answer B Periodic $Answer
Calculate the ending inventory at cost using the retail method (round cost-to-retail ratio to 2 decimals and final answer to 0 decimals). Keep in mind the ending inventory at October 31, 2023, at retail prices, is $82, 600.
Stanley Flooring Company’s perpetual inventory records indicate that $1,129,000 of mer-chandise should be on hand on December 31, 20Y1. The physical inventory indicates that $1,109,300 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Stanley Flooring Company for the year ended December 31, 20Y1. Assume that the inventory shrinkage is a normal amount.
The Rockwell Corporation uses a periodic inventory system and has used the FIFO cost method since inception of the company in 1982. In 2021, the company decided to change to the average cost method. Data for 2021 are as follows: Beginning inventory, FIFO (6,500 units @ $45.00) Purchases: 6,500 units @ $51.00 6,500 units @ $55.00 Cost of goods available for sale Sales for 2021 (11,000 units @ $85.00) Additional information: 1. The company's effective income tax rate is 25% for all years. 2. If the company had used the average cost method prior to 2021, ending inventory for 2020 would have been $266,500. 3. 8,500 units remained in inventory at the end of 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. $331,500 357,500 Required: 1. Prepare the journal entry at the beginning of 2021 to record the change in principle. 2. In the 2021-2019 comparative financial statements, what will be the amounts of cost of goods sold and inventory reported…

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