(d)Wildhorse Company's record of transactions for the month of April was as follows.April 1 (balance on hand)(b)4813(c)2129Inventory $Save for LaterPurchaseseTextbook and Media(1)FIFOCost of goods sold $Save for Later1,320 @ $5.80eTextbook and Media3,300 @1,760 @2,640 @1,540 @ 6.401,100 @11,6605.90$(2)LIFO6.206.306.60April 3Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.911inventory method will show the highest net income.23Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.27Sales1,100 @ $10.003,080 @1,320 @2,640 @1,980 @10,120Attempts: 0 of 3 used410.00In an inflationary period, which inventory method-FIFO, LIFO, average-cost-will show the highest net income?11.0011.0012.00Submit AnswerAttempts: 0 of 3 used Submit Answer

Lets understand the basics. There are two inventory systems are there which are, (1) Periodical…

Wildhorse Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 Purchases 29 1,320 @ $5.80 3,300 @ 5.90 1,760 @ 2,640 @ 6.20 11,660 6.30 1,540 @ 6.40 1,100 @ 6.60 April 3 9 11 23 27 Sales 1,100 @ $10.00 3,080 @ 1,320 @ 2,640 @ 1,980 @ 10,120 10.00 11.00 11.00 12.00

Wildhorse Company's record of transactions for the month of April was as follows. April 1 (balance on hand) 8 13 21 Purchases 29 1,320 @ $5.80 3,300 @ 5.90 1,760 @ 2,640 @ 6.20 11,660 6.30 1,540 @ 6.40 1,100 @ 6.60 April 3 9 11 23 27 Sales 1,100 @ $10.00 3,080 @ 1,320 @ 2,640 @ 1,980 @ 10,120 10.00 11.00 11.00 12.00

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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A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.50 May 3 240@ $8.00 4 1,390 @ $5.40 6 1,080 @ $8.00 8 800 @ $5.60 12 900 @ $8.50 14 700 @ $5.70 18 450 @ $8.50 22 1,250 @ $5.80 25 1,400 @ $9.00 29 560 @ $5.85 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory +A $
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A company had net sales of $29, 800and accounts receivable of S4, 400for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28A company had net sales of $29,800and accounts receivable of $4,400 for the current period. Its days' sales uncollected equals: (Use 365 days a year.)O A) 65.09 days.O B) 45.89 days.. C) 69.19 days.O D) 53.89 days.O E) 6.77 days.28
Below are amounts (in millions) from three companies' annual reports. Beginning Accounts Ending Accounts Receivable $2,722 6,494 625 WalCo TarMart CostGet Receivable $1,775 5,966 589 Net Sales $318,427 63,878 64,963 Required: 1. Calculate the receivables turnover ratio and the average collection period for WalCo, TarMart and CostGet. 2. Which company appears most efficient in collecting cash from sales?
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Keep Calm Company provided the following information for the current year: Accounts receivable, January 1 2,100,000 Accounts receivable, December 31 2,700,000 Collections of accounts during the year 9,000,000 Inventory, January 1 4,500,000 Purchases during the year 5,800,000 All sales are made on account. The mark up on cost is 20% What is the estimated inventory at December 317
Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…