Goods have been sold that cost $3.000 to make. Provide the journal entry to record the costs associated with the sale.

On 12/28/20, Bike Stand Inc. sold 1,000 bike stands to Eric's Bike Shop. The selling price per bike stands was $ 25 The cost of each bike stand was 10 The terms of the sale were 1.5% / 10, net / 30 Note: Bike Stand Inc. uses a perpetual inventory system. Prepare the journal entry to record the sale of the bike stands using the GROSS METHOD. Eric's Bike Shop paid Bike Stand Inc. on 1/3/21. Prepare the journal entry to record the receipt of payment. %24

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The following hammers were available for sale during the year for Wilkins Tools: Beginning inventory 10 units at $40 First purchase 15 units at $50 Second purchase 30 units at $60 Third purchase 25 units at $65   Wilkins has 30 hammers on hand at the end of the year.  What is the dollar amount of cost of goods sold for the year according to the last-in, first-out method?

Corinthian Inc., a new tile supply company, purchased three merchandise inventory items as follows: 1. first purchase $1,750 2. second purchase $1,630 3. third purchase $1,845 Using FIFO costing, calculate the gross profit for the period if the company sells two units for $4,800. O $425 O $1,845 O $1,420 O $1,325 Save for Later

Sales during the year were 500 units. Beginning inventory was 400 units at a cost of $6 per unit. Purchase 1 was 200 units at $7 per unit. Purchase 2 was 100 units at $8 per unit. Required: a. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. b. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. Note: Enter all values as a positive value. Periodic FIFO Beginning Inventory Purchases: Purchase 1 Purchase 2 Total Required A Periodic LIFO Cost of Goods Available for Sale Complete this question by entering your answers in the tabs below. Required B Beginning Inventory Purchases: Purchase 1 Purchase 2 Number Cost per of units unit Total Cost of Goods Available for…

Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.

Murphy Hardware bought 800 3-cubic-feet bags of organic peat moss from Mitchell Garden Distributors on account. Each bag cost $6.25. Murphy paid Reed Trucking $275 to have the bags of peat moss shipped to its warehouse. Murphy returned 20 bags that were defective and paid for the remainder. Murphy uses the perpetual inventory system. 1. Prepare the journal entry to record the purchase of 800 bags of peat moss. 2. Prepare the journal entry to record the payment of freight. 3. Prepare the journal entry to record the return of 20 defective bags. 4. Prepare the journal entry to record payment for the purchase. No discount was offered.

Jorgensen Jelly Bean Co. purchased raw materials with a catalog price of $70,000. Credit terms of 5/15, n/60 apply. If Jorgensen uses the net price method, the purchase should be recorded at a. $70,000 b. $66,500 c. $59,500 d. $42,000