Do not give answer in image Cullumber Company uses a perpetual inventory system. The company began 2024 with 800 lamps in inventory at a cost of $12 perunit. During 2024, Cullumber had the following purchases and sales of lamps:February 15 - PurchasedApril 24June 6October 18December 4SoldPurchasedSoldPurchased1,600 units @ $18 per unit2,000 units @ $30 per unit2,800 units @ $23 per unit1,600 units @ $33 per unit1,120 units @ $26 per unitAll purchases and sales are on account. Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indentedwhen the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for theamounts. List all debit entries before credit entries.)Date Account TitlesMay 3 Accounts ReceivableMay 3Sales(To record sales on account.)Cost of Goods SoldMerchandise Inventory(To racord cort of goods cold 1Debit1120Credit1120

A perpetual inventory system is a way to continuously and in-the-moment monitor inventory levels.…

Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles May 3 Accounts Receivable Debit Credit

Prepare journal entries to record the May 4 purchase and the May 3 and 16 sales. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles May 3 Accounts Receivable Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
Wildhorse Company uses a perpetual inventory system. The company began 2024 with 1,300 lamps in inventory at a cost of $13 per unit. During 2024, Wildhorse had the following purchases and sales of lamps: February 15 April 24 Purchased 2,600 units @ $19 per unit Sold 3,250 units @ $31 per unit June 6 Purchased 4,550 units @ $24 per unit October 18 Sold 2,600 units @ $34 per unit December 4 Purchased 1,820 units @ $27 per unit All purchases and sales are on account. (a) Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decimal places, eg. 5.27 and final answers to O decimal places, eg. 5,275.) Weighted Average Cost of goods sold $ Ending inventory $
Ivanhoe Company uses a perpetual inventory system. The company began 2024 with 1,100 lamps in inventory at a cost of $10 per unit. During 2024, Ivanhoe had the following purchases and sales of lamps: February 15 April 24 June 6 October 18 December 4 Purchased Sold Purchased Sold Purchased 2,200 units @ $16 per unit 2,750 units @ $28 per unit 3,850 units @ $21 per unit 2,200 units @ $31 per unit 1,540 units @ $24 per unit All purchases and sales are on account.
Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2025. Date January 11 January 24 February 8 March 16 June 11 (a) Purchased 1,320 Ending inventory Quantities 700 Sold 340 560 Balance 440 1.760 1,420 860 1,560 Unit Price of Purchase $4.70 $4.80 $5.20 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.
Weighted Average Cost Method 1. Light Company uses a perpetual inventory system. The company began 2024 with 1,500 lamps in inventory at a cost of $10 per unit. During 2024, Top Light had the following purchases and sales of lamps: All purchases and sales are on account. Feb. 10 Purchased 3,000 units @ $16 per unit. Apr. 23 Sold 3,750 units @ $28 per unit. Jun. 2 Purchased 5,250 units @ $21 per unit. Oct. 15 Sold 3,000 units @ $31 per unit. Dec. 8 Purchased 2,100 units @ $24 per unit. a) Calculate the cost of goods sold and ending inventory using weighted average. Round the weighted average cost per unit to two decimal places. For a better understanding please explain for each calculation or result.
Blossom Company uses a perpetual inventory system. The company began 2024 with 1,100 lamps in inventory at a cost of $11 per unit. During 2024, Blossom had the following purchases and sales of lamps: February 15 April 24 Purchased 2,200 units @ $17 per unit Sold 2,750 units @ $29 per unit June 6 Purchased 3,850 units @ $22 per unit October 18 Sold 2,200 units @ $32 per unit December 4 Purchased 1,540 units @ $25 per unit All purchases and sales are on account. (a) * Your answer is incorrect. Calculate the cost of goods sold and ending inventory using weighted average. (Round the weighted average cost per unit to 2 decim places, e.g. 5.27 and final answers to O decimal places, e.g. 5,275.) Weighted Average Cost of goods sold 98356.50 Ending inventory 74313.80 eTextbook and Media Question Part Score (b) Attempts: 2 of 2 use Prepare journal entries to record the June 6 purchase and the October 18 sale. (Credit account titles are automatically indented when the amount is entered. Do not…
