He Required information [The following information applies to the questions displayed below.] Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost $102,000 102,000 105,000 203 207 210 During 2021, each of the three autos sold for $132,000. Additional purchases (listed in chronological order) and sales for the year were as follows: TIT Car ID 211 Selling Price $132,000 135,000 Cost $102,000 102,000 103,500 105,000 108,000 106,500 111,000 108,300 114,000 212 213 not sold 138,000 142,500 not sold 147,000 148,500 not sold 214 215 216 217 218 219 2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. FIFO Periodic Ending inventory Cost of goods sold

He Required information [The following information applies to the questions displayed below.] Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost $102,000 102,000 105,000 203 207 210 During 2021, each of the three autos sold for $132,000. Additional purchases (listed in chronological order) and sales for the year were as follows: TIT Car ID 211 Selling Price $132,000 135,000 Cost $102,000 102,000 103,500 105,000 108,000 106,500 111,000 108,300 114,000 212 213 not sold 138,000 142,500 not sold 147,000 148,500 not sold 214 215 216 217 218 219 2. Calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system. FIFO Periodic Ending inventory Cost of goods sold

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Description: blackboard.american.edu%2...SavedTV ToRequired informationHelpSave & ExitThe following information applies to the questions displayed below.]Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; how

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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24) April 4, 2020 Smith and West, who uses the Perpetual inventory system, purchased 1000 widgets from ABC company on account, at a cost of $5 each. HST is applied and they charged the goods, PI-26. Terms: 5/10 n/30. On April 10, Smith and West sold 200 widgets to Mr. T on account at a price of $14 each. HST was collected. Terms: 5/10 n/30. What would be the 1st journal entry to record this transaction? (Hint: There are 2 journal entries) 1.Debit - Sales $2,800, HST Payable $364 </> Credit - A/P - Mr. T $3,164 2.Debit - Cash $3,164 </> Credit - Sales $2,800, HST Payable $364 3.Debit - A/R - Mr. T $3,164 </> Credit - Sales $2,800, HST Payable $364 4.Debit - Sales $2,800, HST Payable $364 </> Credit - A/R - Mr. T $3,164
Genuine Accessories Inc. is a wholesaler of automobile and truck accessories. Genuine Accessories began operations in November of the current year and engaged in the following transactions dur-ing November and December of this year. Genuine Accessories uses a perpetual inventory system. Nov. 3 Purchased $400,000 of automotive accessories, terms n/30.Nov. 15 Sold $300,000 of automotive accessories, terms n/60. The cost of the accessories soldis $200,000.Nov. 28 Purchased $600,000 of automotive accessories, terms n/45.Dec. 3 Settled the $400,000 purchase of November 3.Dec. 15 Sold $750,000 of automotive accessories, terms n/60. The cost of the accessories soldis $500,000.Dec. 27 Purchased $900,000 of automotive accessories, terms n/30.Instructionsa. Compute the gross profit on Genuine Accessories’s transactions during November andDecember.b. Compute the gross profit on Genuine Accessories’s transactions during November and Decemberif a cash-basis accounting system was used.c. Explain the…
1. Below is part of the profit and loss statement for MNC Car Repair cc. N$ 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.
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April 4, 2020 Smith and West, who uses the Perpetual inventory system, purchased 1000 widgets from ABC company on account, at a cost of $5 each. HST is applied and they charged the goods, PI-26. Terms: 5/10 n/30. On April 10, Smith and West sold 200 widgets to Mr. T on account at a price of $14 each. HST was collected. Terms: 5/10 n/30. Debit - A/R - Mr. T $3,164 </> Credit - Sales $2,800, HST Payable $364 25) What would be the 2nd journal entry to record this transaction? 1.Debit - Cost of Goods Sold $1,000 </> Credit - Inventory $1,000 2.Debit - Inventory $1,000 </> Credit - Cost of Goods Sold $1,000 3.Debit - Cost of Goods Sold $1,000 </> Credit - Purchases $1,000 4.Debit - Cash $1,000 </> Credit - Inventory $1,000
