P3-7 IT Equipment Company, ruhning a wholesale business of personal computèrs. Thefollowing transactions öccurred during the year 2016.Date1-Jän12-Feb25-Feb10-Mar20-Apr.12-Aug15-Nov.Uhit CostTransactionsBeginnirig inventory:PurchasesSälësUnits402,1002,5002,6002,1503,0002,200101210SalesPurchasesSales25PurchasesEnding inventory at the end of year.is calculäted as 36 units of.personal computers:Required: Compute the ending inventory and costof goods sold undereach of the following.methods assuming IT Equipment.:Company, uses thể perpetual inventory,system:a. :FIFOLIFOMoving averageb.c.CS Scanned with CamScanner

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Description: P3-7 IT Equipment Company, ruhning a wholesale business of personal computèrs. Thefollowing transactions öccurred during the year 2016.Date1-Jän12-Feb25-Feb10-Mar20-Apr.12-Aug15-Nov.Uhit CostTransactionsBeginnirig inventory:PurchasesSälësUnits402,10

The perpetual inventory system refers to the system of recording the inventory where each change in…

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IT Equipment Company running a wholesale business of personal computers. The following transactions öccurred during the year 2016. Date 1-Jän . 12-Feb 25-Feb 10-Mar 20-Apr. 12-Aug 15-Nov. Transactions Beginning inventory: Purchases Units Unit Cost P2,000 2,100 2,500 2,600 :2,150 3,000 2,200 40 . 10 Sälës Sales Purchases Sales Purchases 25 Ending inventory ät the end of year.is calculâted as 36 units of personal computers: Required: Compute the ending inventory and cost of göods sold'under each of the following. methods assuming IT Equipment:Company uses thể perpetual inventory, system.. : .. a. FIFO LIFO Moving average b. C.

IT Equipment Company running a wholesale business of personal computers. The following transactions öccurred during the year 2016. Date 1-Jän . 12-Feb 25-Feb 10-Mar 20-Apr. 12-Aug 15-Nov. Transactions Beginning inventory: Purchases Units Unit Cost P2,000 2,100 2,500 2,600 :2,150 3,000 2,200 40 . 10 Sälës Sales Purchases Sales Purchases 25 Ending inventory ät the end of year.is calculâted as 36 units of personal computers: Required: Compute the ending inventory and cost of göods sold'under each of the following. methods assuming IT Equipment:Company uses thể perpetual inventory, system.. : .. a. FIFO LIFO Moving average b. C.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.12E: Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless...

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Govender Wholesalers entered into the following transactions during February 2016 (IGNORE VAT).They make use of the perpetual inventory system.DateDetailsThe owner made a capital contribution of R640 000 to his business. This was done bymeans of an electronic transfer from his personal account into the business' bank account.Purchase trading inventory on credit for R153 500.1215Sell trading inventory for R32 160 cash. Goods were sold at a mark-up of 20% on cost.Purchase a computer for R15 000 on credit for use in the business.18Services rendered by Govender Wholesalers on credit for R36 000.2425The business paid back R50 000 of the inventory purchased on credit on 8 February.The debtor made full payment for the services rendered on credit on the 18t of February.27The owner takes inventory for his personal use with a selling price of R3 000. (Mark-up 50%on cost price.)28Pay staff salaries of R27 500,Required:Show the effect of each individual transaction on the accounting equation…
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Lauer Corporation uses the periodic inventory system and thefollowing information about their laptop computer is available: Date Transaction Number of Units Cost per Unit 1/1 BeginningInventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 750 laptop computers were sold.What was ending inventory and cost of goods sold on 12/31 under the FIFO costflow assumption? A. $60,000 and $710,000 B. $52,500 and $717,500 C. $52,000 and $718,000 D. None of the answers is correct
The answer i need is for this question South Coast Boards Co. is a merchandising business. The account balances for South Coast Boards Co. as of July 1, 2010 (unless otherwise indicated), are as follows: 110Cash$ 63,600 112Accounts Receivable153,900 115Merchandise Inventory602,400 116Prepaid Insurance16,800 117Store Supplies11,400 123Store Equipment469,500 124Accumulated Depreciation—Store Equipment56,700 210Accounts Payable96,600 211Salaries Payable— 310Rocky Hansen, Capital, August 1, 2009555,300 311Rocky Hansen, Drawing135,000 312Income Summary— 410Sales3,221,100 411Sales Returns and Allowances92,700 412Sales Discounts59,400 510Cost of Merchandise Sold1,623,000 520Sales Salaries Expense334,800 521Advertising Expense81,000 522Depreciation Expense— 523Store Supplies Expense— 529Miscellaneous Selling Expense12,600 530Office Salaries Expense182,100 531Rent Expense83,700 532Insurance Expense— 539Miscellaneous Administrative Expense7,800 During July, the last month of the fiscal year,…
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