Value inventory using FIFO method: Exercises 10 A11 A12 (1) (1) Protected View -Search (Alt+Q)Review View HelpHome Insert Page Layout Formulas DataTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View.Enable EditingVX✓ fxBCDEFGHKLMNValue inventory using FIFO methodNumber of Units300Jan. 2, purchased merchandise for resaleJan. 12, purchased merchandise for resaleJan. 16, sold merchandise for $40 per unit200220Ex A11 EA12et the mobile appQJaDOshekou dassinРQUnit Cost$2124Jun 8, 2022, 11:37 PMR

Name: Value inventory using FIFO method: Exercises 10 A11 A12 (1) (1) Protec
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Description: Value inventory using FIFO method: Exercises 10 A11 A12 (1) (1) Protected View -Search (Alt+Q)Review View HelpHome Insert Page Layout Formulas DataTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer

Inventory value is the amount at which the inventory in the books is to be reported.

Business

Accounting

H Value inventory using FIFO method Jan. 2, purchased merchandise for resale Jan. 12, purchased merchandise for resale Jan. 16, sold merchandise for $40 per unit M N Number of Units 300 200 220 O P Q Unit Cost $21 24 R

H Value inventory using FIFO method Jan. 2, purchased merchandise for resale Jan. 12, purchased merchandise for resale Jan. 16, sold merchandise for $40 per unit M N Number of Units 300 200 220 O P Q Unit Cost $21 24 R

