Using a perpetual inventory system, how should a company record the sale of inventory costing $400 for $1,110 on account? Account Title Event 1. 2. 3. 4. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory. Inventory Gain Sales Revenue Accounts Receivable Sales Revenues Gain Debit 400 1,110 1,110 400 400 710 1,110 Credit 400 1,110 1,110 400 1,110 400 710

Using a perpetual inventory system, how should a company record the sale of inventory costing $400 for $1,110 on account? Account Title Event 1. 2. 3. 4. Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable Sales Revenue Cost of Goods Sold Inventory. Inventory Gain Sales Revenue Accounts Receivable Sales Revenues Gain Debit 400 1,110 1,110 400 400 710 1,110 Credit 400 1,110 1,110 400 1,110 400 710

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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1 Use the following table for the following questions (Hint Identify which accounts are in Merchandise Available for sale, and which are Net Sales, one account is neither) Merchandise Sales Purchases discounts Merchandise Inventory Jan 1 Purchases returns and allowances Sales Returns and Allowances Purchases Freight In Merchandise Inventory Jan 31 a. Merchandise available for sale b. What is the amount of net sales c. What is the Cost of Merchandise Sold d. What is the gross profit 420,000 2,500 75,000 1,300 32,000 220,000 8,000 54,000 Available For Sale Net Sales
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Using the FIFO method, calculate the cost of ending inventory and cost of goods sold for Carden Corporation Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold The cost of ending inventory is The cost of goods sold is Unit Quantity Cost 70 130 200 50 $ 150 S Total $3.00 $210 $7.00 $910
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