Moodle Assignment#3

Question 1Hobart Sign Company began the month of June with an inventory of 50 signs that cost a total of$1,500. Hobart purchased and sold merchandise on account as follows:June 3 Purchase ……………………………….. 60 signs @ $35 eachJune 8 Sale …………………………………….... 100 signs @ $60 eachJune 18 Purchase ……………………………….. 90 signs @ $40 eachJune 28 Sale …………………………………….... 70 signs @ $70 eachHobart uses the FIFO cost method. Cash payments, on account, totaled $5,000. Operating expenseswere $2,700; Hobart paid two-thirds in cash and accrued the rest as Accounts Payable.i) Prepare a perpetual inventory record, at FIFO cost, for this merchandise.ii) Make journal entries to record the company’s transactionsiii)Prepare an income statement for Hobart Sign Company for the month ended June 30

QUESTION 9 If merchandise sells for $3,500, with terms of 3/15, n/45 and the cost of the inventory sold is $2,100, the amount charged to sales is a. $3,500 b. $3,395 c. $2,100 d. $2,037

Prob # 2 The company Xp presents us the relation of purchase of merchandise Beginning Inventory Balance ....6,231 A $ 7.52 Purchase # 1 .... 3546 for $ 28,935 2..... 6524 @ $ 8.25 3..... 3700 @ $ 8.47 9845 units were sold. Determine a) Mechanism available b) Final inventory c) Cost of the merchandise

HW Q 3   Presented below are transactions related to Crane Company. 1.   On December 3, Crane Company sold $ 668,300 of merchandise on account to Pronghorn Co., terms  2/10, n/30, FOB destination. Crane paid $ 440 for freight charges. The cost of the merchandise sold was $ 371,500. 2.   On December 8, Pronghorn Co. was granted an allowance of $ 26,700 for merchandise purchased on December 3. 3.   On December 13, Crane Company received the balance due from Pronghorn Co. (a)     Prepare the journal entries to record these transactions on the books of Crane Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date   enter an account title to record credit sale enter a debit amount enter a credit amount     enter an account title to record credit sale enter…

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Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394

HW Q 1 Current Attempt in Progress     Information related to Riverbed Co. is presented below. 1.   On April 5, purchased merchandise on account from Tamarisk Company for $ 36,000, terms  3/10, net/30, FOB shipping point. 2.   On April 6, paid freight costs of $ 920 on merchandise purchased from Tamarisk. 3.   On April 7, purchased equipment on account for $ 30,500. 4.   On April 8, returned damaged merchandise to Tamarisk Company and was granted a $ 4,200 credit for returned merchandise. 5.   On April 15, paid the amount due to Tamarisk Company in full. (a)     Prepare the journal entries to record these transactions on the books of Riverbed Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  No. Date Account Titles and Explanation Debit Credit 1. choose a transaction dateChoose a transaction date   enter an…

Q # 4 Friends sons show the following transaction show the purchases and sales of merchandise during the year: Jan.      1          Balance on hand, 1,000 Units Rs.12/per unit Jan.      5          Purchase, 1,200 units, Rs.13 /per unit Jan.      8          Sale, 1,500 units Rs.18/per unit Jan       15        Purchase 2,000 units Rs.14/per unit Jan.      18        Sale, 1,800 units, Rs.20/per unit Jan.      25        Purchase, 3,000 units Rs.15/per unit Jan.      26        Sale, 1,200 units, Rs.21/per unit Jan.      30        Purchase, 2,500 units Rs.16/per unit Jan.      31        Sale 2,100 units Rs.22/per unit Required:       Compute the cost of ending inventory under the perpetual system on Jan 31, 2011 using the following methods: First In First Out (FIFO) Last In First Out (LIFO) Average method

K On February 1, Hu Company sold inventory on account to a customer for $13,400 with terms 2/10, n/30. The cost of the inventory was $6,900. On February 6, the customer received an allowance of $2,100 from Hu Company. If the customer made payment on February 9, how much Cash would the customer pay? A. $13,400 OB. $10,720 OC. $11,300 D. $11,074 CILE