The company purchased 30 goods costs of $25 per package for a total of 750.
Q: A company uses a periodic inventory system. On August 1, the company had 6 items of beginning…
A: FIFO is First In First Out. Cost of Goods sold under FIFO method will consists of units that are…
Q: were: Feb. 20 May 5 630 (a) 535 units at $8 units at $9 Aug. 12 Dec. 8 Determine the cost of goods…
A: Solution: Cost of Goods available for sale can be determined by adding Cost of beginning…
Q: ABC Corporation sold merchandise worth $10,000 on credit with payment terms of 60 days. The cost of…
A: A formal accounting document that documents a business's financial activities is called a journal…
Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…
A: As per last-in, first-out method units sold from inventory are the units that have been purchased…
Q: What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000 Purchase…
A: The price of the raw materials and labor used to produce the completed goods that a company has on…
Q: december was 2500 TL (2.500 units at unit cost of 1TL). Journalize th hased 5000 units of inventory…
A: Under FIFO method, the units purchased first is sold first . The cost of goods sold will be taken of…
Q: Sunland Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: The LIFO strategy works under the presumption that the last item of stock acquired, is the item that…
Q: Journal entries based on perpetual inventory
A: Perpetual inventory system records purchases and sales through adjustments in inventory.
Q: October 15. October 20 Purchase 82 units of inventory from Waluigi Company for $52 per unit. October…
A: The journal entries are prepared to record the transactions on regular basis.The FIFO stands for…
Q: Prepare a statement of cost of goods sold and gross profit
A: Gross Profit = Net Sales Revenue - Cost of Goods Sold Cost of Goods sold = Opening Stock +…
Q: The following units of an item were available for sale during the year: Beginning inventory 45…
A: a. Compute the total cost of the ending inventory according to FIFO.
Q: Prepare - Perpetual Inventory - Sales Entries Apr 1 -- Sold $22,000 of merchandise to a customer on…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: Monty Corp. uses a periodic inventory system reports the following for the month of June. Date…
A: Perpetual Inventory system is a form of inventory valuation where the computation on inventory…
Q: The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 24…
A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.
Q: Company H had the following information for the year: Beginning inventory: $20,000 Purchases:…
A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…
Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June.…
A: In this question, the data is given about Culver corporation uses a periodic inventory system and we…
Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: The cost of units available for sale is the total cost of units purchased and are available for…
Q: Cullumber Company Inc. had a beginning inventory of 120 units of Product RST at a cost of $7 per…
A: Weighted Average Method :— It is one of the method of inventory valuation in which it is assumed…
Q: Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is…
A: Lets understand the basics. For the attracting early payment from the customer, supplier provide…
Q: Prepare - Perpetual Inventory - Sales Entries Apr 5 -- $1500 of merchandise was returned, with a…
A:
Q: A company has beginning inventory for the year of $15,000. During the year, the company purchases…
A: The cost of goods sold is the cost incurred on the goods that are sold during the period.
Q: Concord Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Sheffield Company had a beginning inventory on January 1 of 190 units of Product 4-18-15 at a cost…
A: Step 1:Purchases…
Q: XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual…
A: FIFO is first in first out method for inventory costing, under which inventories which are purchased…
Q: A company has beginning inventory for the year of $11,000. During the year, the company purchases…
A: The objective of the question is to calculate the cost of goods sold (COGS) for a company given the…
Q: ABC Corporation sold merchandise worth $10,000 on credit with payment terms of 60 days. The cost of…
A: A formal accounting document that documents a business's financial activities is called a journal…
Q: A company using the periodic inventory system has inventory costing $137 on hand at the beginning of…
A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…
Q: Given that selling, distribution and administrative costs for the quarter were $22,960 and $74,240…
A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…
Q: The following units of a particular item were availlable for sale during the calendar year: Jan. 1…
A: Last-in, first-out is the method of inventory valuation where the item that is purchased or…
Q: Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: Adjusting entry for Merchandise inventory end is 20,000. Merchandise Inventory beginning is 12,000.
