Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the necessary adjusting entry for each of the following independent cases using the cost of goods sold account. Case 1            Physical count as of April 30 $43,100      Perpetual inventory records as of April 30 41,800         Case 2            Physical count as of April 30 $37,800      Perpetual inventory records as of April 30 38,30

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: given that,  the company uses LIFO method of inventory valuation - as per LIFO method units…

Q: A company reports inventory using the lower of cost and net realizable value (NRV). Below is…

A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…

Q: Gato Inc. had the following inventory situations to consider at January 31, its year-end. (a1)…

A: (a) Goods held on consignment for steel Corp. Since December 12: Answer: Goods held on consignment…

Q: The following is information regarding inventory of Dili Ltd during September 2019. Dili Ltd uses a…

A: FIFO stands for First-In, First-Out.  In the FIFO inventory method, purchases at first will be sell…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: As per the perpetual inventory system, a detailed and continuous record of inventory purchased or…

Q: What was the cost of goods sold using the FIFO cost flow assumption under a periodic inventory…

A: Units Cost per unit Total cost 1/1 400 3200 1280000 6/6 800 3600 2880000 9/10 1200 4000…

Q: The Sherri’s Retail Shop uses the FIFO retail inventory method to determine its ending inventory.…

A: In this numerical has covered the concept of Retail Method of Inventory Valuation

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: Assume the perpetual inventory system is used unless stated otherwise. Accounting principles for…

A: Given information is: Some of M and C Electronics’s merchandise is gathering dust. It is now…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Introduction: FIFO Method: FIFO stands for First in First out. Which means First received inventory…

Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: FIFO is the inventory method in which inventory purchased first will be sold first. This is also…

Q: Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting…

A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to…

Q: Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the…

A: Perpetual Inventory Method In Perpetual inventory system any shortage (that means shortage through…

Q: The following data represent the beginning inventory and, in order of occurrence, the purchases and…

A: Cost of Goods sold for sale no. 2 Units left from purchases on Units   Rate   Total Beginning…

Q: AAA Company uses a periodic inventory system and has the following information regarding its…

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: The Numerical has covered the concept of Valuing Ending Inventory Under FIFO, LIFO,  Average Method.…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Calculation of Cost of Goods Sold and value of ending inventory using FIFO Method, Periodic…

Q: Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the…

A: Inventory means the stock lying with business. There might be difference between the physical…

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Calculating the ending inventory and cost of goods sold using the FIFO  is as follows:

Q: ABC Co. uses a perpetual inventory system and uses the LIFO cost flow assumption. Calculate the…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: LIFO means "Last in, First out". It assumes that the latest purchases are sold first.

Q: Paul Corporation uses FIFO and reports the following inventory information:   Cost NRV December 31,…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Cullumber uses the conventional retail method to determine its ending inventory at cost. Assume the…

A: Cost to retail ratio = (Merchandise available for sale at cost / Merchandise available for sale at…

Q: Tower Junction has Cost of Goods Sold of $112000 before adjusting entries. The physical count of…

A: The COGS account would be reduced whenever there is an overstatement in the physical inventory as…

Q: Inventory information for Part 311 of Marigold Corp. discloses the following information for the…

A: Under the perpetual inventory system, the inventory account is adjusted for every purchase or sales…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: Cost of goods sold: Cost of goods sold is the accumulated total of all direct costs incurred in…

Q: Inventory information for Part 311 of Novak Corp. discloses the following information for the month…

A:

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A: Average cost per unit = Total cost of purchaseNumber of units purchased…

Q: The following units of an inventory item were available for sale during the year. Use this…

A: FIFO method of costing inventory states that the items purchased first will be sold out first, and…

Q: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available…

A: FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

Q: Tyler Company has the following information related to purchases and sales of one of its inventory…

A:

Q: June 1 Balance 11 Purchased 20 Purchased 450 units @ $1 1,200 units @ $2 750 units @ $3 300 units @…

A: .FIFO: This is a method of  inventory valuation .Asset acquired first are sold first in this method…

Q: Delmar Industries uses the perpetual inventory method in accounting for inventory. Prepare the…

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income…

Q: Assume the perpetual inventory system is used unless stated otherwise.Accounting principles for…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Hamilton Company uses a periodic inventory system. At the end of the annual accounting period,…

A: Inventory is one of the important current asset of the business. There are several methods used for…

Q: Nittany Company uses a periodic inventory system. At the end of the annual accounting period,…

A: FIFO - First in first out is the method of inventory where the goods purchased are sold first and…

Q: For all problems, assume the perpetual inventory: system is used unless stated otherwise. Accounting…

A: Prepare the journal entries.

Q: ABBA uses the weighted average inventory cost flow assumption under the perpetual inventory system.…

A: Journal entry - It refers to the process where the business transactions are recorded in the books…

Q: The cost of merchandise sold and merchandise inventory is determined from the inventory cost flow…

A: Cost Accounting:- Cost accounting’s main aim to capture the total or overall costs of the firm that…

Q: What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the…

A: The Numerical has covred the concept of Inventory Valuation Under FIFO, LIFO, Average Methode In the…

Q: Irene uses a calendar-year accounting period and a periodic inventory system. Assume Irene had the…

A: Effects of given situations is as follows:

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: In perpetual inventory systems, the accounts are kept up to date on a daily basis. The transactions…

Q: Salmone Company reported the following purchases and sales of its only product. Salmone uses a…

A: LIFO means last in first out where as FIFO means first in first out. In FIFO , cost of goods sold is…

Q: On June 30, Cullumber Fabrics has the following data pertaining to the retail inventory method.…

A: Ending inventory = Cost of goods available for sales - Cost of sales

Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…

A: Calculations: