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 d. $2,857

Q: Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods…

A: In case of F.O.B shipping, the ownership relating to goods is transferred to the purchaser (buyer)…

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: Johnson Corporation began the year with inventory of 29,000 units of its only product. The units…

A: LIFO RESERVE ACCOUNT: It is the excess of FIFO over LIFO costs.   LIFO : LAST IN FIRST OUT  FIFO :…

Q: During 2021, Claneverium Corporation transferred inventory from its home office to its Laguna branch…

A: Working:

Q: Alliance Corporation purchased inventory with an invoice price of $22,000 and credit terms of 1/10,…

A: Formula: Discount amount = Invoice amount x Discount rate

Q: displayed below.] On July 15, 2021, the Nixon Car Company purchased 2,200 tires from the Harwell…

A: Under periodic inventory procedure, the Merchandise Inventory account is updated periodically after…

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: The Famcor Sales Company employs the perpetual inventory basis in the accounting for new cars. On…

A: Following are the calculation of realized gross profit as of December 31, 2013:

Q: Seven Sea Corporation sells Ovens for an average of OMR 50, and which cost OMR 25. This is a…

A: The ending inventory is the inventory left with the business at year end.

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: COMPANY K USES THE RETAIL INVENTORY METHOD. BELOW ARE THE RELEVANT INFORMATION FOR THE CURRENT YEAR.…

A:

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: Prepare the journal entries to record the above transactions by using the following: 1. Perpetual…

A:

Q: NorthWave Products has provided you with the following transactions for the month of September 2019.…

A: Journal Entries are the primary step to record transaction in the books of accounts. The total…

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: On June 1, Grissol Inc. had an inventory of 10 barbeques at a cost of $440 each. Grissol uses a…

A: JOURNAL: A journal is a book in which accounting transaction is entering accounting terms. Journal…

Q: d. The income statement of a merchandising company includes a major type of cost that does not…

A: Income statement: A financial statement that reports the revenue earned by the company and expenses…

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: Winston started business on Jan. 1. During ghe year, the company purchased merchandise with an…

A: Net purchases=Purchase+Freight-Purchase return-Purchase…

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Gross profit means the difference between the sale revenue and cost of production. Cost of goods…

Q: Shell Company purchased merchandise inventory with an invoice price of $4,000 and credit terms of…

A: Given Information : Invoice price of merchandise inventory purchased = $4,000 Credit terms = 2/10,…

Q: The following data are given for ABC Co. on Dec. 31, 2019 are:I nventory, beg. P600,000 Purchases…

A: Net sales = Sales - Sales return - Sales allowance - Sales discount  =…

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: 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: Royal Crown Corp. has the following information to an inventory: Materials -P800,000; Storage cost…

A: Note: Delivery to customers charges will not be included in the inventory cost. These expense are…

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: What amount should be reported as inventoriable cost of the purchase?

A: Cost of purchase refers to the amount paid by a company to the manufacturer or seller of a product…

Q: At the beginning of October, Bowser Co.’s inventory consists of 50 units with a cost per unit of…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

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: Tracy Company, a manufacturer of air conditioners, sold 170 units to Thomas Company on November 17,…

A: When an event occurs in the business and it can be measured and expressed in terms of money, it…

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: 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: Wynn started the period with 80 units in beginning inventory that costs $7.50 each. During the…

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: The ABC merchandise Company has the following transactions: May 01: The Company purchased 5 units…

A: Perpetual inventory system refers to the system of measuring the inventory. Under the perpetual…

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: Company Y had the following transactions in Year 2. The perpetual FIFO inventory system is used. 1.…

A: There are different accounting methods of available to record the inventory out of which the company…

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: 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…