Ch 5 Notes (Ac221)

The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased Required A During the year, The Shirt Shop sold 810 T-shirts for $20 each. Required a. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions. 400 units 200 units 280 units 90 units Complete this question by entering your answers in the tabs below. Required B Ending inventory @ @ FIFO $8 = $3,200 $10 = 2,000 $13 = 3,640 $15 = 1,350 Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar…

answer quickly

Current Attempt in Progress Bramble Ltd. had beginning inventory of 54 units that cost $105 each. During September, the company purchased 206 units on account at $105 each, returned 6 units for credit, and sold on account 153 units at $201 each. Prepare journal entries for the September transactions, assuming that Bramble uses a periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) Preparjalneries for the Sopomber tramming that perdicimentary titles are automatically indented whes the amount is entered De not indest manually. If ne entry is required, Entry for the account ctles and enter O for the amounts List el dret estr les defane crentes) Account Titles and…

Please finish November 15

Prepare the appropriate journal entries for each transaction under a perpetual inventory system.

Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. Note: There are a total of 9 pages, including the cover page Page 4 of 9 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company.

Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…

Hello, Besides the first entry, I'm not sure how to record these transactions for a perpetual inventory system thanks

complete this question by entering your answers in the tabs below. only typed solution

On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a Perpetual Inventory System. During September, the following transactions occurred. Sept. 6:  Purchased 90 calculators at $22 each from York, terms net/30. Sept. 9: Paid freight of $90 on calculators purchased from York Co. Sept. 10: Returned 3 calculators to York Co. for $69 credit (including freight) because they did not meet specific cations. Sept. 12: Sold 26 calculators costing $23 (including freight) for $31 each to Sura Book Store, terms n/30. Sept. 14: Granted credit of $31 to Sura Book Store for the return of one calculator that was not ordered. Sept. 20: Sold 30 calculators costing $23 for $32 each to Davis Card Shop, terms n/30.

Ivanhoe Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Ivanhoe Company’s purchases of EZslide snowboards during September. During the same month, 95 EZslide snowboards were sold. Ivanhoe Company uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 12 $106 $ 1,272 Sept. 12 Purchases 45 109 4,905 Sept. 19 Purchases 55 110 6,050 Sept. 26 Purchases 21 111 2,331 Totals 133 $14,558 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.) FIFO LIFO AVERAGE-COST The ending inventory at September 30 $Enter a dollar amount $Enter a dollar amount $Enter a dollar amount (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g.…

Prepare journal entries 1-7 please and thank you.

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Blossom Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Blossom Company’s purchases of EZslide snowboards during September. During the same month, 104 EZslide snowboards were sold. Blossom Company uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   13   $104   $ 1,352 Sept. 12   Purchases   46   107   4,922 Sept. 19   Purchases   50   108   5,400 Sept. 26   Purchases   20   109   2,180     Totals   129       $13,854 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)     FIFO   LIFO   AVERAGE-COST The ending inventory at September 30   $enter a dollar amount rounded to 0 decimal places    $enter a dollar amount rounded to 0 decimal places…

Tamarisk's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Tamarisk's purchases of Xpert snowboards during September is shown below. During the same month, 157 Xpert snowboards were sold. Tamarisk's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 34 $101 $ 3,434 Sept. 12 Purchases 59 105 6,195 Sept. 19 Purchases 26 109 2,834 Sept. 26 Purchases 65 114 7,410 Totals 184 $19,873 x Your answer is incorrect. Try again. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. FIFO LIFO The ending inventory at September 30 8173 Cost of goods sold 12463 00

Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $23 each.   Purchases on December 7 10 units @ $9.00 cost Purchases on December 14 20 units @ $15.00 cost Purchases on December 21 15 units @ $17.00 cost   QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Question 20. If Gould Beverages Company ("GBC") uses the LIFO method, what is the value of GBC's COGS? (A) $8,117 (B) $6,738 (C) $6,582 (D) $6,593 Question 21. If Gould Beverages Company ("GBC") uses the Wolghted Average method, what is the valuo of GBC's COGS, rounded to the nearest whole dollar? (A) S6,859 (B) $6,860 (C) $6,816 (D) $6,625 Question 22. Which of the following is not typlcally stipulated by the board when it issues a dividend? (A) The record date for the dividend. (B) The declaration date for the dividend. (C) The total amount and per share amount of the dividend. (D) The class of shareholders to receive the dividend. Question 23. (A) Which of the following statements about a corporation's cash dividend distribulion to its shareholders is false? (B) In its financlal statements, on the declaration date, the entity must recognize a decrease in its retained eamings account and reflect a liability for the total amount of the dividend. (C) The declaration and payment of the…

Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each.   Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost   QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.

Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each.   Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost   QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)

On October 1, 8A Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct 4. Purchased 30 bicycles at a cost of $200 each from 8B Bicycle Company, terms 2/10, n/30. Oct 6. Sold 18 bicycles to 8C Group for $300 each, terms 1/10, n/30. Oct 7. Returned 2 defective bicycles to 8B Bicycle Company for the Oct. 4 transaction. Oct 13. Agreed to 8C's request for $300 allowance of the Oct. 6 transaction due to inferior Oct 14. Paid 8B Bicycle Company in full, less discount. Oct 20. Received a payment from 8C for the balance of the Oct. 6 transaction. a. Journalize the April transactions using a perpetual inventory system. b. Journalize the April transactions using a periodic inventory system.

