iPad ? 10:52 AM O ni 77% v2.cengagenow.com My Home Assignments | Overview Online teaching and learning resou... Cengage Learning CengageNOWv2| Online teaching and learning resource from Cengage Learning Close Window Print 1. PE.05-03B eBook Show Me How Show Me How Purchases Journal The following purchase transactions occurred during March for Celebration Catering Service: Mar. 11. Purchased party supplies for $610, on account from Party Hearty Supplies Inc. Mar. 14. Purchased party supplies for $312, on account from Fun 4 All Supplies Inc. Mar. 27. Purchased office furniture for $2,480, on account from Office Space Inc. Record these transactions in the following purchases journal. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required". PURCHASES JOURNAL DATE Account Credited Post. Ref. Accounts Payable Cr. Party Supplies Dr. Other Accounts Dr. Post. Ref. Amount Mar. 11 Mar. 14 Mar. 27 2. PE.05-04B eBook Show Me How Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME Colonial Inc. ADDRESS 5000 Grand Ave. Date Item Post. Ref. Debit Credit Balance Jan. 1 Balance 92

iPad ? 10:52 AM O ni 77% v2.cengagenow.com My Home Assignments | Overview Online teaching and learning resou... Cengage Learning CengageNOWv2| Online teaching and learning resource from Cengage Learning Close Window Print 1. PE.05-03B eBook Show Me How Show Me How Purchases Journal The following purchase transactions occurred during March for Celebration Catering Service: Mar. 11. Purchased party supplies for $610, on account from Party Hearty Supplies Inc. Mar. 14. Purchased party supplies for $312, on account from Fun 4 All Supplies Inc. Mar. 27. Purchased office furniture for $2,480, on account from Office Space Inc. Record these transactions in the following purchases journal. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required". PURCHASES JOURNAL DATE Account Credited Post. Ref. Accounts Payable Cr. Party Supplies Dr. Other Accounts Dr. Post. Ref. Amount Mar. 11 Mar. 14 Mar. 27 2. PE.05-04B eBook Show Me How Accounts Payable Subsidiary Ledger The debits and credits from two transactions are presented in the following creditor's (supplier's) account: NAME Colonial Inc. ADDRESS 5000 Grand Ave. Date Item Post. Ref. Debit Credit Balance Jan. 1 Balance 92

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter3: Setting Up A New Company

