Waterway Company's record of trif the perpetual inventory record is kept in dollars, and costsare computed at the time of each withdrawal, what amount would be shown as endinginventory under (1) FIFO, (2) LIFO and (3) Average - cost? (Round average cost per unit to 4decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.)Waterway Company's record of transactions concerning part X for the month of April was as follows.PurchasesSalesApril 1 (balance on hand)380 @ $6.90April 55804680 @ 7.001248011580 @ 7.30271,36018480 @7.40281502626880@7.703030480@8.00

Inventory -The state of an organization's finances is directly impacted by its inventory, which is…

Waterway Company's record of trIf the perpetual inventory record is kept in dollars, and are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average - cost? (Round average cost per unit decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Waterway Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales

Waterway Company's record of trIf the perpetual inventory record is kept in dollars, and are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average - cost? (Round average cost per unit decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Waterway Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required: Compute for the closing inventory and cost of sales under the LIFO periodic method and the LIFO perpetual method.
Current Attempt in Progress Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $392,700, Purchase Returns and Allowances $12,300, Purchase Discounts $8,800, and Freight-In $15,300. Determine net purchases and cost of goods purchased. Net purchases Cost of goods purchased $ $ I
Bisson Corp unes a perpetual inventory system. The company had the following inventory transactions in Apr Purchased merchandise from Groupe Lad for $28.560, terma n/30 Fl shipping point The appropriate company paid freight costs of $714 on the merchandine purchased on April 3 7 Purchased supplies on account for $5.100 Apr 3 30 1. 2 3 Returned merchandise to Grouper and received a credit of $3.570 The merchandise was returned to inventory for future rese Paid the amount due to Grouperin ful Additional information: The cost of the merchandise sold on Aprit 3 was $19.380. Grouper expected a return rate of 15% The cost of the merchandise returned on April was $2.346 Grouper uses a perpetual inventory system Record the transactions in the books of Grouper Lht all debit entries before credit entries. Cet account des ant automatically indented when the amount is entered De not indent manually if ne entry is requirest, select "No Entry for the account titles and enter Ofor the amounts econd…
Inventory information for Part 311 of Bonds Corp. discloses the following information for the month of June. nstructions(a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under(1) LIFO(2) FIFO.(b) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?(c) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
A čompany uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $57,000 and then sells this inventory on account on March 7, 2021, for $74,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list EX: ...... Record the purchase of inventory on account. 2 Record the sale of inventory on account. Record the cost of inventory sold. Credit Note : journal entry has been entered %3D View general journal Clear entry Record entry
The inventory account of Leni Company at December 31, 2021 has a balance of P1,800,000 and was found to include the following items:*Goods purchased in transit, FOB shipping point, P130,000*Goods held on consignment, P56,000*Goods out on approval, at sales price of P32,500 (cost is P25,000)What is the correct amount of inventory at December 31, 2021?
(b) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?(c) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
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)
Cumberland Co. sells $919 of inventory to Hancock Co. for cash. Cumberland paid $673 for the merchandise. Under a perpetual inventory system, which of the following journal entry(ies) would be recorded?
Do not give answer in image
Colonial Corporation uses the retail method to value its inventory. The following information is available for the year: Beginning inventory Purchases Freight-in Net markups Net markdowns Net sales Beginning inventory Purchases Freight-in Net markups Required: Determine ending inventory and cost of goods sold by applying the conventional retail method using the information provided. Note: Round ratio calculation to 2 decimal places (i.e., 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign. Net markdowns Goods available for sale Cost-to-retail percentage Net sales Cost $ 190,000 600,000 8,000 Estimated ending inventory at retail Estimated ending inventory at cost Estimated cost of goods sold Retail $ 280,000 840,000 $ 20,000 4,000 800,000 Cost 190,000 $ 600,000 8,000 798,000 $ Retail 280,000 840,000 20,000 1,140,000 (4,000) 1,136,000 79,520 1,056,480 Cost-to-Retail Ratio 70.00 %
Journalze for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Purchased 55,100 of merchandise from Schell account, terms 1/10, n/30 paid the amount owed on the invoice discovered that merchandise with an invoice amount of 7,200 purchased in (a) was defective and returned items, receiving credit. Purchased $6200 of merchandise from Schell Co. on account, terms n/30. Received a refund from Schell Co. for return in (C) less the purchase in (D)