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

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ISBN:9781947172685

Author:OpenStax

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Chapter7: Accounting Information Systems

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

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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 $
2.17) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 12/1-12/9 12/10 12/11-12/17 12/18 12/19-12/31 Average $840.00 Purchase $230.00 X Number of Days $975.00 x $1,205.00 x $1,205.00 x $365.00 X $365.00 x Total → 9 1 7 1 13. 31 Sum of Balances
2.19) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 1/1-1/19 1/20 1/21-1/22 1/23 1/24-1/31 $250.00 Average → Purchase $50.00 X Number of Days $225.00 x $275.00 x $275.00 x $25.00 x $25.00 x Total → 19 1 2 1 8 31 Sum of Balances I If the finance charge is 1.75% of the average daily balance, what is the finance charge is problem 2.19? Finance charge →
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
MYD company’s record of transactions concerning part VF5 for the month of September was as follow (dalam Rp. 000.000) : Purchases Sales Sept 1 Balance on hand 600@Rp. 6 Sept 3 500@Rp. 10 Sept 4 1.500@Rp. 6.08 Sept 9 1.300@Rp. 10 Sept 8 800@Rp. 6.4 Sept 11 600@Rp. 11 Sept 13 1.200@Rp. 6.5 Sept 23 1.200@Rp. 11 Sept 21 700@Rp. 6.6 Sept 27 900@Rp. 12 Sept 29 500@Rp. 6.79 Instruction: Assuming that periodic inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost Assuming that perpetual inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost In an inflationary record, which inventory method will show the highest net income?
Transactions for the month of June were: Purchases June 1(balance) Sales 800 @ €3.20 June 2 600 @ €5.50 3 2,200 @ 3.10 6 1,600 @ 5.50 7 1,200 @ 3.30 1,000 @ 5.50 15 1,800 @ 3.40 10 400 @ 6.00 22 500 @ 3.50 18 1,400 @ 6.00 25 200 @ 6.00 36. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is?
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
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.
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

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