Pkg Acc Infor Systems MS VISIO CD

10th Edition

ISBN:9781133935940

Author:Ulric J. Gelinas

Publisher:Ulric J. Gelinas

Chapter13: The Accounts Payable/cash Disbursements (ap/cd) Process

Section: Chapter Questions

Problem 5P

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E7-12 (Algo) Using FIFO for Multiproduct Inventory Transactions (Chapters 6 and 7) [LO 6-3, LO 6-4, LO 7-3] Skip to question [The following information applies to the questions displayed below.]FindMe Incorporated, (FI) has developed a coin-sized tracking tag that attaches to key rings, wallets, and other items and can be prompted to emit a signal using a smartphone app. FI sells these tags, as well as water-resistant cases for the tags, with terms FOB shipping point. Assume FI has no inventory at the beginning of the month, and it has outsourced the production of its tags and cases. FI uses FIFO and has entered into the following transactions: January 2 FI purchased and received 330 tags from Xioasi Manufacturing (XM) at a cost of $11 per tag, n/15. January 4 FI purchased and received 130 cases from Bachittar Products (BP) at a cost of $2 per case, n/20. January 6 FI paid cash for the tags purchased from XM on January 2. January 8 FI mailed 230 tags via the U.S. Postal…
S1: When you post an inventory transfer from warehouse 02 to warehouse 01, the system creates an inventory transfer document and a journal entry. S2: Missing inventories due to warehouse theft increases the stock quantities Only S1 is incorrect Both statements are incorrect Only S1 is correct Both statements are correct
4. One of the primary objectives of inventory controls is: Select one: A. Safeguarding inventory from damage or theft. B. Selling inventory at an affordable price C. Both A & B D. None of the above 5. When merchandise is shipped FOB (free on board) Destination: Select one: A. The buyer pays for the shipment. B. Title passes to buyer when merchandise is delivered. C. Title passes to buyer when merchandise is shipped. D. There is no charge for the shipment. 6. Which of the following statement is true regarding inventory costing? Select one: A. Under LIFO, the first units purchased are sold and ending inventory is made up of the most recent purchase B. The cost of ending inventory is the same Under the LIFO and FIFO methods. C. Both statements are true D. None of the above statements are true
set c. C0mpute the sales journal
Module 5 Inventory Perpetual MethodPlease 1) Solve the following 7 transactions 2) Explain the answer as well. Thx Please record the following transactions for inventory using the Perpetucal Methods. 1) Purchases $5000 of goods on account2) Sold inventory that had cost us $300 for $525 on account3) Freight to get merchandise to our customer cost us $504) Accepted a return of merchandise which was the wrong color for the customer. We sold the merchandis for $72 and our cost was $565) We shipped merchandise that had a cost of $790 to our customer for $1050. The customer agreed to pay us in 30 days6) Received a check for the May 15 sale7) Purchased goods for $790 on account and the freight was $50
Exercise 2. Perpetual Inventory Record Electronics Equipment and Much More had an inventory of computers. Using the LIFO method and the perpetual inventory system, the company recorded beginning inventory, purchases, and sales. Determine the cost of merchandise sold and the value of the inventory. Date Detail Quantity (unit cost) May 1 Initial inventory 12 $125 6 Sale 6 8 Purchase 11 110 13 Sale 4 30 Sale 2
May I ask for a solution and explanation to the problem for a better understanding. Thank you! 3. Using Carrot Corp data. What is the inventory turn over for year 2? a. 6 b. 4 c. 3 d. 5
PROBLEM (see pic) REQUIRED:1. What is the EOQ?2. At what inventory level should an order be placed to prevent having to draw on the safety stock?3. What are the total inventory costs, including the costs of carrying the safety stock?4. The wheat processor agrees to pay the elevator removal charges if Strawberry Bread will purchase wheat inquantities of 650,000 bushels. Would it be to Strawberry Bread's advantage to order under this alternative?
This question is from Accounting Information System 9th edition, James A. Hall Chap. 2, Problem 12P (the solution of the coursebook is available on bartleby, but unfortunately I cannot access) System Documentation The following describes the expenditure cycle procedures. The inventory control clerk examines the inventory records for items that must be replenished and prepares a two-part purchase requisition. Copy 1 of the requisition is sent to the purchasing department and Copy 2 is filed. Upon receipt of the requisition, the purchase clerk selects a supplier from the valid vendor journal (reference file) and prepares a three-part purchase order. Copy 1 is sent to the supplier, Copy 2 is sent to the accounts payable department where it is filed temporarily, and Copy 3 is filed in the purchasing department. A few days after the supplier ships the order, the goods arrive at the receiving department. They are inspected and the receiving clerk prepares a three-part receiving report…
EB6. LO 7.3Record the following transactions in the purchases journal: Feb. 2 Purchased inventory on account from Pinetop Inc. (vendor account number 3765), Purchase Order (PO) # 12345 in the amount of $3,456. Feb. 8 Purchased inventory on account from Sherwood Company (vendor account number 5461), PO# 12346, in the amount of $2,951. Feb. 12 Purchased inventory on account from Green Valley Inc. (vendor #4653), PO# 12347, in the amount of $4,631.
Narrative 1: Good Buy, Inc (good-buy.com) Good Buy, Inc. (a fictitious company) sells a variety of consumer pro-ducts through its Web site, good-buy.com. Good Buy's IT infrastructure consists of a front-end Web server that interacts with customers and a back-end ERP system that manages the inventory and performs other typical ERP functions. The sales order process begins when a customer logs an to the good-buy.00m Web site. The customer requests the company catalog and the Web server obtains the current Good Buy online catalog fmm the ERP system, which sends the catalog to the Web server, and the server displays it to the customer. The customer selects the items and quantities that he or the wants to purchase; the Web server edits the customer input for accuracy (e.g, ensures that all required fields have been selected or frilled in) and sends this list on to the ERP system, where the requested quantities of inventory are allocated for the sale. The ERP sends back to the Web server the quantities that have been allocated, and the Web serverdisplays this information on the customer's semen. The customer verifies that the order is correct and completes the sale by entering his or her shipping and credit card information. The Web server edits this data for accuracy (e.g, enmra that all required fields have been selected or filled in and that the length of the entered credit card number is correct) and sends the credit card information and amount of the sale on to the credit card company. The credit card company sends back a verification number, and the Web server notifies the customer that the sale has been completed by displaying a confirmation number on the customer's screen. The Web server also notifies the ERP system that the sale has been completed, and the ERP system changes the status of the inventory from allocated to sold, prints a pick-ing ticket or packing slip in the warehouse, and records (on the enterprise database) a sale and an account receivable from the credit card company. Use the narrative(s) as selected by your instructor, to prepare a table of entities and activities.
Narrative 1: Good Buy, Inc (good-buy.com) Good Buy, Inc. (a fictitious company) sells a variety of consumer pro-ducts through its Web site, good-buy.com. Good Buy's IT infrastructure consists of a front-end Web server that interacts with customers and a back-end ERP system that manages the inventory and performs other typical ERP functions. The sales order process begins when a customer logs an to the good-buy.00m Web site. The customer requests the company catalog and the Web server obtains the current Good Buy online catalog fmm the ERP system, which sends the catalog to the Web server, and the server displays it to the customer. The customer selects the items and quantities that he or the wants to purchase; the Web server edits the customer input for accuracy (e.g, ensures that all required fields have been selected or frilled in) and sends this list on to the ERP system, where the requested quantities of inventory are allocated for the sale. The ERP sends back to the Web server the quantities that have been allocated, and the Web serverdisplays this information on the customer's semen. The customer verifies that the order is correct and completes the sale by entering his or her shipping and credit card information. The Web server edits this data for accuracy (e.g, enmra that all required fields have been selected or filled in and that the length of the entered credit card number is correct) and sends the credit card information and amount of the sale on to the credit card company. The credit card company sends back a verification number, and the Web server notifies the customer that the sale has been completed by displaying a confirmation number on the customer's screen. The Web server also notifies the ERP system that the sale has been completed, and the ERP system changes the status of the inventory from allocated to sold, prints a picking ticket or packing slip in the warehouse, and records (on the enterprise database) a sale and an account receivable from the credit card company. Use the narrative(s) as selected by your instructor, to prepare a table of entities and activities. Annotate the table of entities and activities to indicate on this table the groupings, bubble numbers, and bubble titles to be used in preparing a level 0 logical DFD. Prepare a logical DFD (level 0 only) based on the table you prepared. If you completed any of the previous problems, use that information to help you construct the diagram. a. Use Microsoft Visio, any other diagramming software or another Microsoft office product such as Excel to create the diagram you drew in SP 4-7.