Executive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 60 types of products the company keeps in stock. The following transactions show the purchases and sales of a particular desk chair (product code DC-7) during September. Sept. 1 Balance on hand. 50 units, cost $60 each........................$3,000 Sept. 4 Purchase, 20 units, cost $65 each........................................$1,300 Sept. 8 Sale, 35 units. sales price $100 each...................................$3,500 Sept. 9 Purchase, 40 units, cost $65 each........................................$2,600 Sept. 20 Sale, 60 units, sales price $100 each.................................$6,000 Sept. 25 Purchase, 40 units, cost $70 each.......................................$2,800 Sept. 30 Sale, 5 units, soles price $110 each.....................................$550a. Record the beginning inventory, the purchases, the cost of goods sold, and the running balance…

Kelley Company began business on January 1, 20-1. Purchases and sales during the month of January are shown. Date Purchases Sales   Units Cost/Unit Units Jan. 1 110 $1.00    Jan. 4 410 1.10   Jan. 5     320 Jan. 10 300 1.20   Jan. 12     200 Jan. 15 180 1.30   Jan. 18 510 1.50   Jan. 22     790 Jan. 27     90 Jan. 31 320 1.60   Required: Calculate the total amount to be assigned to cost of goods sold for January and the ending inventory on January 31, under each of the following methods. In your calculations round the average unit cost to four decimal places and answers to the nearest cent.   Cost of Goods Sold Inventory on Hand 1.  Perpetual LIFO inventory method $fill in the blank 1 $fill in the blank 2 2.  Perpetual moving-average inventory method $fill in the blank 3 $fill in the blank 4

Margaret’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret’s uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   26   $95   $ 2,470 Sept. 12   Purchases   45   104   4,680 Sept. 19   Purchases   20   106   2,120 Sept. 26   Purchases   50   107   5,350        Totals   141       $14,620 (a)   Your answer has been saved. See score details after the due date. Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.     FIFO   LIFO The ending inventory at September 30   $Enter a dollar amount   $Enter a dollar amount Cost of goods sold   $Enter a dollar amount   $Enter a dollar amount   eTextbook and…

Margaret’s Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Margaret’s purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Margaret’s uses a periodic inventory system. Date   Explanation   Units   Unit Cost   Total Cost Sept. 1   Inventory   26   $95   $ 2,470 Sept. 12   Purchases   45   104   4,680 Sept. 19   Purchases   20   106   2,120 Sept. 26   Purchases   50   107   5,350        Totals   141       $14,620 (a)     Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods.     FIFO   LIFO The ending inventory at September 30   $Enter a dollar amount   $Enter a dollar amount Cost of goods sold   $Enter a dollar amount   $Enter a dollar amount

At the beginning of November, Yoshi Inc's inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $150. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Inc. in full. November 16 Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November 20 Receive full payment from customers related to the sale on November 16. November 21 Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November 24 Sell 65 units of inventory to customers for cash, $7,400. (Note: For calculating the…

Cheese Factory uses a perpetual inventory system. The following activities occurred during May: • May 2 - Cheese Factory purchased $45,000 worth of inventory, on credit terms 3/10 n/30. . May 5 - Cheese Factory returned $5,000 worth of that inventory to the supplier. • May 9 - Cheese Factory paid for the inventory, taking advantage of all available discounts. Required: Prepare the journal entries to record the transactions above using the gross method. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, put your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this box.

On September 1, Blue Spruce Inc. had an inventory of 20 backpacks at a cost of $30 each. The company uses a perpetual inventory system and estimates returns at 10%. During September, the following transactions occurred: Sep 4 Purchased 37 backpacks at $30 each from Back Packs Unlimited, terms n/30. 6 Received credit of $210 for the return of 7 backpacks purchased on Sept. 4 that were defective. 9 Sold 22 backpacks for $50 each to University Supply, terms n/30. 14 Paid Back Packs Unlimited in full. 18 Received payment from University Supply. Record the September transactions for Blue Spruce Inc..(If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Account Titles and Explanation Date Debit Credit

Current Attempt in Progress REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the same month, 103 snowboards were sold. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Date Sept. 5 Sept. 16 Sept. 29 Explanation Units Inventory Purchases (a1) Purchases Purchases Totals Sale Sale Sale Totals September 11 $ September 5 Units $ 9 49 45 14 Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system. 103 45 49 25 133 Unit Cost * $102 105 106 107 Total Cost $1,428 4,725 5,194 2,675 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) $14,022

Can you help me with #10 of part 1, and the other parts of the question? Thanks!   At the beginning of October, Bowser Company’s inventory consists of 56 units with a cost per unit of $44. The following transactions occur during the month of October.  October 4    Purchase 124 units of inventory on account from Waluigi Company for $50 per unit, terms 2/10, n/30.October 5    Pay cash for freight charges related to the October 4 purchase, $570.October 9    Return 10 defective units from the October 4 purchase and receipt of credit.October 12    Pay Waluigi Company in full.October 15    Sell 154 units of inventory to customers on account, $12,320. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit.)October 19    Receive full payment from customers related to the sale on October 15.October 20    Purchase 94 units of inventory from Waluigi Company for $64 per unit.October…