(b)Prepare journal entries to record theNovember 4 purchase and the November 12 sale using weighted average.(Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter 0 for theamounts. Round the weighted average cost per unit to 2 decimal places, e.g. 5.27 and finalanswers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.)Date Account TitlesNov.4Nov.12(To record sales on account)(To record cost of goods sold)DebitCredit William & Company uses a perpetual inventory system. The following information is available for November:Nov. 14710BalancePurchasePurchaseSale12 SaleUnits204040(20)(50)PurchasePrice$5.00$5.50$9.00Assume all sales and purchases are on credit.SalesPrice$8.00$8.00

William & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 Balance Purchase Purchase 10 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

William & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 Balance Purchase Purchase 10 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

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 retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? Assume the perpetual inventory system is used. A.$650 B.$19.50 C.$195 D.$630.50
Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning inventory 21 units @ $21 5 Sale 12 units 17 22 units 30 Sale 24 units Assuming a perpetual inventory system and the first-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale and (b) the inventory on September 30. a. Cost of merchandise sold b. Inventory, September 30 Purchase @ $22
Journalize the following transactions assuming the company uses a perpetual inventory system: July 3. Sold merchandise on account for $3,750 terms n/eom. The cost of the goods sold was $2,000. 5. Issued a credit memo for $1,050 for merchandise returned from the sale on July 3. The cost of the merchandise returned was $610. 12. Received payment on account for the amount due on the sale of July 3, less the return of July 5. 17. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the goods sold was $3,830.
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D ences Required information (The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Gross Margin Activities Sales Less: Cost of goods sold Gross profit Beginning inventory Purchase Sales Purchase Purchase Sales Totals FIFO Units Acquired at Cost 60 units @ $50.20 per unit 205 units $55.20 per unit LIFO 65 units @ $50.20 per unit 110 units @ $62.20 per unit 440 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 45 units from beginning inventory, 175 units from the March 5 purchase, 25 units from the March 18 purchase, and 65 units from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. Weighted Average Units Sold at Retail Specific…
Under the periodic inventory system, the entry to record a purchase of P60,000, with terms 2/10. n/30 would include a. Debit to Accounts Payable for P58,800 b. Credit to Purchases for P60,000 c. Credit to Accounts Payable for P60,000 d. Debit to Purchase Discounts for P1,200
Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold merchandise to a customer for $6,900; terms 2/10, n/30 (cost of sales $4,180). 7 Made a cash sale of $5,200 of merchandise to a customer today (cost of sales $3,160). 8 Sold merchandise for $12,500; terms 2/10, n/30 (cost of sales $7,540). 15 Collected the amount owing from the credit customer of April 5. 4 The customer of April 8 paid the balance owing. May View transaction list Journal entry worksheet 1 2 3 4 6. 8 Record sale of merchandise for $6,900; terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr. 05
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals Units Acquired at Cost 60 units @ $50.20 per unit 205 units @ $55.20 per unit 65 units @ $60.20 per unit 110 units @ $62.20 per unit 440 units Units Sold at Retail 220 units @ $85.20 per unit 90 units @ $95.20 per unit 310 units 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, the March 9 sale consisted of 45 units from beginning inventory and 175 units from the March 5 purchase; the March 29 sale consisted of 25 units from the March 18 purchase and 65 units from the March 25 purchase. (Round weighted average cost per unit to two decimals and final answers to nearest whole dollar.)…
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $10 5 Sale 17 units 17 Purchase 10 units @ $15 30 Sale 8 units Assuming a perpetual inventory system and the last-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale.$fill in the blank 1
The following units of an inventory item were available for sale during the year. Beginning inventory First purchase Second purchase Third purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is a. $1,150 b. $1,250 c. $1,375 d. $1,350
Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses FIFO, the September 30 inventory is Oa. $650 Ob. $800 Oc. $700 Od. $750
Can i please get help with this question? 7.4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date Activities Units Acquired at Cost Units Sold at Retail March 1 Beginning inventory 90 units @ $50.80 per unit March 5 Purchase 220 units @ $55.80 per unit March 9 Sales 250 units @ $85.80 per unit March 18 Purchase 80 units @ $60.80 per unit March 25 Purchase 140 units @ $62.80 per unit March 29 Sales 120 units @ $95.80 per unit Totals 530 units 370 units 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. For specific identification, units sold include 60 units from beginning inventory, 190 units from the March 5 purchase, 40 units from the March 18 purchase, and 80 units from the March 25 purchase.