JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.) $2,997 $2,337 $3,117 $2,857

Q: A company using the perpetual inventory system purchased inventory worth $550,000 on account with…

A: Journal is the book of original entry in which all the transactions of the business are recorded…

Q: Coronado Company took a physical inventory on December 31 and determined that goods costing $199,600…

A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…

Q: During the months of January and February, Axe Corporation purchased goods from three suppliers. The…

A: Given transactions are: Jan. 6 Purchased goods for $1,200 from Green with terms 2/10, n/30.6…

Q: At December 31, 2020, Jefferson, Inc. had inventory on hand amounting to $270,000. The following…

A: Cost of Goods sold on FOB destination = Sales price / (1+ Gross profit rate) = $12,000 / (1 + 0.25)…

Q: Using the AVCO/Weighted Average Method, what is the value of ending inventory after accounting for…

A: Weighted Average cost method: It is the method where the cost of closing inventory is calculated on…

Q: Mariah Company has inventory at the end of the year with a historical cost of $88,000, Mariah…

A: Journal entry is a record of financial transaction in the books of accounts by an organization. It…

Q: The Wilson Company purchased $26,000 of merchandise from the Poole Wholesale Company. Wilson also…

A: Under perpetual inventory system, the cost of goods purchased increases with the expenses like…

Q: Keiko Company took a physical inventory at December 31, 2020 and determined that RM3,530,000 of…

A: Solution: Inventory to be reported on Dec 31, 2020 = Physical inventory + goods consigned with…

Q: A company using the perpetual inventory system purchased inventory worth $24,000 on account with…

A: Inventory refers to the goods that are available for sale or available for further production.

Q: Handbags, Inc. had 200 units of inventory on hand at the end of the year. These were recorded at a…

A: As per lower-of-cost-or-market rule Inventory will be recorded at lower of cost or market value.

Q: ABC Company purchased inventory for P750,000 from a vendor on account, FOB shipping point, with…

A: Discount on payment = Amount of inventory purchased x discount rate = P750,000 x 3% = P22,500

Q: Reyes Company, a retail supplier of auto parts, purchased $30,000 of inventory on credit from Rock…

A: Discounts are given to promote sales and to encourage quick payments

Q: Best Company had the following transactions in March 2020: Purchased merchandising amounting to…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Coronado Industries uses the perpetual inventory and the gross method. On March 1, it purchased…

A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…

Q: On March 3, Byrde Inc purchases inventory on account for $3,900 with invoice terms of 4/10, n/30.…

A: Accounts Payable = 3,500 x 4% = 140 Cost of Goods sold = 3,900 + 210 - 400 = 3,710

Q: On December 30, 2018, JENNIE Corporation sold merchandise for P75,000 to LISA Company. The terms of…

A: solution concept FOB shipping point                 On the FOB shipping point terms the revenue…

Q: Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17,…

A: Gross method of accounting  In case of gross method of accounting for purchase discount, purchase is…

Q: FOREVER Inc purchased P200,000 worth of goods with trade discount of 15% and 10% from the list…

A: Trade discount is that type of discount which is given on the list price of the goods and this is…

Q: The records of Nuisance Co. shows the followig information: Inventory, beginning…

A: Cost of goods available for sale = Opening Inventory + Net Purchases + Freight-in Cost of goods sold…

Q: Queens Limited is trying to determine the value of its ending inventory at February 28, 2008, the…

A: Types of Inventory includes: Raw materials Work-in-progress Finished goods

Q: Purchase Date Date Sold Cost Jan. 8 Аpr.9 Mar. 31 Diamond ring 24K gold necklace White gold ring…

A: Solution 1: Amount to be paid by MABEL Company = List price (1- trade discount) (1- cash discount) =…

Q: ABC Company is using the perpetual inventory system purchased inventory worth P25,000 on account…

A: Net Purchases = Purchases - Purchase Return                                  = P25,000 - P2,000…

Q: Bell Inc. took a physical inventory at the end of the year and determined that $780k of goods were…

A: Purchase of goods in FOB shipping point means that ownership is transferred to the buyer at the time…

Q: Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to…

A: The ending inventory as per retail ratio includes cost and profit both. So for calculating ending…

Q: LIFO and FIFO. What is the differences? Examples

A: Computations under FIFO

Q: Concord Inc. took a physical inventory at the end of the year and determined that $832000 of goods…

A: FOB (Free on board) destination means the ownership of the goods will be transferred to buyer only…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: Bonita Inc. took a physical inventory at the end of the year and determined that $845000 of goods…

A: Inventory at the end of financial year to be shown in balance sheet , should means the inventory ,…

Q: 32.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB…

A: Every business needs inventory for the purpose of use them in manufacturing purpose. Inventory may…

Q: The Wilson Company purchased $33,000 of merchandise from the Poole Wholesale Company. Wilson also…

A: Total Inventory Value = (Purchase Value + Freight)

Q: On July 19, 2021, SLRTN Inc. sold 19,000 units of its inventory to a customer for a total cash price…

A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…

Q: What is the cost of goods sold to be reported in the 2016 combined statement of comprehensive income

A: Jose Corporation transferred inventory from its home office to its Laguna branch at a billed price…

Q: Olivia Company completed the following transactions in December 2021. All purchased goods are…

A: FOB Destination: In FOB Destination, Title of the goods is transferred to the buyer from  seller…

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A: Cost of goods available for sale means that cost of goods which include the opening stock and…

Q: Nelson Company bought inventory for $50,000 on terms of 2/15, n/60. It pays for the first $37,500 of…

A: SOLUTION-   GROSS PRICE-  IN THAT PURCHASE WILL BE RECORDED AT FULL COST PRICE IRRESPECTIVE OF THE…

Q: Olivia Company completed the following transactions in December 2021. All purchased goods are…

A: 1/10,n/30 means if the payment is done within 10 days, 1% discount is allowed and no interest is…

Q: Traylor Corporation began the year with three items in beginning inventory, each costing $5. During…

A: Particulars Units Price per unit Total value Beginning inventory 3 $5 $15 Purchases 5 $6 $30…

Q: One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of…

A: Under FIFO method of inventory  valuation goods purchased first, are sold first. Specific…

Q: Sunland Company took a physical inventory on December 31 and determined that goods costing $658,000…

A: Cost of goods sold means the cost of total goods available to sale during the month. It can be…

Q: CDE Company bills its Palawan branch at 140% of cost during 2020. Goods billed at P866,250 were…

A: Cost of goods sold means that value of opening stock plus purchases minus closing stock but cost of…

Q: On December 31, 2021, Titanium Inc. had recorded $175,000 in its inventory account.  The controller…

A: Ending inventory: It implies to the total raw materials, work in process, and finished goods that…

Q: The following items were included in Diego Company’s inventory account on December 31, 2020:…

A: A consignment agreement is one in which items are left in the hands of a third party who is allowed…

Q: Uptown Department Store uses the perpetual inventory system and has ending inventory with a…

A: As per the LIFO method, the ending inventory is measured at cost or replacement cost whichever is…

Q: The Jones Company completed its inventory count and arrived at a total inventory value of $216,000.…

A: solution concept goods sold on consignment basis               There are two parties involved in…

Q: Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a…

A: Perpetual inventory method is a method in which estimation of inventory is done on the basis of…

Q: Sunland Company had 140 units in beginning inventory at a total cost of $11,200. The company…

A: Cost of goods sold is calculated by adding the opening balance and purchases and subtracting the…