Section: Chapter Questions

Problem 3.4C

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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 thnx
(Learning Objective 2: Apply various inventory costing methods) A Gold MedalSports outlet store began August 2018 with 42 pairs of running shoes that cost the store $31each. The sales price of these shoes was $63. During August, the store completed these inventory transactions:Units Unit CostSale ............. 16 $319 Purchase...... 81 33$6313 Sale ............. 26 31 63Sale ............. 33 6422 Sale ............. 36 33 6429 Purchase...... 18 35Aug 218 13Unit Sales PriceRequirements1. The preceding data are taken from the store’s perpetual inventory records. Which costmethod does the store use? Explain how you arrived at your answer.2. Determine the store’s cost of goods sold for August. Also compute gross profit for August.3. What is the cost of the store’s August 31 inventory of running shoes?
(Learning Objective 2: Compare gross profit—FIFO vs. LIFO—falling prices)Suppose a Target store in Chicago, Illinois, ended November 2018 with 500,000 units of merchandise that cost $8.00 each. Suppose the store then sold 110,000 units for $960,000 duringDecember. Further, assume the store made two large purchases during December as follows:Dec 8 35,000 units @ $6.10 = $213,50028 50,000 units @ $5.20 = $260,000Requirements1. Calculate the store’s gross profit under FIFO and LIFO at December 31.2. What caused the FIFO and LIFO gross profit figures to differ?
Solve the following, Ps. add Purchases of P100,000 on Case No.1 (3-5) to complete the problem.
(Learning Objectives 1, 2: Show how to account for inventory transactions; applythe FIFO cost method) Spear Corporation’s inventory records for its retail division show thefollowing at May 31:May 1 Beginning inventory ............... 10 units @ $160 = $1,60015 Purchase................................. 5 units @ 161 = 80526 Purchase................................. 14 units @ 170 = 2,380At May 31, 11 of these units are on hand. Journalize the following for Spear Corporation underthe perpetual system:1. Total May purchases in one summary entry. All purchases were on credit.2. Total May sales and cost of goods sold in two summary entries. The selling price was $560per unit, and all sales were on credit. Assume that Spear uses the FIFO inventory method.3. Under FIFO, how much gross profit would Spear earn for the month ending May 31? Whatis the FIFO cost of Spear Corporation’s ending inventory?
1. Below is part of the profit and loss statement for MNC Car Repair cc. N$ 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.
28) MN traders has the purchases of RO 76,500, purchases returns and allowances of RO 1,900, transportation cost of RO 500 and purchase discount of RO 300. Calculate the amount of Net cost of purchases made by the business. a. RO 74,800 b. RO 77,100 c. RO 73,800 d. RO 75,400 Clear my choice
(Learning Objective 2: Compare inventory by three methods) SWAT Surplus beganMarch 2018 with 100 tents that cost $10 each. During the month, the company made the following purchases at cost:1826Mar 6 110 tents @ $20120 tents @ $2540 tents @ $30= $2,200= 3,000= 1,200The company sold 318 tents, and at March 31, the ending inventory consisted of 52 tents. Thesales price of each tent was $52.Requirements1. Determine the cost of goods sold and ending inventory amounts for March under theaverage-cost, FIFO, and LIFO costing methods. Round the average cost per unit to twodecimal places, and round all other amounts to the nearest dollar.2. Explain why cost of goods sold is highest under LIFO. Be specific.3. Prepare the SWAT Surplus income statement for March. Report gross profit. Operatingexpenses totaled $3,250. The company uses average costing for inventory. The income taxrate is 36%.
(Learning Objectives 1, 2, 3: Apply GAAP for sales, sales returns, and salesdiscounts) Antique Interiors reported the following transactions in October:Oct 210111519Sold merchandise on account to Tim Hinkel, $1,200, terms 1/10, n/30.Sold merchandise on account to Ben Homan, $2,600, terms 2/10, n/30.Collected payment from Hinkel for the October 2 sale.Homan returned $2,000 of the merchandise purchased on October 10.Collected payment from Homan for the balance of the October 10 sale.Requirements1. Record the foregoing transactions in the journal of Antique Interiors using the grossmethod. (You do not need to make the cost of sales journal entries; assume that these entrieswill be made by the company when it makes its other adjusting entries at period end.)2. Calculate the amount of gross sales minus sales discounts for the month of October.
(Learning Objectives 1, 2: Show how to account for inventory transactions; applythe FIFO cost method) Griffin Company’s inventory records for its retail division show thefollowing at December 31:Dec 1 Beginning inventory ............... 9 units @ $165 = $1,48515 Purchase................................. 5 units @ 166 = $ 83026 Purchase................................. 13 units @ 175 = $2,275At December 31, 11 of these units are on hand. Journalize the following for Griffin Companyunder the perpetual system:1. Total December purchases in one summary entry. All purchases were on credit.2. Total December sales and cost of goods sold in two summary entries. The selling price was$500 per unit, and all sales were on credit. Assume that Griffin uses the FIFO inventorymethod.3. Under FIFO, how much gross profit would Griffin earn for the month ending December 31?What is the FIFO cost of Griffin Company’s ending inventory?
(Learning Objective 2: Compare inventory by three methods) Navy Surplus beganJuly 2018 with 80 stoves that cost $10 each. During the month, the company made the following purchases at cost:1826July 6 90 stoves @ $20100 stoves @ $2530 stoves @ $30= $1,800= 2,500= 900The company sold 250 stoves, and at July 31, the ending inventory consisted of 50 stoves. Thesales price of each stove was $52.Requirements1. Determine the cost of goods sold and ending inventory amounts for July under the averagecost, FIFO, and LIFO costing methods. Round the average cost per unit to two decimalplaces, and round all other amounts to the nearest dollar.2. Explain why cost of goods sold is highest under LIFO. Be specific.3. Prepare the Navy Surplus income statement for July. Report gross profit. Operating expensestotaled $3,250. The company uses average costing for inventory. The income tax rate is 40%.
Reset the November 20 purchase to 150 units, including column G. To test your formulas, suppose that Del had sold 600 units rather than 500. Sales now total 384,000. The extra units sold come from the May 13 purchase (25 units) and the November 20 purchase (75 units). Change cell B17 to 600 and cells D32 through G32 to 384,000. Alter columns E, F, and G in the Data Section to reflect the change. Your formulas should automatically redo the Calculations and Answer sections. Print the results again.