If the perpetual inventory record is kept in dollars, and costs 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? (Roundaverage cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g.6,548.)ingntoryTouS(1)FIFO4559tA$(2)LIFOLA(3)Average-cost Windsor Company's record of transactions concerning part X for the month of April was as follows.PurchasesApril 1 (balance on hand)11182630270 @ $5.80570 @ 5.904703706.106.206.50370 @ 6.70770 @SalesApril 51237027 1,14015047028

Name: If the perpetual inventory record is kept in dollars, and costs are c
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: If the perpetual inventory record is kept in dollars, and costs 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? (Roundaverage cost per unit to 4 decimal places

Inventory valuation refers to the process of assigning a monetary value to the inventory of a…

Business

Accounting

Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 570 @ 470 @ 370 @ 770 370 $5.80 5.90 6.10 6.20 6.50 6.70 Sales April 5 12 27 28 470 370 1,140 150

Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 570 @ 470 @ 370 @ 770 370 $5.80 5.90 6.10 6.20 6.50 6.70 Sales April 5 12 27 28 470 370 1,140 150

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

2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
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 $
SALES AND CASH RECEIPTS TRANSACTIONS Sourk Distributors is aretail business. The following sales, returns, and cash receipts occurredduring March 20--. There is an 8% sales tax. Beginning general ledgeraccount balances were Cash, $9,586; and Accounts Receivable, $1,016.Beginning customer account balances included Whitaker Group, $1,016. Mar 1 Sale on account No.33C to Donachie & Co., $1,700 plus sales tax.3 Sale on account No. 33D to R. J. Kibubu, Inc., $2,190 plus sales tax.5 Donachie & Co. retumed merchandise from Sale No. 33C for a credit(Credit Memo No. 66), $40 plus sales tax.7 Cash sales for the week were $3,140 plus sales tax.10 Received payment from Donachie & Co. for Sale No. 33Cless CreditMemo No. 66.11 Sale on account No. 33E to Eck Bakony. $1.230 plus sales tax..13 Received payment from R. J. Kibubu for Sale No. 33D.14 Cash sales for the week were $4.100 plus sales tax.Mar. 16 Eck Baker returned merchandise from Sale No. 33E for a credit(Credit Memo No. 67), $34…
On April 30, Gomez Services had an Accounts Receivable balance of $30,100. During the month of May, total credits to Accounts Receivable were $65,200 from customer payments. The May 31 Accounts Receivable balance was $24,000. What was the amount of credit sales during May?
Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 12 27 28 590 490 1,380 150
Record the sale by Balus Company of $136,000 in accounts receivable on May 1. Balus is charged a 3.00% factoring fee. View transaction list Journal entry worksheet 1 > Record the sale of receivable. Note: Enter debits before credits. Date General Journal Debit Credit May 01 Record entry Clear entry View general journal
Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack . . . . . . . . . . . . . . . . $ 8,600 8 Eric Horner . . . . . . . . . . . . . . . . 11,100 10 Troy Wilson . . . . . . . . . . . . . . . . 13,400 14 Hong Jiang . . . . . . . . . . . . . . . . 20,500 20 Troy Wilson . . . . . . . . . . . . . . . . 11,200 29 Mary Mack . . . . . . . . . . . . . . . . 7,300 Total credit sales . . . . . . . . . . . . $72,100 1. Open an accounts receivable subsidiary ledger with a T-account for each customer. Post the amounts to the subsidiary ledger. 2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total to these accounts. 3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.
1. On September 1, 2021, Lily Company had an initial accounts receivable control account balance of $72,000. The subsidiary ledger contains 3 accounts: Jasmine Company, balance $25,200; Sunflower Company, balance $14,400; and Orchid Company. The following were information regarding Lily Company's accounts receivable during September. Purchases Payments Returns Jasmine Company $57,500 $50,000 $2,000 Sunflower Company $82,000 $32,800 $ - Orchid Company $43,700 $52,000 $ - Instructions: What was the September 1 balance in the Orchid Company subsidiary account? b. What was the September 30 balance in the control account? c. Compute the balance in the subsidiary accounts at the end of the month! d. Which September transaction would not be recorded in the four common types of the special journal?
Consider the following financial statement information for the Newk Corporation: Beginning $10,382 Ending $ 11,180 6,181 6,293 Item Inventory Accounts receivable Accounts payable Net sales. Cost of goods sold 5,651 5,952 Operating cycle Cash cycle $ 139,303 87,113 Assume all sales are on credit. Calculate the operating and cash cycles. Note: Do not round intermediate calculations and round your answers to 2 decimal pla 2.19 days days
1 EJ-3 On September 1, the balance of the Accounts Receivable control account in the general ledger of Stark Company was $10,960. The customers' subsidiary ledger contained account balances as follows: Zeyen $1,440, Milo $2,640, Baez $2,060, and Dey $4,820. At the end of September, the various journals contained the following information. Sales journal: Sales to Dey $800; to Zeyen $1,260; to Guy $1,330; to Baez $1,260. Cash receipts journal: Cash received from Baez $1,310; from Dey $2,300; from Guy $380; from Milo $1,800; from Zeyen $1,240. General journal: An allowance is granted to Dey $185. Instructions (a) Set up control and subsidiary accounts and enter the beginning balances. Do not con- struct the journals. (b) Post the various journals. Post the items as individual items or as totals, whichever would be the appropriate procedure. (No sales discounts given.) (c) Prepare a schedule of accounts receivable and prove the agreement of the controlling account with the subsidiary…
Recording Sales and Shipping Terms Milano Company shipped the following merchandise during the last week of December 2022. All sales were on credit. Sales Price Shipping Terms Date Goods Shipped Date Goods Received $5,460 FOB shipping point December 27 January 3 $3,800 FOB destination December 29 January 5 $4,250 FOB destination December 29 December 31 Required: 1. Compute the total amount of sales revenue recognized by Milano from these transactions. 2. If Milano included all of the above shipments as revenue, what would be the effect on the financial statements? Enter all amounts as positive numbers.
Current Attempt in Progress Presented below is information related to Sheridan Company for its first month of operations. Jan. 06 Jan. 10 Jan. 23 Balance of Credit Purchases Gorst Company Tian Company Accounts Payable $9,000 11,800 Maddox Company 12,300 $ Gorst Company Jan. 11 Determine the balances that appear in the accounts payable subsidiary ledger. What Accounts Payable balance appears in the general ledger at the end of January? $ Jan. 16 Jan. 29 Cash Paid Gorst Company Tian Company Maddox Company Subsidary Ledger Tian Company 69 $6,800 11,800 7,400 $ Maddox Company $ General Ledge