Do not use Ai. Transactions for the month of June were:PurchasesSalesJune 1(balance) 3,200@$3.20June 22,400 @ $5.5038,800 @3.1066,400 @ 5.5074,800 @3.3094,000 @ 5.50157,200 @3.40101,600 @ 6.00222,000 @3.50185,600 @ 6.0025 800 @ 6.00A. Assuming that perpetual inventory records arekept in units only, the ending inventory on a LIFObasis isa. $16,440.b. $16,640.c. $17,160.d. $17,880.B. Assuming that perpetual inventory records arekept in dollars, the ending inventory on a LIFObasis isa. $16,440.b. $16,640.c. $17,160.d. $17,880.C. Assuming that perpetual inventory records arekept in dollars, the ending inventory on a FIFObasis isa. $16,440.b. $16,640.c. $17,160.d. $17,880.D. Assuming that perpetual inventory records arekept in units only, the ending inventory on anaverage-cost basis, rounded to the nearest dollar, isa. $16,384.b. $16,952.c. $17,160.d. $17,280.Show/explain your work. All parts must be answered fora thumbs-up.

The problem involves calculating the ending inventory using different inventory valuation methods:…

Answered: Transactions for the month of June…

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 record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.50 May 3 240@ $8.00 4 1,390 @ $5.40 6 1,080 @ $8.00 8 800 @ $5.60 12 900 @ $8.50 14 700 @ $5.70 18 450 @ $8.50 22 1,250 @ $5.80 25 1,400 @ $9.00 29 560 @ $5.85 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory +A $
Transactions for the month of June were: Purchases Sales June 1 (balance) 1,200 ₱3.20 June 2 900 @ ₱5.50 3 3,300 @ 3.10 6 2,400 @ 5.50 7 1,800 @ 3.30 9 1,500 @ 5.50 15 2,700 @ 3.40 10 600 @ 6.00 22 750 @ 3.50 18 2,100 @ 6.00 25 300 @ 6.00 1. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is? 2. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a…
Alfa completed the following transactions during the year ended 31 December 20x7 Credit sales during the year $53,300 Collection from receivables $56,100 During the year, total amount irrecoverable $560 Opening balance of receivables $8,600 Calculate the balance of receivables that will appear in the SOFP on 31 December 20x7. A.$5,800 B.$10,840 C.$5,240 D.$56,100
Determine the following: 1. The gross sale for the year 2. The net purchases for the year 3. The gross income for the year
Transactions for the month of June were: Purchases Sales June 1 (balance) 3240 @ $3.10 June 2 2350 @ $5.70 3 8790 @ 3.00 6 6500 @ 5.70 7 4860 @ 3.20 9 4050 @ 5.70 15 7120 @ 3.30 10 1540 @ 6.00 22 1960 @ 3.40 18 5570 @ 6.00 25 820 @ 6.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $15924. $16430. $17158. $16124.
What is the balance of accounts payable at May 31st?
General accounting
Purchases Sales April 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00 4 1,500 @ 6.08 9 1,300 @ 10.00 8 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00 21 700 @ 6.60 27 900 @ 12.00 29 500 @ 6.79 4,500 5,300 Instructions a. Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) LIFO and (2) average-cost. b. Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) LIFO. c. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. d. In an inflationary period, which inventory method—FIFO, LIFO, or average-cost—will show the highest net income?
Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $591,010 Cost of merchandise sold during year 158,044 Accounts receivable, beginning of year 44,597 Accounts receivable, end of year 46,544 Merchandise inventory, beginning of year 92,783 Merchandise inventory, end of year 119,254
Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $461,647 Cost of merchandise sold during year 196,997 Accounts receivable, beginning of year 41,839 Accounts receivable, end of year 52,205 Merchandise inventory, beginning of year 85,575 Merchandise inventory, end of year 109,714 a.155.7 days b.37.2 days c.77.2 days d.86.7 days
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FIFO and LIFO inventory methods. A record of transactions for the month of May was as follows: Purchases Sales 200 @ $7.00 1,000 @ 7.00 900 @ 7.50 400 @ 7.50 1,400 @ 8.00 May 1 (balance) 4 400 @ $5.20 1,300 @ $5.10 800 @ $5.30 700 @ $5.40 1,200 @ $5.50 500 @ $5.55 May 3 8 12 18 25 14 22 29 Perpetual inventories are maintained. Instructions What is the cost of the ending inventory and the cost of goods sold for this item under the following methods? (Show calculations.) (a) FIFO. (b) LIFO. (c) What value should be assigned to the ending inventory using FIFO if the Company uses a periodic inventory system?

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