DebitCreditCash44,000Prepaid Insurance8,400A/R7,000Truck85,000Accum, Deprec. Truck25,000Accounts Payable,13,100Unearned Fees3,920Notes Payable Use the information in the table below to answer the questions that follow.Аpril 1Inventory100 units@ $40Sale60 units10Purchase40 units$4215Sale50unitsPurchase60 units$45Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold on April 5as well as ending inventory as of April 30th, using FIFO,Enter as whole numbers! Do not use decimals or dollar signs.COMS April 5h $COMS April 15th $Ending Inventory April 30th $20

Name: DebitCreditCash44,000Prepaid Insurance8,400A/R7,000Truck85,000Accum,
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Description: DebitCreditCash44,000Prepaid Insurance8,400A/R7,000Truck85,000Accum, Deprec. Truck25,000Accounts Payable,13,100Unearned Fees3,920Notes Payable Use the information in the table below to answer the questions that follow.Аpril 1Inventory100 units@ $40S

Ending Inventory=Units available-Units Sold×Cost per unit

Business

Accounting

Use the information in the table below to answer the questions that follow. April 1 Inventory 100 units $40 5. Sale 60 units 10 Purchase 40 units $42 15 Sale 50 units 20 Purchase 60 units $45 Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold on April 5 as well as ending inventory as of April 30th, using FIFO. Enter as whole numbers! Do not use decimals or dollar signs. COMS April 5th $ COMS April 15th $ Ending Inventory April 30th $

Use the information in the table below to answer the questions that follow. April 1 Inventory 100 units $40 5. Sale 60 units 10 Purchase 40 units $42 15 Sale 50 units 20 Purchase 60 units $45 Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold on April 5 as well as ending inventory as of April 30th, using FIFO. Enter as whole numbers! Do not use decimals or dollar signs. COMS April 5th $ COMS April 15th $ Ending Inventory April 30th $

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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esc Honest Tea, Inc. is a merchandiser. Use the following information to its Inventory balance on its December 31 year-end balance sheet. Note: All purchases of inventory are on account. Cost of Goods Sold during the year January 1 Inventory Sales during the year December 31 Accounts Receivable Purchases of Inventory on Account during the year December 31 Inventory = $. 1 Q A N Click Save and Submit to save and submit. Click Save All Answers to save all answers. 2 W S Ma # 3 E D x 'I X $34,000 $ 4 10,000 77,000 24,000 35,000 C с R % or op F 5 T MacBook Pro V < 6 G Y & 7 H B * 00 つ 8 J N O Save All Answe O 0 K M
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Date Nov. 1 Nov. 10 Nov. 15 Nov. 20 November 1 Nov. 24 Nov. 30 10 15 20 24 30 15 X Inventory 27 units at $88 The business maintains a perpetual inventory system, costing by the first-in, first-out method. Sale a. Determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. Purchase Sale Sale Purchase 59 units at $81 48 units. 33 units at $84 17 units 18 units. Quantity Purchases Purchases Purchased Unit Cost Total Cost Cost of the Goods Sold Schedule First-in, First-out Method DVD Players Cost of Cost of Quantity Goods Sold Goods Sold Inventory Inventory Inventory Sold Unit Cost Total Cost Quantity Unit Cost Total Cost O UD 000 8 00 00
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 21 units @ $14 11 Purchase 13 units @ $17 14 Sale 27 units 21 Purchase 8 units @ $21 25 Sale 11 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO. Cost of Inventory Purchases Goods Sold Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 21 $ 14 $ 294 11 13 17 221 21 14 $ 294 13 $ 17 221 14 21 $ 14 2$ 294 17 102 21 8 21 168 $4 25 2$ 21 $4 168 3 21 63 Total Cost of goods sold $4 627 Ending inventory value %24 %24 %24 %24
Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory 18 units @ $16 11 Purchase 17 units @ $14 14 Sale 23 units 21 Purchase 8 units @ $18 25 Sale 12 units Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using LIFO. Cost of Purchases Goods Sold Inventory Date Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost Qty. Unit Cost Total Cost April 3 11 14 21 25 Total Cost of goods sold Ending inventory value 00
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