Vaughn Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 Ending inventory 300 200 @ (1) FIFO 300 @ 300 @ 500 @ 300 5150 $12.50 12.60 12.75 12.80 12.80 12.90 (2) LIFO Sales September 4 17 27 30 Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in unis only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 5010 400 $ 600 300 200 (3) Average-cost

Vaughn Company's record of transactions concerning part WA6 for the month of September was as follows: Purchases September 1 (balance on hand) 3 12 16 22 26 Ending inventory 300 200 @ (1) FIFO 300 @ 300 @ 500 @ 300 5150 $12.50 12.60 12.75 12.80 12.80 12.90 (2) LIFO Sales September 4 17 27 30 Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in unis only. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.76 and final answers to 0 decimal places, e.g. 6,548.) 5010 400 $ 600 300 200 (3) Average-cost

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...

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RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Vishu
1. EX.07.14 2. EX.07.15.ALGO 3. PR.07.05.ALGO Periodic Inventory by Three Methods Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and t inventory count at December 31 are summarized as follows: Purchases Invoices Inventory, Inventory Count, Model 1st 2nd 3rd January 1 December 31 A10 4 at $32 4 at $ 35 4 at $38 S B15 8 at $92 4 at 83 3 at 89 6 at 96 7 E60 3 at 67 3 at 57 15 at 60 9 at 62 5 G83 7 at 234 6 at 242 5 at 252 10 at 251 9 334 12 at 77 10 at 79 16 at 86 16 at 87 13 M90 2 at 124 2 at 126 3 at 144 3 at 146 5 Q70 5 at 162 4 at 172 4 at 177 7 at 182 8 Required: 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs,…
A company that uses the perpetual inventory system purchases inventory for P65,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? O a debit to Merchandise Inventory for P1,300, a debit to Accounts Payable for P65,000 and a credit to Cash for P66,300 O a debit to Accounts payable for P65,000, a credit to Merchandise Inventory for P1.300, and a credit to Cash for P63,700 O a debit to Accounts Payable for P63,700, a debit to Merchandise Inventory for P1,300 and a credit to Cash for P65,000 a debit to Accounts payable for P65.000 and a credit to Cash for P65,000 and a debit to Merchandise Inventory for P1.300
Cash receipt journal
Swifty Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases. Date May 7 July 28 Date May 7 On June 1, Swifty sold 26 units, and on August 27, 43 more units. June 1 Number of Units Prepare the perpetual inventory schedule for the above transactions using FIFO. July 28 Aug. 27 $ $ 50 $ 30 $ Unit Cost $15 15 Purchases 750 0 360 0 Product E2-D2 $ $ $ $ Cost of Goods Sold 0 390 0 $ $ $ $ Balance 750 360 360 285
ms: Series A OBJ. 2,3 The beginning inventory at Midnight Supplies and data on purchases and sales for a three- PR 7-1A FIFO perpetual inventory month period ending March 31, are as follows: brerionom exs 2 022.2 Date Jan. 1 10 28 30 Feb. 5 10 16 28 Mar. 5 14 25 30 Transaction Inventory Purchase Sale Sale Sale Purchase Sale Sale Purchase Sale Purchase Sale Number of Units 7,500 22,500 11,250 bo 3,750 1,500 54,000 27,000 25,500 45,000 30,000 7,500 26,250 Per Unit $ 75.00 85.00 150.00 150.00 150.00 87.50 160.00 160.00 89.50 160.00 90.00 160.00 Total $ 562,500 1,912,500 1,687,500 562,500 225,000 4,725,000 4,320,000 4,080,000 4,027,500 4,800,000 675,000 4,200,000
William & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 Balance Purchase Purchase Sale 12 Sale Units 20 40 40 (20) (50) Purchase Price $5.00 $5.50 $9.00 Assume all sales and purchases are on credit. Sales Price $8.00 $8.00
Connecticut aw-Hill CONNECT SEC 09 View transaction list Journal entry worksheet K 1 Record the inventory write down of $1,708,000,000 to LCM. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry ounol ea marA o
purchased merchandise from weir campany for 25000 under credit term of 1/5, n/45 FOB destination and invoice date april1 preparing journal entries useing perodic inventory system
On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.