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- 10points eBook Print References Check my workCheck My Work button is now enabled Item 2 Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. 5 Sold $2,700 of merchandise for $3,100; terms n/15. Journal entry worksheet Record the cost of sale.eBook Show Me How Question Content Area Cost Flow Methods The following three identical units of Item LO3V are purchased during April: Item Beta Units Cost April 2 Purchase 1 $196 April 15 Purchase 1 199 April 20 Purchase 1 202 Total 3 $597 Average cost per unit $199 ($597 ÷ 3 units) Assume that one unit is sold on April 27 for $255. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) $fill in the blank 1 $fill in the blank 2 b. Last-in, first-out (LIFO) $fill in the blank 3 $fill in the blank 4 c. Weighted average cost $fill in the blank 5 $fill in the blank 6 Please don't provide answer image based thnxeBook Show Me How Print Item Question Content Area Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $800,100 $630,000 Cost of merchandise sold 669,600 540,000 Gross profit $130,500 $90,000 Selling expenses $38,610 $33,000 Administrative expenses 33,750 27,000 Total operating expenses $72,360 $60,000 Income before income tax expense $58,140 $30,000 Income tax expenses 23,300 12,000 Net income $34,840 $18,000 Question Content Area a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop CompanyComparative Income StatementFor the Years Ended December 31 CurrentyearAmount PreviousyearAmount…
- 23 please quickly thanks! calculations See the transactions in the picture presented. a. Record the journal entries of the transactions on Nov 6th. (Assuming the purchase is on credit) b. How much is the merchandise sold using perpetual LIFO method? (Show the calculations) C. How much is the gross profit in November? Nov 1 Inventory 140units at $25 Nov 6 Credit Sales 60 units at $30 (Selling price) Nov 14 Purchase 100 units at $22 Nov 19 Credit Sales 80 units at $30 (Selling price) Nov 25 Credit Sales 60 units at $30 (Selling price) Nov 30 Purchase 70 units at $20eBook Print Item Question Content Area Fitbands’ estimated sales are: Oct. $131,969 Nov. 195,702 Dec. 249,299 Jan 124,289 Feb. 124,262 Mar. 124,354 What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale? Round your answers to two decimal places. Ending Balance January $fill in the blank 1 February fill in the blank 2 March fill in the blank 3QUESTION The following information is available for work compan for 2019: Freigth-in 33,000 Purchase returns 65,000 Selling expenses 390,000 Ending inventory 180,000 the cost of goods sold is equal to 300% of selling expenses instruction what is the cost of goods available for sale?
- eBook Show Me How Print Item Question Content Area Liability Transactions The following items were selected from among the transactions completed by Shin Co. during the current year: Jan. 10. Purchased merchandise on account from Beckham Co., $144,000, terms n/30. Feb. 9. Issued a 30-day, 7% note for $144,000 to Beckham Co., on account. Mar. 11. Paid Beckham Co. the amount owed on the note of February 9. May 1. Borrowed $139,200 from Verity Bank, issuing a 45-day, 8% note. June 1. Purchased tools by issuing a $81,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 7%. 15. Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $139,200. (Journalize both the debit and credit to the notes payable account.) July 30. Paid Verity Bank the amount due on the note of June 15. 30. Paid Rassmuessen Co. the amount due on the note of June 1. Dec. 1. Purchased office equipment from Lambert…1. Below is part of the profit and loss statement for MNC Car Repair cc. N$ Inventory (1 September 2018) 6,000.00 FACULTY OF EDUCATION Page 17 of 17 Cost of sales 86,000.00 Inventory (31 August 2019) 12,000.00 Calculate the amount of purchases. Show your calculations.Check my workCheck My Work button is now enabled2 Item3 Item 3 Part 1 of 3 10 points Item Skipped Required information M7-11 to 13 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO, LIFO, and Weighted Average Cost [LO 7-3] [The following information applies to the questions displayed below.] In its first month of operations, Literacy for the Illiterate opened a new bookstore and bought merchandise in the following order: (1) 220 units at $6 on January 1, (2) 490 units at $7 on January 8, and (3) 790 units at $8 on January 29. M7-11 Calculating Cost of Goods Available for Sale, Cost of Goods Sold, and Ending Inventory under Periodic FIFO [LO 7-3] Assume 950 units are on hand at the end of the month, calculate the cost of goods available for sale, ending inventory, and cost of goods sold under FIFO. Assume a periodic inventory system is used. (Round "Cost per Unit" to 2 decimal places.)
- Directions: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…eBook The following is selected information from Mars Corp. Inventory, February 28, 2018 $454,000 Inventory, March 31, 2018 330,000 Purchase Discounts 12,600 Purchase Returns and Allowances 23,800 Sales 277,700 Sales Discounts 34,630 Gross Purchases 127,700 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. Net purchases $fill in the blank 1 Cost of Goods Sold $fill in the blank 2Find the outstanding balance. Jack purchased merchandise with a list price of $156,000 and is offered a trade discount of 20% and terms of sale of 3/10, n30. He makes a $55,000 partial payment on day 8.
