1412028Totalsc. DeterminStart by enOnce all ofhand at theDateAug. 1312More infoAug. 1Aug. 3Aug. 12Aug. 15Aug. 20Aug. 288 $Beginning merchandise inventory, 10 books @ $15 eachSold 3 books @ $20 eachPurchased 8 books @ $18 eachSold 9 books @ $20 eachPurchased 4 books @ $20 eachSold 5 books @ $25 each18 SPrint1443 $Done15 S45- X10 S7 $7S8$18LACA15 S15 S15 S18 SCACATcord usew invof merHandToCo iGF4 JTotalsATd. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average inventory costingmethod.e gYStart by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction.Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and onhand at the end of the period. (Round weighted average unit cost to the nearest cent and total cost to the nearest dollar.)Inventory on HandUnitCostCalculator Ask my instructorDateAug. 1Totals312152028F5J&QuantityUF6 G8PurchasesUnitCostF7MENU9F8OTotalCost)0Cost of Goods SoldUnitCostQuantityPF9F10=TotalCostA/*}1F115QuantityⒸ/AUTOF12BackspacePrintScreenInsertTolCostDeleteLOClear allHomeKEndPausgBreakPageUpPageDownCheck answer12:46 PM3/29/2023SyncMaster 913vLock77□

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Description: 1412028Totalsc. DeterminStart by enOnce all ofhand at theDateAug. 1312More infoAug. 1Aug. 3Aug. 12Aug. 15Aug. 20Aug. 288 $Beginning merchandise inventory, 10 books @ $15 eachSold 3 books @ $20 eachPurchased 8 books @ $18 eachSold 9 books @ $20 eachP

Lets understand the basics. There are different inventory systems are followed by the entities which…

Answered: 15 20 28 otals More info Aug. 1 Aug. 3…

Business

Accounting

15 20 28 otals More info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Beginning merchandise inventory, 10 books @ $15 each Sold 3 books @ $20 each Purchased 8 books @ $18 each Sold 9 books @ $20 each

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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E8.12 (LO 3) (FIFO, LIFO, Average-Cost Inventory) Shania Twain Company was formed onDecember 1, 2019. The following information is available from Twain’s inventory records for Product BAP. Units Unit CostJanuary 1, 2020 (beginning inventory) 600 $ 8.00Purchases:January 5, 2020 1,200 9.00January 25, 2020 1,300 10.00February 16, 2020 800 11.00March 26, 2020 600 12.00 A physical inventory on March 31, 2020, shows 1,600 units on hand.InstructionsPrepare schedules to compute the ending inventory at March 31, 2020, under each of the following inventory methods.a. FIFO b. LIFO. c. Weighted-average (round unit costs to two decimal places)
27.Lychee Company uses the retail method of inventory valuation. The following information is available:Beginning inventory: P186,196 at cost; P302,250 at retailPurchases: P703,740 at cost; P1,120,000 at retailFreight in: P12,400Purchase discounts: P14,400Purchase returns: P25,050 at cost; P48,300 at retailNet additional markups – P100,000 Net markdowns – P205,000Sales revenue – P900,000What is the estimated cost of the ending inventory using the average retail? a. 258,265 b. 250,866 c. 368,950 d. 250,886
Ch12.2 Crazycorp. had the following inventory transactions in the month of SeptemberDate Type # units Price per unit1 Purchase 450 $4.503 Purchase 350 $4.407 Sales -275 $6.0011 Sales -300 $6.0012 Purchase 350 $4.2513 Purchase 75 $4.3014 Sales -400 $6.5018 Purchase 200 $4.4021 Sales -100 $6.5024 Sales -200 $6.6028 Purchase 200 $4.40Required:Using Perpetual system, compute Inventory as at 31st Dec using FIFO methodUsing Perpetual system, compute Inventory as at 31st Dec using Weighted Average methodCh12.3 Variour Inc recently completed its stock take and have provided you the below informationCategoryUnits in InventoryCost per unit NRV per unitWA1 85 $105.00 $100.00WB1 110 $80.00 $85.00WC1 135 $190.00 $195.00WD1 150 $45.00 $50.00WE1 165 $200.00 $190.00Required:Calculate the total value of Kentex' closing Inventory
FE9Advice the closing inventory value as at July 31stProduct Qty On Hand Cost NRVWJ01 225 $0.05 $1.00WJ02 114 $0.20 $0.90WJ03 74 $2.00 $1.60WJ04 35 $6.20 $6.18WJ05 3 $2,500.00 $2,550.00WJ06 58 $1.50 $1.55a) 7,986.05b) 7,955.75c) 8,402.20d) 7,960.65
Ayo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in merchandise was purchased on account with credit terms 1/15, n/45. All discounts were taken. Purchases were all made FOB Origin. Ayo paid freight charges of P7,500. Merchandise with an invoice amount of P5,000 was returned for credit. Cost of goods sold for the year was P380,000. Ayo uses the perpetual inventory system. What is the ending inventory assuming Ayo uses the gross method to record purchases?
Ayo Company started 2022 with P94,000 of merchandise inventory on hand. During 2022, P400,000 in merchandise was purchased on account with credit terms 1/15, n/45. All discounts were taken. Purchases were all made FOB Origin. Ayo paid freight charges of P7,500. Merchandise with an invoice amount of P5,000 was returned for credit. Cost of goods sold for the year was P380,000. Ayo uses the perpetual inventory system. What is the ending inventory assuming Ayo uses the gross method to record purchases? A. 112,490 B. 112,550 C. 116,500 D. 120,300
1. Business purchased $3600 inventory from westlem terms 1/10,n/20 FOB . what is the merchandise inventory entry? 2. Business paid westlem in full. what is the merchandise inventory entry?
Floyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.
PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
9th journal entry? on wiley plus they did it by dr A/R 18900. cr refund liablity and sales and the 2nd entry for the same date =Cogs debited and estimated inventory returns debjted too inventory on the cr side
Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
A. Based on the fundamental principle of IAS2, identify two (2) circumstances where the NRV of inventory might be lower than its cost? B. Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased at list price of $18 per unit and normally sells for $24 per unit. Additional information relating to the units in inventory: VAT – 10%; wharehousing cost - $0.55 per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit. Recently , Product X started to deteriorate but can still be sold for $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. Required: At what amount would Product X be required to be stated on 30 June 2020? Provide detailed analysis to support your answer