Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory. $24,400; purchases, $306,300; purchase returns and allowances, $12,500; sales, $720,000; sales returns and allowances, $6,250; freight-in, $1,800; and operating expenses, $51,000. A physical count indicated that $24,300 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. >. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods sold. TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold $ < Required A 0 Required B >

Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory. $24,400; purchases, $306,300; purchase returns and allowances, $12,500; sales, $720,000; sales returns and allowances, $6,250; freight-in, $1,800; and operating expenses, $51,000. A physical count indicated that $24,300 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. >. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods sold. TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold $ < Required A 0 Required B >

Name: Tippah Antiques uses the periodic inventory system to account for its
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Description: Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The followingaccount titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory,$24,400; purchases, $306,300; purchase

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 following information is available for a company: Beginning inventory $ 33,000 Inventory purchases (on account) 163,000 Freight charges on purchases (paid in cash) 18,000 Inventory returned to suppliers (for credit) 20,000 Ending inventory 38,000 Sales (on account) 258,000 Cost of inventory sold 156,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $163,000. Record the payment of $18,000 in cash for freight charges. Record merchandise returned to supplier for credit of $20,000. Record sales on account of $258,000. Record cost of merchandise sold of $156,000.
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Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following information about its inventory: August 1, purchased 10 units for $910 or $91 per unit; August 3, purchased 15 units for $1,590 or $106 per unit; August 14, sold 20 units; August 17, purchased 20 units for $2,300 or $115 per unit; August 28, purchased 10 units for $1,190 or $119 per unit; August 30, sold 23 units. Using FIFO, the cost of goods sold for the sale of 23 units on August 30 is ____ and the inventory balance at August 30 is _____.
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