Purchased merchandise from Haas Co., $43,250, terms FOB Mar. shipping point, 2/10, n/eom. Prepaid freight of $650 was added 1. to the invoice. Purchased merchandise from Whitman Co., $19,175, terms FOB 5. destination, n/30. 10. Paid Haas Co. for invoice of March 1. Purchased merchandise from Jost Co., $15,550, terms FOB 13. destination, 2/10, n/30. Issued debit memo to Jost Co. for $3,750 of merchandise 14. returned from purchase on March 13. Purchased merchandise from Fairhurst Company, $13,560, 18. terms FOB shipping point, n/com. Paid freight of $140 on March 18 purchase from Fairhurst 18. Company. Purchased merchandise from Bickle Co., $6,500, terms FOB 19. destination, 2/10, n/30. Paid Jost Co. for invoice of March 13 less debit memo of March 23. 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5.

Purchased merchandise from Haas Co., $43,250, terms FOB Mar. shipping point, 2/10, n/eom. Prepaid freight of $650 was added 1. to the invoice. Purchased merchandise from Whitman Co., $19,175, terms FOB 5. destination, n/30. 10. Paid Haas Co. for invoice of March 1. Purchased merchandise from Jost Co., $15,550, terms FOB 13. destination, 2/10, n/30. Issued debit memo to Jost Co. for $3,750 of merchandise 14. returned from purchase on March 13. Purchased merchandise from Fairhurst Company, $13,560, 18. terms FOB shipping point, n/com. Paid freight of $140 on March 18 purchase from Fairhurst 18. Company. Purchased merchandise from Bickle Co., $6,500, terms FOB 19. destination, 2/10, n/30. Paid Jost Co. for invoice of March 13 less debit memo of March 23. 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5.

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Description: Purchase-related transactions using perpetual inventory systemThe following selected transactions were completed by Niles Co. duringMarch of the current year: Instructionsjournalize the entries to record the transactions of Niles Co. for March Purcha

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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Purchase-Related Transactions Using Periodic Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice. 5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Paid freight of $140 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13 less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31.…
s Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $41 per unit) e. Sale, July 3 (sold for $41 per unit) f. Operating expenses (excluding income tax expense), $18,100 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. Units Unit Cost 300 $ 13 900 11 800 14 300 620 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, (b) LIFO, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes…
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journalize the April transactions using a perpetual inventory system.
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www. Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: MARTINE HET AAMY Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units LIFO 1,910 6,150 4,020 2,860 Unit Cost $6 Required: Compute ending inventory and cost of goods sold under FIFO, LIFO, and average cost-inventory costing methods. (Round "Average cost per unit" to 4 decimal places and final answers to nearest whole dollar amount.) Average Cost 5 3 P K
Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Beginning inventory, January 1 Transactions during the year: a. Purchase, January 30 b. Sale, March 14 ($100 each). c. Purchase, May 1 d. Sale, August 31 ($100 each) Units Unit Cost 1,500 $ 40 2,900 52 (1,150) 1,600 (1,600) 70 Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: a. Last-in, first-out. b. Weighted average cost. c. First-in, first-out. d.…
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Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method perpetually at the time of each sale, as if it uses perpetual inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions a. Inventory, Beginning For the year: b. Purchase, April 11 c. Purchase, June 1 d. Sale, May 1 (sold for $47 per unit) e. Sale, July 3 (sold for $47 per unit) f. Operating expenses (excluding income tax expense), $18,700 Required: Units 300 Unit Cost $ 19 900 17 800 20 300 680 Calculate the cost of ending inventory and the cost of goods sold using the FIFO and LIFO methods. FIFO LIFO Cost of Ending Inventory $ 19,740 Cost of Goods Sold $ 17,260 $ 18,700