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…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...

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Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10. 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990 @ 3.30 25 22 18 5550@ 8.00 760 @ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $15655. $15150. O $16359. O $14974.
Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.
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…
From the following information regarding the year to 31 August 20X6, what is the accounts payable payment period? You should calculate the ratio using purchases as the denominator. $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Trade accounts payable at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 days
Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
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?
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 @ 690 @ 590 @ 490 @ 890 @ 490 $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 12 27 28 590 490 1,380 150
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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