Can you show me how to work this prob Use lean accounting to prepare journal entries for the following transactions.1. Purchased $22,500 of raw materials on credit.2. Applied conversion costs of $67,500.3. Incurred actual conversion costs of $67,500. Credit "Various Accounts."4. Sold $120,000 of goods on credit.5. Recorded cost of goods sold of $90,000.View transaction listJournal entry worksheet<ABC D EPurchased $22,500 of raw materials on credit.Note: Enter debits before credits.Transaction1General JournalDebitCredit7

Transaction 1 : Purchased $22500 of raw materials on credit When raw materials are purchased on…

Answered: Use lean accounting to prepare journal…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 1.3C

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Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
A manufacturer’s Raw Materials Inventory account appears as follows: Raw Materials Inventory Debit Credit Beginning 25,700 Purchases 100,700 82,800 Direct materials used 15,700 Indirect materials used Ending 27,900 All raw materials purchases are made on credit. Prepare journal entries to record the:1. Purchase of raw materials.2. Direct materials used.3. Indirect materials used.
Goods have been sold that cost $3.000 to make. Provide the journal entry to record the costs associated with the sale.
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
Journalize the sales transactions for Fast Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 12: Sold computers on account for $8,500 to a customer, terms 1/15, n/60. The cost of the computers is $5,100. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date More Info - X Apr, 12 April 12 Sold computers on account for $8,500 to a customer, terms 1/15, n/60. The cost of the computers is $5,100. 21 Accepted a $3,500 return from a customer from April 12. The computer returned had a cost of $2,100. 26 Received payment from the customer on balance due. Choose from any list or ent 4 parts remaining Print Done Check Answer
Subject- accounting
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Please provide correct solution this general accounting question
Required: Record the following transactions of Evelyn's Designs in a general journal: DATE TRANSACTIONS 20x1 April 1 Purchased merchandise on credit from American Fabricators, Invoice 885, $2,000, terms 1/10, n/30; freight of $100 prepaid by American Fabricators and added to the invoice (total invoice amount, $2,100). Paid amount due to American Fabricators for the purchase of April 1, less the 1 percent discount, Check 457. Purchased merchandise on credit from Kalyagin Company, Invoice 145, $1,600, terms 1/10, n/30; freight of $50 prepaid by Kalyagin and added to the invoice. Returned damaged merchandise purchased on April 15 from Kalyagin Company; received Credit Memorandum 332 for $200. Paid the amount due to Kalyagin Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. 15 17 24
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Every entry should have narration please
Use the last-in, first-out (LIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.

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