Activities/Assessments:Exercise 6-1: Supply the answers to the items marked "?" and support your answer withcomputation:CASE CCASE BP532, 000CASE ASales4, 0002,000496, 000Sales Returns?1, 500525, 0005, 0002, 200326, 000Sales DiscountsNet SalesCost of Sales:Merchandise Inventory, Beg.75, 00070, 000320, 000?95, 600196, 0002, 1001, 5002, 800PurchasesFreight- inPurchase Returns & AllowancesPurchase DiscountMerchandise Inventory, EndCost of SalesGross Profit2, 0006, 0007, 50080, 0004, 5002, 10046, 000?458, 500?226, 000?186, 000126, 000Administrative & Selling ExpensesNet Income (loss)Gross Profit Rate21, 50060, 00016, 000???

Name: Activities/Assessments:Exercise 6-1: Supply the answers to the items
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Description: Activities/Assessments:Exercise 6-1: Supply the answers to the items marked "?" and support your answer withcomputation:CASE CCASE BP532, 000CASE ASales4, 0002,000496, 000Sales Returns?1, 500525, 0005, 0002, 200326, 000Sales DiscountsNet SalesCost o

Net sales is determined after deducting sales return and sales discounts from gross sales. Gross…

Business

Accounting

Activities/Assessments: Exercise 6-1: Supply the answers to the items marked "?" and support your answer with computation: CASE A CASE B P532, 000 CASE C Sales Sales Returns Sales Discounts Net Sales Cost of Sales: Merchandise Inventory, Beg. Purchases Freight- in Purchase Returns & Allowances Purchase Discount Merchandise Inventory, End Cost of Sales Gross Profit Administrative & Selling Expenses Net Income (loss) Gross Profit Rate ? 4, 000 2, 000 496, 000 5, 000 2, 200 326, 000 1, 500 525, 000 75, 000 ? 2, 000 6, 000 7, 500 80, 000 458, 500 70, 000 320, 000 95, 600 196, 000 2, 100 1, 500 2, 800 ? 4, 500 2, 100 46, 000 ? 226, 000 ? 186, 000 126, 000 21, 500 16, 000 ? 60, 000 ? ?

Activities/Assessments: Exercise 6-1: Supply the answers to the items marked "?" and support your answer with computation: CASE A CASE B P532, 000 CASE C Sales Sales Returns Sales Discounts Net Sales Cost of Sales: Merchandise Inventory, Beg. Purchases Freight- in Purchase Returns & Allowances Purchase Discount Merchandise Inventory, End Cost of Sales Gross Profit Administrative & Selling Expenses Net Income (loss) Gross Profit Rate ? 4, 000 2, 000 496, 000 5, 000 2, 200 326, 000 1, 500 525, 000 75, 000 ? 2, 000 6, 000 7, 500 80, 000 458, 500 70, 000 320, 000 95, 600 196, 000 2, 100 1, 500 2, 800 ? 4, 500 2, 100 46, 000 ? 226, 000 ? 186, 000 126, 000 21, 500 16, 000 ? 60, 000 ? ?

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4E: Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the...

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Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.
Perpetual inventory using FIFO Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.
Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.
Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 5.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.
Purchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice.
Our narrative and DFDs are created assuming that accounts payable result from the purchase of inventory using a perpetual inventory system. However, inventory is not the only item that a company might purchase. For each of the following situations, show the journal entry (in debit/credit journal entry format with no dollar amounts) that would result when the accounts payable was created. Make and state any assumptions you think are necessary. Situations: 1. Merchandise is purchased, and a periodic inventory process is used. 2. Merchandise is purchased, and a perpetual inventory process is used. 3. Office supplies are purchased. 4. Plant assets are purchased. 5. Legal services are purchased.