The following summarizes Tesla's merchandising activities for the year. Cost of merchandise sold to customers Merchandise inventory, beginning-of-year Merchandise purchases, gross amount Shrinkage on inventory as of year-end Transportation-in for merchandise purchases Cost of merchandise returned by customers (and restored to inventory) Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases Enter the summarized activities in the two T-accounts below. Complete this question by entering your answers in the tabs below. Merchandise Cost of Goods Inventory Sold Enter the summarized activities in the T-account below. Merchandise Inventory $ 283,000 41,092 290,132 780 2,901 2,100 2,321 4,100

The following summarizes Tesla's merchandising activities for the year. Cost of merchandise sold to customers Merchandise inventory, beginning-of-year Merchandise purchases, gross amount Shrinkage on inventory as of year-end Transportation-in for merchandise purchases Cost of merchandise returned by customers (and restored to inventory) Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases Enter the summarized activities in the two T-accounts below. Complete this question by entering your answers in the tabs below. Merchandise Cost of Goods Inventory Sold Enter the summarized activities in the T-account below. Merchandise Inventory $ 283,000 41,092 290,132 780 2,901 2,100 2,321 4,100

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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The records of Alaska Company provide the following information for the year ended December 31. At Cost $ 473,050 2,771,405 At Retail $928,850 6,281,050 5,512,700 46,300 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Re ired 2 A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 At Cost Estimated inventory Physical inventory Inventory shortage Required 1 1. Use the retail…
Top Purse Company applies the periodic inventory system using the specific identification method. The company had the following transactions related to its best selling purse. Date Transaction Units Unit Cost Total Cost November 1 Beginning inventory 5 300 1,500 November 3 Sale 2 November 8 Purchase 9 320 2,880 November 10 Sale 4 November 17 Purchase 3 340 1,020 Compute the cost of goods sold for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.
The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 350 5,595,700 49,600 Purchases Purchase returns Sales 62, 800 Sales returns Requlred: 1. Prepare an estimate of the company's year-end inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 Inventory, August 31 Purchases Purchases returns and allowances Purchases discounts Freight in Schedule of the Cost of Goods Sold For the Month Ended August 31 Line Item Description Cost of merchandise purchased: Net purchases Total cost of merchandise purchased $ 71,130 90,820 368,870 16,360 12,190 3,540 Amount Amount 1000 $
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Suppose Dave's Discount's Merchandise Inventory account showed a balance of $8,000 before the year-end adjustments. The physical count of goods on hand totaled $7,400. Dave uses a perpetual inventory system. To adjust the accounts, which entry would the company make? O A. OB. O C. O D. Accounts and Explanation Accounts Payable Merchandise Inventory Accounts and Explanation Merchandise Inventory Cost of Goods Sold Accounts and Explanation Cost of Goods Sold Merchandise Inventory Accounts and Explanation Merchandise Inventory Accounts Receivable Debit 600 Debit 600 Debit 600 Credit 600 600 Credit 600 Credit 600 Debit Credit 600
Sant Summa is a retailer that purchases merchandise inventory from Lee Co. Sant Summa record inventory purchases using the gross method and the perpetual inventory system. Sant Summa started the month of July with $2,000 in inventory. Required: Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information. 2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point. (Inventory cost Lee $4,000) 3-Jul Paid $350 for shipping charges for the May 2 purchase. 4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co. (inventory cost to Lee of $170) 13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts. (Lee…
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A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. Whataccounts recognize this return before the retailer remits payment to the manufacturer?A. accounts payable, merchandise inventoryB. accounts payable, cashC. cash, merchandise inventoryD. merchandise inventory, cost of goods sold
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