On September 1, Jenspert Supply had an inventory of 15 backpacks at a cost of P250 each. The company uses a perpetual inventory system. During September, the following transactions and events occurred. Sept. 4 Purchased 70 backpacks at P250 each from Jings terms 2/10, n/30. Sept. 6 Received credit of P1,500 for the return of 6 backpacks purchased on Sept. 4 that were defective. Sept. 9 Sold 40 backpacks for P350 each to National Books, terms 2/10, n/30. Sept. 13 Sold 15 backpacks for P350 each to Cole Office Supply, terms n/3 Sept. 14 Paid Jings in full, less discount.

Q: Kingbird, Inc. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is…

A: Periodic Inventory System: Periodic inventory system is a system, in which the inventory is updated…

Q: Sept 4        Purchased backpacks for $1,050 from Back Packs Unlimited, terms 3/10, n/60, FOB…

A: Journal is a book of original entry in which transactions are recorded in a chronological order i.e.…

Q: At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of…

A: Perpetual inventory system: Under this method of recording inventory, a running balance in relation…

Q: Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1.…

A: Total goods available for sale=Beginning inventory+Purchases=31+36+46+41=154

Q: Marigold Bookstore had 470 units on hand at January 1, costing $8 each. Purchases and sales during…

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

Q: Johnson Corporation began the year with inventory of 10,000 units of its only product. The units…

A: Inventory is the revenue expenditure incurred on the purchase of products to resell by a company.…

Q: Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had…

A: Answer -   Calculation of Inventory Shrinkage Cost : Units to be hand = Beginning inventory +…

Q: Jacobs Company has inventory of 15 units at a cost of $12 each on June 1. On June 5, Jacobs…

A: Note: It is assumed that periodic inventory system is used.

Q: You are told that 15 of the units sold on November 24, 2013 were on account. State the journal…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Jaden Sales Company engaged in the following transactions for the month of September using the…

A: Hi student Since there are multiple questions, we will answer only first question, Periodic…

Q: [The following information applies to the questions displayed below.] Home Hardware reported…

A: Journal entry is a primary entry that records the financial transactions initially.

Q: Oriole uses the periodic inventory system. For the current month, the beginning inventory consisted…

A: First in First Out (FIFO) suggests pricing is based on the assumption that items received first at…

Q: On September 1, Ayayai Office Supply had an inventory that included a variety of calculators. The…

A: The question is based on the concept of Financial Accounting.

Q: Reineman Supply Company uses a periodic inventory system. During September, the following…

A: Purchase value(3rd sep.)=Number of units×Per unit=90×$25=$2,250

Q: Reineman Supply Company uses a periodic inventory system. During September, the following…

A: Inventory is one of the important current asset of the business. Management and valuation of…

Q: At the beginning of November, Yoshi Inc.’s inventory consists of 60 units with a cost per unit of…

A: In the First in First Out method, inventories that are purchased first are assumed to be sold first.…

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: The calculations are attached below. You may kindly note that all amounts are in $.

Q: A Shirts Company uses a periodic inventory system. During the first year of operations, the company…

A: Formula: weighted average cost per unit = Total purchase value / Total units Division of total…

Q: Johnson Corporation began the year with inventory of 15,000 units of its only product. The units…

A: What are inventories? It is also known as a stock which is the unsold units of the company at the…

Q: eineman Supply Company uses a periodic inventory system. During September, the following…

A: Step 1 Journal is the part of bookkeeping.

Q: At the beginning of November, Yoshi Inc.'s inventory consists of 63 units with a cost per unit of…

A: Inventory cost refers to the price paid for the inventory in addition to any other costs that are…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

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

Q: Pina Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1,…

A: The cost of goods sold refers to the cost of making the number of goods sold by an entity. But, it…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: In FIFO method, goods received first are dispatched first.In perpetual inventory system, the…

Q: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…

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

Q: Sell 100 units of inventory to customers on account, $12,600. [Hint: The cost of units sold from the…

A: An adjusting journal entry is made at the end of the accounting period to account for the…

Q: rey Monson starts a merchandising business on December 1 and enters into the following three…

A: LIFO (Last in first out): It is an Inventory valuation technique in which the last received stock of…

Q: Whispering Winds Corp. markets CDs of numerous performing artists. At the beginning of March,…

A: Workings:

Q: Under the periodic inventory system, Village Fabrics purchased 25 yards of blue plaid fabric at a…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: Bayside Bookstore had 500 units on hand at January 1, costing $10 cach. Purchases and sales during…

A: FIFO- Under the FIFO method as the name suggests the goods in inventory and purchased first are sold…

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: t the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of…

A: The question is based on the concept of Cost Accounting.

Q: You are told that 15 of the units sold on November 24, 2013 were on account. State the journal…

A: Journal: Recording of a business transactions in a chronological order.

Q: The Baby Store had a beginning inventory on January 1 of 320 full-size strollers at a cost of $180…

A: Solution : Number of units sold = beginning units + units purchased - ending inventory units = 320 +…

Q: Bramble Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June…

A: Introduction:-  The carrying value of products sold within a certain period is known as the cost of…

Q: Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company…

A: Perpetual inventory system:-in this method, a record of sales and purchase of inventory is the…

Q: At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of…

A: All amount are in dollar.

Q: Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On…

A:

Q: At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of…

A: By calculating net income in multiple steps, the multi-step income statement provides detailed…

Q: ginning inventory of 11 units at a cost of $17 each on March 1. On March 2, it purchased 11 units at…

A: Cost of goods sold are valued at cost applying various methods of inventory valuation. First in…

Q: On September 1, Nixa Office Supply had an inventory of 30 calculators at a cost of $18 each. The…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: BILLS Inc. had the following transactions for the month of August: Aug. 1 Inventory at the beginning…

A: 3. Bills Inc. Transactions for the month of August are : Aug 1  Beginning inventory of 1000 units @…

Q: On September 1, Blue Office Supply had an inventory of 35 calculators at a cost of $14 each. The…

A: Perpetual Inventory system- Inventory quantity updated perpetually on an ongoing basis, usually real…

Q: Iρngmire & Sons made sales On credit to Alderman Sports totaling $500,000 On April 18. The cost…

A: Whenever a physical inventory counting is performed, a periodic inventory system just maintains the…

Q: On June 5, Staley Electronics purchases 200 units of inventory on account for $20 each. After closer…

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

Q: Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units…

A: Account Titles and Explanation   Debit   Credit        Inventory (225 units * $220) $49,500…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

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