Your answer is incorrect.Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO,and average-cost). (Round answers to O decimal places, e.g. 1,250.)FIFOLIFOAVERAGE-COSTThe ending inventory$42424The cost of goods sold242$ Concord Distribution markets CDs of the performing artist Unique. At the beginning of October, Concord had in beginninginventory 2,000 of Unique's CDs with a unit cost of $7. During October, Concord made the following purchases of Unique's CDs.Oct. 32,500@$8Oct. 193,000$10@Oct. 93,500@$9Oct. 254,000$11@During October, 10,800 units were sold. Concord uses a periodic inventory system.(a)Your answer is correct.Determine the cost of goods available for sale.Cost of goods available for sale2$139,500eTextbook and MediaAssistance UsedeTextbookAttempts: 2 of 3 used(b1)V Your answer is correct.Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.)Cost per unit$49.3

Inventory: It refers to the items held by an organization which were in various forms like raw…

Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $4 24 $4 The cost of goods sold $4 24 24

Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to O decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $4 24 $4 The cost of goods sold $4 24 24

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system.
On June 1, DD Company shipped twenty five DVD to BB View Store on consignment. The DVD is to be sold at an advertised price of P200 per item. The cost of each DVD to the consignor is P100. The consignor paid P75 to ship the merchandise. Commission is to be 25% of sales price. During the month, two DVD were returned. On June 30, BB View Store remitted the amount due to consignor after deducting commission of P400. The cost of inventory on consignment amounted to: The net income of the consignor for the month is: The cost of inventory on consignment amounted to:
Vaughn Distribution markets CDs of the performing artist Unique. At the beginning of October, Vaughn had in beginning inventory 2,000 of Unique’s CDs with a unit cost of $5. During October, Vaughn made the following purchases of Unique’s CDs. Oct. 3 2,500 @ $6 Oct. 19 3,000 @ $8 Oct. 9 3,500 @ $7 Oct. 25 4,000 @ $9 During October, 10,850 units were sold. Vaughn uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale $109500 Calculate cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Cost per unit $_______________ Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). (Round answers to 0 decimal places, e.g. 1,250.) FIFO LIFO AVERAGE-COST The ending inventory $____________ $____________…
Teal Mountain Inc. markets CDs of numerous performing artists. At the beginning of March, Teal Mountain Inc. had in beginning inventory 2,590 CDs with a unit cost of $7. During March, Teal Mountain Inc. made the following purchases of CDs. March 5 1,950 @ $8 March 21 5,240 @ $10 March 13 3,400 @ $9 March 26 1,970 @ $11 During March 11,280 units were sold. Teal Mountain Inc. uses a periodic inventory system. Which cost flow method results in (1) the highest inventory amount for the balance sheet and (2) the highest cost of goods sold for the income statement? (1) Average-costFIFOLIFO produces the highest inventory amount. (2) Average-costFIFOLIFO produces the highest cost of goods sold.
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit $Type your answer here
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale ? Calculate weighted average cost per unit. (Round answer to 2 decimal places, e.g. 2.25.) Weighted average cost per unit ? Determine (1) the ending inventory and (2) the cost of goods sold under each of the assumed cost flow methods (FIFO, LIFO, and average-cost). Prove the accuracy of the cost of goods sold under the FIFO and LIFO methods. (Round answers to 0 decimal places, e.g. 1,250. Use weighted-average unit cost rounded to 2 decimal places…
Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October, Concord had in beginning inventory 2,500 of Fishe’s CDs with a unit cost of $7. During October, Concord made the following purchases of Fishe’s CDs. Oct. 3 3,125 @ $8 Oct. 19 3,750 @ $10 Oct. 9 4,375 @ $9 Oct. 25 5,000 @ $11 During October, 13,625 units were sold. Concord uses a periodic inventory system. Determine the cost of goods available for sale. Cost of goods available for sale $Type your answer here
In December, Brown Company shipped 20 books on consignment to booksellers. The consignor maintains a cost accounting system and PERPETUAL inventory records; The cost of producing each book is $30. At the end of December, the sales agent reported the sale of 6 books at a price of @ 49.75, per piece and remitted the proceeds after deducting the 20% commission and $15 freight charges, which the consignee paid when the books were received. What journal entries should be prepared in: The consignee's book with the assumption that the profit from the consignment is not recorded separately in the consignee's book? the consignor's book with the assumption that the profit from the consignment is not recorded separately in the consignor's book?
The Wilson Publishing Company ships 4-volume sets of Management Encyclopedia to book dealers on consignment. The sets are to be sold at an advertised price of P4,950. The estimated cost per set is P2,500. Consignees are allowed a commission of 30% of the sales price and are to be reimbursed for the cartage relating to consigned goods. On December 8, 2009, 100 sets were sent to the Cora Book Store on consignment. The consignor estimated that packing charges of P850 were related to the books shipped. The shipment cost paid by the consignor was P2,000. The consignee paid P300 for the cartage on sets received. Sixty sets were sold on December 31. Both consignee and consignor take physical inventories and adjust and close their books at year end. Required: Prepare an account sales to be submitted by the consignee at the end of December. Give the journal entries for December on the books of the consignee Give the journal entries for December on the books of the consignor