XYZ Company Began the year 2020 with 600 units of products in its January 1 Inventory costingBD35 each. The following information from XYZ Company for the year 2020.Date Activities Units Acquired at Cost Units sold at retailJanuary 4 Purchase 1,000 units @ BD 33May 18 Sales 1,100 unitsJuly 10 Purchase 1,200 units @ BD 30November 20 Sales 900 unitsRequired:Assume the XYZ uses a perpetual inventory system (FIFO method), What is the value of the cost ofgoods sold.
Chou Sales Corporation uses the periodic inventory system. On January 1, 2018, Chou had 1,000 units of product A with a unit cost of $20 per unit. A summary of purchases and sales during 2018 follows: Unit Units Units Cost Purchased Sold Feb.2 400 Apr.6 $22 1,800 July 10 1,600 Aug.9 25 800 Oct.23 800 Dec.30 28 1,400 Required a. Assume that Chou uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A. b. Assume that Chou uses the last-in, first-out method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A. c. Assume that Chou uses the weighted-average cost method. Compute the cost of goods sold for 2018 and the ending inventory balance at December 31, 2018, for product A. Do not round until your final answers. Round your answers to the nearest dollar. a. First-in, First-out: Ending Inventory Cost of Goods Sold $ b. Last-in, first-out:…
Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Quantities Purchased 1,300 630 Sold 330 605 Balance Unit Price of Purchase 430 1,730 1,400 795 1,425 $4.60 $4.80 $5.30 (a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. Ending inventory $ Compute the cost of goods sold for the first 6 months under the periodic FIFO inventory pricing method. Cost of Goods Sold $
Skywalker Ltd uses a periodic inventory system to track its droid inventory. The following information is available about the company’s inventory for 2020: Date Transaction Units Cost per Unit Total Cost 1/1 Beginning Inventory 200 $400 $80,000 5/26 Purchase 500 $500 250,000 11/16 Purchase 300 $600 180,000 1,000 $510,000 1. During 2020, Skywalker Ltd sold 600 droids at $1,000 each. a. Gross profit using the FIFO method b. Ending inventory using the weighted average method (round to 2 decimals at the end) c. Cost of goods sold using the LIFO method d. Which method would result in the lowest taxable income? e. What should Skywalker Ltd. record in their balance sheet for Inventory under each of the following methods if the Net Realizable Value of the inventory is $200,000? (hint: compare the value of Ending Inventory (i.e., cost) to the NRV apply the LCNRV rule) Do this for Average Cost method and LIFO method.
During 2024, a company sells 20 units of inventory. The company has the following inventory purchase transactions for 2024: Number of Unit Units 15 Cost $50 10 92 25 Date January 1 September 8 Transaction Beginning inventory Purchase Ending inventory Cost of goods sold Total Cost $750 920 $1,670 Calculate ending inventory and cost of goods sold for 2024 assuming the company uses the weighted-average cost method. (Ro weighted-average unit cost to 4 decimal places. Round your final answers to the nearest dollar amount.)
Port Corporation sells item X-100. Purchases, sales and costs of item X-100 for the last quarter of 2019 follow: Date Units Purchased Units Sold Unit Cost October 1 October15 October 30 500 300 $4.00 $4.10 600 November 10 400 $4.20 November 25 500 December 5 December 20 800 $3.90 700 The selling price for all units sold in the quarter was $10.00. REQUIRED: 1. Assume the company uses a periodic inventory system. Calçulate the cost of goods sold for the last quarter of 2019 using the FIFO method of cost valuation. 2. Prepare the journal entry to record the sale on October 30th (on account Assume the company uses a perpetual inventory system and FIFO method of valuation. 3. Prepare the journal entry to record the sale on October 30th (on account). Assume the company uses a periodic inventory system and FIFO method of valuation 4. This question does not relate to the data above. Ignore all of the above information. Required: If ANY company wants to maximize gross margin and, assuming the…