FULL SCREENPRINTER VERSIONNEXTOURCESDo It! Exercise 6-02 a-cvork5-02 a-d5-04 a-elThe accounting records of Americo Electronics show the following data.Beginning inventory 3,000 units at $5Purchases8,000 units at $7-C (Partn.L.a2, bmission)Sales9,400 units at $10X Your answer is incorrect. Try again.y StudyDetermine cost of goods sold during the period under a periodic inventory system using the FIFO method.(Round answer to 0 decimal places, e.g. 1,250.)FIFOwwwwwwwwwwwwww..Cost of goods sold during the periodLINK TO TEXTX Your answer is incorrect. Try again.eement | Privacy Policy | © 2000-2021 John Wiley & Sons. Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.21.1 CALCULATORFULL SCREENPRINTER VERSION1 BACKNEXTSOURCESX Your answer is incorrect. Try again.ework= 6-02 a-ce 6-04 a-velDetermine cost of goods sold during the period under a periodic inventory system using the LIFO method.(Round answer to 0 decimal places, e.g. 1,250.)а-с (Partion)al,a2, bbmission)LIFOCostgoods sold during the periodby StudyLINK TO TEXTX Your answer is incorrect. Try again.Determine cost of goods sold during the period under a periodic inventory system using the average-costmethod. (Round average-cost per unit to 3 decimal places, e.g. 12.502 and final answer to 0 decimalplaces, e.g. 1,250.)Average-costCost of goods sold during the periodreement | Privacy Policy | © 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.21.1

Solution 1- Calculation Cost of good sold under…

Answered: Do It! Exercise 6-02 a-c The accounting…

Do It! Exercise 6-02 a-c The accounting records of Americo Electronics show the following data. Beginning inventory 3,000 units at $5 Purchases 8,000 units at $7 Sales 9,400 units at $10

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 2.3C

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NEEDED IN 10 MINUTES Computational. ABC sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 20X3.Date Purchased Sold Balance of PurchaseJanuary 1 (Inventory beginning) 3,000 units @ P250PurchasesJanuary 24, 3,300 units @ P260June 11, 2,140 units @ P280SalesFebruary 8, 4,800 units @ P350March 16, 1,060 @ P350For the 6 months under weighted average cost (periodic) determine the gross profit (Sample answer: 254,360. Round off your answer to the nearest peso)
A trial balance contains the following:$Opening inventory 1,000Closing inventory 2,000Purchases 10,000Purchases returned 200Carriage inwards 1,500Prompt payment discounts received 800What is the cost of sales figure?A $8,800B $9,500C $10,300D $12,300
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
Please show the complete solution. Thank you so much. 1. On January 5, CRYSTAL LANCER Company purchased 5,000 units of Class A inventory at P100 each and 10,000 units of Class B inventory at P80 each under credit terms of 3/10, EOM. The Class A type was paid on January 15 and the Class B type on January 25. Q1. Under the gross method, what amount of net purchases should be included in computing total goods available for sale?a. P1,300,000b. P1,261,000c. P1,285,000d. P1,276,000 Q2. Under the net method, what amount of net purchases should be included in computing total goods available for sale?a. P1,300,000b. P1,261,000c. P1,285,000d. P1,276,000
Q-2: The following information is available for ANTM Company: Beginning inventory First purchase Second purchase 600 units at € 5 900 units at € 6 500 units at € 7 Assume that ANTM uses periodic inventory system and that there are 800 units left at the end of the month. Instructions Compute each of the following under the average-cost method: (a) Cost of ending inventory. (b) Cost of goods sold.
Ivanhoe center began opsratons on July 1. It uses a parpstual invantory system. Uuring July, the company had the following purchases and aales. Calsulate waighted-avarage unit cost (Round answers to 3 decimal places, eg. 15.251.) July 1$ July6 $ July 11$ July 14$ July 21$ July 27$ (a2) Determins the ending imentory under a perpatual inventory system using (1) FIFO, (2) moving-average, and (3) LIFO. (For calculation and answers purpose round unit costs to 3 decimal places, eg. 15.251 and ending inventory values to 0 decimal places, eg. 515.) Attempts: 0 of 3 used Using multiple attempts will impact your score. 2096 scors reduction after attempt 2 (b) The parts of this question must be completed in order. This part will be available when you complete the part above.
Please help me do a general jounrnal for this scenario: Master Flow purchased 500 Units @ $100 / Unit in plumbing fixtures from Kohler, Inc. toestablish the Company’s initial merchandise inventory. The Company opened a tradeaccount with Kohler with a $60,000 Credit Limit. The terms of all purchases with thisvendor are 2/10, N60. You talk to Scott about the Inventory accounting and valuationmethods to use. You agree to use the Perpetual Inventory Method with LIFO.
The trial balance os Skysong Company at the end of its fiscal year, August 31, 2022 includes these accounts: Inventory $20,500; Purchases $174,200; Sales Revenue $225,000; Freight-In $5,500; Sales Discount $3,700; Sales Returns and Allowances $4,300; Freight-Out $2,000; Purchase Discounts $3,400; Purchase Returns and Allowances $2,900. The ending Inventory is $27,478. Do not give answer in image
2. The Vanity, Inc., had the following inventory transactions in January:1/1 Purchased 200 units @ $3.00 per unit1/15 Sold 60 units1/21 Purchased 100 units @ $5.00 per unit1/31 Purchased 40 units @ $10.00 per unitVanity's inventory at the beginning of the month was $400.00 (200 units). What was Vanity'scost per unit at the end of January, using the moving average method?a. $3.00b. $3.65c. $4.00d. $6.00 Please show work. Do not use excel Example solution given below 14. The Vanity, Inc., had the following inventory transactions in January:1/1 Purchased 200 units @ $3.00 per unit1/15 Sold 40 units1/21 Purchased 300 units @ $5.00 per unit1/31 Purchased 40 units @ $10.00 per unitVanity's inventory at the beginning of the month was $400.00 (200 units). What was Vanity'scost per unit at the end of January, using the moving average method?a. $3.00b. $2.00c. $4.00d. $6.00 Q14.Since the company uses the moving average method, we need to update the inventorycost per unit whenever there is a…
Answer the following 2 questions based on the information in the spreadsheet you created below: Year 1 Year 2 Year 3 Year 4 $ % $ % $ % $ % Net Sales $ 500,000.00 100.00% $ 540,000.00 100.00% $ 577,800.00 100.00% $ 612,468.00 100.00% Cost of goods 265,000.00 53.00% $ 283,500.00 52.50% $ 300,456.00 52.00% $ 321,545.70 52.50% Gross Margin 235,000.00 47.00% $ 256,500.00 47.50% $ 277,344.00 48.00% $ 290,922.30 47.50% Operating expenses 210,000.00 42.00% $ 226,800.00 42.00% $ 245,565.00 42.50% $ 257,236.56 42.00% Operating proft 25,000.00 5.00% $ 29,700.00 5.50% $ 31,779.00 5.50% $ 33,685.74 5.50% 1. What can Mr. Ptolemy do to achieve the gross margin percentage goal set for the third and fourth years? Hint: What factors and elements of a P & L statement affect gross margin %?(List at least 2 things) 2. What efforts should Mr. Ptolemy make in the third and…
Novak Company’s record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 440 @ $7.50 April 5 640 4 740 @ 7.70 12 540 11 640 @ 8.00 27 1,480 18 540 @ 8.00 28 150 26 940 @ 8.40 30 540 @ 8.70 (a1) Your Answer Correct Answer Correct answer iconYour answer is correct. Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.) Average-cost per unit $ eTextbook and Media Solution Attempts: 3 of 3 used (a2) Your Answer Correct Answer (Used) Partially correct answer iconYour answer is partially correct. Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. (1)…
Brief Exercise 8-2 Metlock Company uses a perpetual inventory system. Its beginning inventory consists of 73 units that cost $49 each. During June, (1) the company purchased 218 units at $49 each, (2) returned 9 units for credit, and (3) sold 181 units at $73 each.Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) (2) (3) (To record sales) (To record cost of goods sold)