A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…
Q: The following information was available from the inventory records of Jun Company for January: Unit…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: The following lots of Commodity Z were available for sale during the year. Beginning inventory 10…
A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…
Q: ABC Co uses perpetual inventory system and Average Cost Method. The company's information for…
A: Inventory valuation methods include: First in first out Last in first out Weighted average method…
Q: Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a…
A: Journal Entry: A journal entry refers to the recording of the transactions in the books of accounts…
Q: A company reports the following beginning inventory and two purchases for the month of January. On…
A: clsoing inventory = opening inventory + purchase - sales
Q: lecember was 2500 TL (2.500 units at unit cost of 1TL). Journalize the belo ased 5000 units of…
A: When goods are sold , the sale revenue entry and the cost of goods sold entry is recorded. The first…
Q: A company uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted…
A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…
Q: What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000 Purchase for…
A: Cost of goods available for sale refers to the total cost of all inventory items that were available…
Q: The Stilton Company has the following inventory and credit purchases during the fiscal year ended…
A: Ending inventory is the amount of inventory that an entity has on hand, at the end of the period. It…
Q: The following lots of a particular commodity were available for sale during the year: Beginning…
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: XYZ company prepares financial statements monthly and the company uses FIFO method under a perpetual…
A: Journal Entry - It is record of every business transaction in day to day whether it is economic or…
Q: t the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of…
A: The question is based on the concept of Cost Accounting.
Journal entries based on perpetual inventory:
The company purchased 30 goods costs of $25 per package for a total of 750.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Sales during the year were 1,220 units. Beginning inventory was 380 units at a cost of $6 per unit. Purchase 1 was 610 units at $7 per unit. Purchase 2 was 940 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.) b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)Problem 15-2 (IAA) On January 1, 2020, Spark Company purchased the following trading securities: Fair value Cost December 31, 2020 Aura Company ordinary Bora Company preference Cara Company bonds 600,000 350,000 500,000 650,000 200,000 400,000 On October 1, 2021, the entity sold one-half of Aura Company ordinary for P375,000. On December 31, 2021, the fair value of the remaining securities was P800,000. Required: Prepare journal entries to record the transactions.The following lots of Commodity Z were available for sale during the year. Beginning inventory 10 units at $48 First purchase 19 units at $51 Second purchase 55 units at $55 Third purchase 17 units at $62 The firm uses the periodic system, and there are 27 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? Oa. $1,347 Ob. $1,604 Oc. S1,296 Od. S5,528
- United Co. had 10 units of an inventory item on hand at the beginning of the current year, each of which had a per-unit cost of $10. During the year, 20 additional units were purchased at $11, and 25 units were sold. What is the amount of the ending inventory under the LIFO Method.Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. June (1) Purchased $2,000 of merchandise; terms 1/10, n/30. (5) Sold $ 1,000 of merchandise for $1,400; terms n/15. Please answers in Journal entry worksheetA company has a beginning inventory of $20,000, purchases of $30,000, and sales of $40,000. Calculate the cost of goods sold and ending inventory using the periodic inventory system and the average cost method.
- Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units (a) at $23 at $25 Sept. 4 Dec. 2 Determine the cost of goods available for sale. The cost of goods available for sale Waterway Company uses a periodic inventory system. Sales totaled 1,180 units. $ 350 units $27 100 units at $29 atJournal entries based on perpetual inventory: Sales of 5 products on credit to the customer at a price of $50.A company has beginning inventory for the year of $14,500. During the year, the company purchases inventory for $190,000 and ends the year with $21,000 of inventory. The company will report cost of goods sold equal to: Multiple Choice $211,000. $190,000. $196,500. $183,500.
- The following units of an item were available for sale during the year: Beginning inventory 21,600 units at $20.00 Sale 14,400 units at $40.00 First purchase 48,000 units at $25.20 Sale 36,000 units at $40.00 Second purchase 45,000 units at $26.40 33,000 units at $40.00 Sale The firm uses the perpetual inventory system, and there are 31,200 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to (a) FIFO, (b) LIFO?A company begins the year with inventory of $52,000 and ends the year with inventory of $42,000. During the year, the company has four purchases for the following amounts. Purchase on February 17 Purchase on May 6 Purchase on Septenber 8 Purchase on December 4 $207,000 127,000 157,e00 407,000 Required: Calculate cost of goods sold for the year. Beginning inventory Cost of goods available for sale Cost of goods soldThe purchase schedule for Lumbermans and Associates is as follows: Date Items Purchased Cost per Item March 15 6,000 $1.30 July 30 9,000 1.50 December 17 7,000 1.60 Total 22,000 The inventory balance as of the beginning of the year was $15,000 (15,000 units at $1), and an inventory count at year-end indicated that 11,000 items were on hand. Sales and operating expenses (excluding cost of goods sold) totaled $55,000 and $15,000, respectively. The federal income tax is 30 percent of taxable income. INSTRUCTIONS: Prepare three income statements, one under each of the assumptions: FIFO, average, and LIFO. How many tax dollars would be saved by using LIFO instead of FIFO? Assume that the market value of an inventory item dropped to $1.35 as of year-end. Apply the lower-of-cost-or market (net realizable value) rule, and provide the appropriate journal entry (if necessary) under the FIFO, average, and LIFO assumptions. Repeat (a) above assuming that the costs per item were…