April 1 (balance on hand) 4 8 13 21 Purchases 29 600 @ $6.00 6.08 6.40 6.50 6.60 6.79 1,500 @ 800 @ 1.200 @ 700 @ 500 @ 5,300 Sales April 3 500 @ $10.00 9 11 23 27 1,400 @ 10.00 600 @ 11.00 1.200 @ 11.00 900 @ 12.00 4,600
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- Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10. 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990 @ 3.30 25 22 18 5550@ 8.00 760 @ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $15655. $15150. O $16359. O $14974.Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
- Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 20 30 390 @ 690 @ 590 @ 490 @ 890 @ 490 $7.00 7.10 7.40 7.50 7.80 8.10 Sales April 5 12 27 28 590 490 1,380 150Novak Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 708 @ $5.00 April 3 590 @ $10.00 4 1,770 @ 5.09 9 1,652 @ 10.00 8 944 @ 5.38 11 708 @ 11.00 13 1,416 @ 5.48 23 1,416 @ 11.00 21 826 @ 5.68 27 1,062 @ 12.00 29 590 @ 5.87 5,428 6,254 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit $ per unit LINK TO TEXT Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO $ Average-cost $On April 12, HK Company purchases inventory of 60.000 TL + 10% VAT on account with terms of 2/10 net/30. Which of the following journal entries would be made? O a. 60.000 TL debit to 153-lnventory; 6.000 TL debit to 191-D. VAT and 66.000 TL credit to 320- A/P O b. 66.000 TL debit to 153-Inventory and 60.000 TL credit to 320-A/P; 6.000 TL credit to 391- R.VAT O c. 54.545,45 TL debit to 153-Inventory; 5.454,55 TL debit to 191-D. VAT and 60.000 TL credit to 320-A/P d. 66.000 TL debit to 153-Inventory and credit to 320-A/P
- Oriole Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 390 690 590 490 890 490 Ⓡ $7.00 April 5 7.10 7.40 7.50 7.80 Sales 8.10 12 27 28 590 490 1,380 150Q3. Ronaldo Company's record of transactions concerning part VF5 for the month of September was as follows. Purchases Sales September 1 (balance on hand) 100 @ $5.00 September 5 300 400 @ 5.10 12 200 27 800 28 150 4 11 18 26 30 300 @ 5.30 200 @5-35 600 @ 5.60 200 @ 5.80 Instructions a. Compute the inventory at September 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (Carry unit costs to the nearest cent.) 1. First-in, first-out (FIFO). 2. Average-cost. 3. Last-in, first-out (LIFO).Windsor Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 11 18 26 30 270 @ $5.80 570 @ 5.90 470 370 6.10 6.20 6.50 370 @ 6.70 770 @ Sales April 5 12 370 27 1,140 150 470 28
- Transactions for the month of June were: Purchases Sales (balance) 1,200 @ $3.20 3,300 @ 3.10 1,800 @ 3.30 2,700 @ 3.40 750 @ 3.50 June 1 June 2 900 @ $5.50 2,400 @ 5.50 1,500 @ 5.50 600 @ 6.00 3 7 15 10 2,100 @ 6.00 300 @ 6.00 22 18 25 12. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $6,165. b. $6,240. c. $6,435. d. $6,705. 13. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $6,144. b. $6,357. c. $6,435. d. $6,483.Which of the following statements is false regarding the different bases used for the allowance method? O A. Three bases are generally accepted, the percentage of sales, the percentage of receivables, and the direct write-off. O B. Management can choose whichever basis it prefers. o C. If management wishes to emphasize the cash realizable value of receivables it will select the percentage of receivables basis. O D. The company must determine its past experience with bad debt losses regardless of which basis it selects.5. Fabric Ca sells to wholesalers on tems of 2/15, net 30. An analysis of Fabric Co.s trade recrivable balances on December 31, 20x1, revealed the following Age in days 0-15 Rearivable balances 180,000 16-30 108,000 90,000 72,000 54000 36,000 31-60 61-90 91-120 121 - 150 Total accounts recrivables 540000 Fabric Co. uses the aging of reoeivables mthod The estimated peroentages of collectablity based on past experiemce are shown bedow: Accounts that are overdue for less than 31 days Accounts that are overdue 31 -60 days Accounts that are overdue 61 -90 days Accounts that are overdue 91 - 120 days Accounts that are overdue for over 120 day 97% 90 65% 40% The allowance for doubeful accounts has a balance of P18,000 as of Janary 1, 20x1. Write-offs and recoveries during the year amounted to P6,000 and P3,000, respectively. How mach is the doubtful accunts epense for the year? a. 15600 b. 9,000 c. 22,600 d. 28,200
