Williston Cattle Company uses a perpetual inventory system. Williston purchased sheep from Little H Ranch at a cost of $39,000, payable at time of delivery. The entry to record the delivery would be
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Williston Cattle Company uses a perpetual inventory system. Williston purchased sheep from Little H Ranch at a cost of $39,000, payable at time of delivery. The entry to record the delivery would be
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- On December 28, 2024, Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 110/110 , n30/n30 . VTC uses the net method to account for purchase discounts and a perpetual inventory system. VTC paid the net-of-discount amount on January 6, 2025. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the purchase on December 28, 2024. Videotech Corporation (VTC) purchased 14 units of a new satellite uplink system from Tristar Communications for $23,000 each. The terms of each sale were 1/10, n/30. Record the payment on January 6, 2025.Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a fullrange of passenger services. Sentry engaged in the following activities during the current year:a. Sentry received $5,000 cash in advance from Rich’s Department Store for an estimated 250deliveries during December 2019 and January and February of 2020. The entire amountwas recorded as unearned revenue when received. During December 2019, 110 deliverieswere made for Rich’s.b. Sentry operates several small buses that take commuters from suburban communities to thecentral downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 onewayrides. Each 50-ride ticket costs $500. At the time of purchase, Sentry credits the cashreceived to unearned revenue. At year end, Sentry determines that 10,160 one-way rideshave been taken.c. Sentry operates several buses that provide transportation for the clients of a social service agencyin Atlanta. Sentry bills the agency quarterly at the…Constructor Inc. sells sacks of cement. The inventory records show the following: Date Transaction Number Unit Cost Total Cost of Sacks May 1 Beginning Balance 600 P200 P120,000 5 Purchase 900 210 189,000 7 Sales 1,300 1,400 1,200 1,000 14 Purchase 190 266,000 15 Sales 24 Purchase 200 200,000 28 Sales 1,200 If the entity uses the FIFO method to cost inventories, how much should it report as Cost of Goods Sold?
- On June 1, 2020 Comfort Creamery Corp. purchased 9,000 wooden barrels on account for $900,000 (purchase price of $100/barrel). The terms of the purchase were 2/10, n/30. Comfort Creamery Corp. accounts for such purchases using the net method. Required: 1. Prepare the journal entry to record the purchase of 9,000 wooden barrels. 2. Comfort Creamery Corp. paid for the barrels on June 17, 2020. Prepare the journal entry to record the payment for the 9,000 wooden barrels.Concord Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2020. The terms of acquisition for each truck are described below. 1. 2. 3. 4. Truck #1 has a list price of $40,350 and is acquired for a cash payment of $37,391. Truck #2 has a list price of $43,040 and is acquired for a down payment of $5,380 cash and a zero-interest-bearing note with a face amount of $37,660. The note is due April 1, 2021. Concord would normally have to pay interest at a rate of 9% for such a borrowing, and the dealership has an incremental borrowing rate of 8%. Truck #3 has a list price of $43,040. It is acquired in exchange for a computer system that Concord carries in inventory. The computer system cost $32,280 and is normally sold by Concord for $40,888. Concord uses a perpetual inventory system. Truck #4 has a list price of $37,660. It is acquired in exchange for 900 shares of common stock in Concord Corporation. The…Sandvik Mining uses a periodic inventory system. One of the company’s products is a special equipment for the oil drilling rig. The inventory quantities, purchases and sales of this equipment for the most recent year are as follows: Using the periodic costing procedures, compute the cost of December 31 inventory and the cost of goods sold for the year under each of the following cost assumptions: First-in, first-out Last-in, first-out Average cost (round to the nearest dollar, except unit cost)
- JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 OD. $2,396Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27. 2021. Net Solution paid ABC Shipping agency $136 Assume the company uses perpetual inventory system. (9')Journalize all the transactions for Net Solutions. EHKONBor the delivery and paid the balance on Nov 4. WIDDINI PEHKON the DEHK WIDDINIOn May 1, 2021, Company A shipped merchandise costing $16,000 to Company B on consignment. Company A paid $1,400 in shipping costs to deliver the inventory. On September 30, 2021, Company B advised Company Athat all of the inventory had been sold for a total of $54,000. On October 15, 2021, Company A received payment from Company B for the proceeds, less a 12% commission. Required: Prepare all the journal entries for Company A to account for the transaction from April 2 through October 15.
- Anton Company uses the perpetual inventory method. Anton purchased 760 units of inventory that cost $7 each. At a later date the company purchased an additional 870 units of inventory that cost $9 each. If Anton uses the FIFO cost flow method and sells 1,150 units of inventory, the amount of cost of goods sold will be: Multiple Choice $10,350. $8,050. $10,420. $8,830.Peterson Manufacturing purchased inventory for $5,900 and also paid a $330 freight bill. Peterson Manufacturing returned 40% of the goods to the seller and later took a 1% purchase discount. Assume Peterson Manufacturing uses a perpetual inventory system. What is Peterson Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $3,505 OB. $3,835 OC. $3,701 OD. $2,336 RECOR