Willow Traders is a nursery in Diepkloof. It is owned by Violet who is studying part‐time at Rosebank College. Willow Traders uses the perpetual inventory system to record inventorytransactions. Mark‐up is 20% on cost on all good sold.VAT can be ignored on all transactions. The following transactions took place in the month of August 2020:NO DATE TRANSACTION2.1 1 Owner contributed a delivery vehicle valued at R200 0002.2 4 Purchased goods for cash R10 000 and received a trade discount of5%2.3 6 Sold 10 Pecan Trees at R50 each for cash to Lilly Rogers2.4 15 Paid R300 cash for an advert in the local newspaper 2.5 20 Violet took a rose tree as a birthday present for her sister. Rose treesare sold at R75 each question- AOL Analyse each of the above transactions and complete the table as follows:Example: Paid R200 for Telephone AccountNO ACCOUNTDEBITEDACCOUNTCREDITEDASSETS OWNER’SEQUITYLIABILITIESExample Telephone Bank ‐200 ‐200 Show the double-entry (debit and credit general ledger…
Please present your solution in good accounting form. Thank you! 1.) What is the inventory value of the units unsold in the hands ofthe consignee?A. 150,000 C. 154,500B. 153,000 D. 157,500 2.) What is the profit of the consignor for the units sold?A. 24,000 C. 27,000B. 26,000 D. 70,000
On May 11, 2022, Babolat Purchasing purchased $23,000 of merchandise from Polystring Pro; terms 2/10, n/90, FOB Shipping point. The cost of the goods to Polystring was $16,000. Babolat paid $1,300 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Babolat returned $3,500 of goods to Polystring Pro, which restored them to inventory. On May 15, Babolat sent its payment to Polystring. Present the journal entries that Babolat Purchasing should record for these transaction
A. Based on the fundamental principle of IAS2, identify two (2) circumstances where the NRV of inventory might be lower than its cost? B. Storm Inc. had 500 units of Product X at 30 June 2020 in inventory. The product had been purchased at list price of $18 per unit and normally sells for $24 per unit. Additional information relating to the units in inventory: VAT – 10%; wharehousing cost - $0.55 per unit; purchase discount - $0.40 per unit; carriage inwards - $0.60 per unit. Recently , Product X started to deteriorate but can still be sold for $24 per unit, provided that some rectification/re-packaging work is undertaken at a cost of $3 per unit. Required: At what amount would Product X be required to be stated on 30 June 2020? Provide detailed analysis to support your answer
Referring to the situation in P9.2 for Garcia Home Improvement Company, consider the following expanded data at May 31, 2020. Assume Garcia uses LIFO inventory costing. Cost ReplacementCost SalesPrice Net RealizableValue NormalProfit Aluminum siding $ 70,000 $ 62,500 $ 64,000 $ 56,000 $ 5,100 Cedar shake siding 86,000 79,400 94,000 84,800 7,400 Louvered glass doors 112,000 124,000 186,400 168,300 18,500 Thermal windows 140,000 126,000 154,800 140,000 15,400 Total $408,000 $391,900 $499,200 $449,100 $46,400 Instructions a. 1. Determine the proper balance in Allowance to Reduce Inventory to Market at May 31, 2020. 2. For the fiscal year ended May 31, 2020, determine the amount of the gain or loss that would be recorded due to the change in Allowance to Reduce Inventory to Market. Prior to adjustment, the Allowance account had a balance of $27,500. b. Explain the rationale for the use of the lower-of-cost-or-market rule as it…
Kk129. Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27, 2021. Net Solution paid ABC Shipping agency $136 for the delivery and paid the balance on Nov 4. Assume the company uses perpetual inventory system. Journalize all the transactions for Net Solutions.
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