Osama Traders uses the Perpetual Inventory System. Following are the concerning purchases and sales of merchandise (including opening balance) during the month of October, 2014. Description Opening balance Purchases Sales Purchases Rate per unit Rs.12.00 Rs.13.00 Rs.15.00 Date Quantity 6,000 January 01 January 03 January 04 January 05 January 06 January 09 January 14 4,500 2,500 3,500 Rs.14.00 Sales 8,000 Rs.20.00 Purchases Sales Rs.13.50 Rs.20.00 10,000 12,000 Calculate Cost of Ending Inventory and Cost of Goods Sold using FIFO & LIFO method.

Osama Traders uses the Perpetual Inventory System. Following are the concerning purchases and sales of merchandise (including opening balance) during the month of October, 2014. Description Opening balance Purchases Sales Purchases Rate per unit Rs.12.00 Rs.13.00 Rs.15.00 Date Quantity 6,000 January 01 January 03 January 04 January 05 January 06 January 09 January 14 4,500 2,500 3,500 Rs.14.00 Sales 8,000 Rs.20.00 Purchases Sales Rs.13.50 Rs.20.00 10,000 12,000 Calculate Cost of Ending Inventory and Cost of Goods Sold using FIFO & LIFO method.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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On December 31, 2013, the year-to-date account balances of selected accounts were as follows: Estimated ending merchandise inventory at December 31, 2013, is __________.
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Under the periodic inventory system, what account is debited when an estimate is made for the cost of merchandise inventory sold this year, but expected to be returned next year? (a) Estimated Returns Inventory (b) Sales Returns and Allowances (c) Merchandise Inventory (d) Customer Refunds Payable
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is the cost of ending inventory under FIFO at April 30? a. $32,500 b. $38,400 c. $63,600 d. $69,500
Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
Beginning inventory, purchases, and sales for 30xT are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the May 23 purchase, (b) the cost of the merchandise sold on May 26, and (c) the inventory on May 31.
On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A. Instructions 1. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. 2. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system. 3. Determine the inventory on March 31, 2016, and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system. Round the weighted average unit cost to the nearest cent. 4. Compare the gross profit and the March 31, 2016, inventories, using the following column headings: