Financial Accounting
Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter B, Problem 33EB
To determine

Prepare the journal entries and necessary adjusting entries at January 31, 2010.

To determine

Describe the steps to complete the accounting cycle for the month.

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Unsure wether the chart is filled out correctly or not. If need changes, please explain why. 1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the lowerrr unit cost first in the Cost of Goods Sold Unit Cost column and in the Inventory Unit Cost column. 2. Determine the total sales and the total cost of goods sold for the period. Journalize summary entries for the sales and corresponding cost of goods sold for the period. Assume that all sales were on account. Description Debit Credit Record sale  ____Acct Title______ D ___ C _____ ____Acct Title______ D ___ C _____ Record Cost  ____Acct Title______ D ___ C _____ ____Acct Title______ D ___ C _____ 3. Determine the gross profit from sales for the period. $ 4. Determine the ending inventory cost as of June 30. $ 5. Based…
LMN Industries reported net sales of $1,750,000 for the year. The cost of goods sold was $1,365,000. a. Calculate the gross profit and the gross profit ratio for the year.
General accounting

Chapter B Solutions

Financial Accounting

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