required: a) Prepare the Stock Ledger card using the WAC method under perpetual system. b) Calculate the total amount of purchases.c) Calculate the cost of goods sold. d) Calculate the gross profit or loss made if the selling price of the dress is $15 each.e) Calculate the amount of closing stock. please answer this question I need a help on this. Daven and Company sells saffron dresses. Thefollowing transactions took place during themonth.June 1 Balance 10 dress at $20 each8 Purchases 15 dress at $8 each10 Sold 12 dresses19 Purchased 25 dresses at $10 each22 Sold 15 dresses26 Purchased 35 dresses at $9 each30 Sold 20 dressesRequired

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Description: required: a) Prepare the Stock Ledger card using the WAC method under perpetual system. b) Calculate the total amount of purchases.c) Calculate the cost of goods sold. d) Calculate the gross profit or loss made if the selling price of the dress is $

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required: a) Prepare the Stock Ledger card using the WAC method under perpetual system. b) Calculate the total amount of purchases. c) Calculate the cost of goods sold

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 12MC: On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received...

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On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
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On January 1, 2013, Gwen Harvey sells picture frames, crafts & art. On following: opened Silly Sales, a small retail store that June 30, 2014, her accounting records show the Store Rent $7,000 Sales Revenue $90,000 Sales Salaries $4,500 Store Utilities $1,950 Freight in $600 Purchase of Merchandise $36,000 Inventory on June 30th 2014 $9,600 Inventory on January 1, 2014 $12,000 Advertising Expense $2,300 a) Prepare an income statement for Silly Sales, a merchandiser, for the period ended June 30, 2014.
During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,590 from Noah with terms 2/10, n/30. 6 Purchased goods from Emma for $1,020 with terms 1/10, n/30. 14 Paid Emma in full. 15 Paid Noah in full. At the end of January, how will Ava's inventory increase by?
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Pass the journal entries for the following : Jan 27 - purchased goods on credit, $4000 less trade discount 25% Feb 15 - sold household furniture for $1200 and paid the money into business cash
S.Claus Company makes toys and gifts. At the beginning of July, it owned 200 gallons of red paint, which were recorded on the balance sheet at $4.00 per gallon. The following events occurred in the next quarter. 1. Purchased 300 gallons on July 1 at $4.05 each. 2. Purchased 700 gallons on August 1 at $4.10 each. 3. Purchased 300 gallons during September at $4.25 each. 4. Used 1,100 gallons during July through September. Required Calculate the inventory balance at the end of September and the cost of goods sold during these three months, using FIFO,LIFO accounting.
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[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Requireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
Sweet Dreams Company, A Retailer Of Beds And Mattresses, Engaged In The Following Transactions During September: Sweet Dreams Company, a retailer of beds and mattresses, engaged in the following transactions during September: Sept 4 Purchased inventory for cash, $14,000 Sept 6 Purchased store supplies on credit from C. Paper, terms of n/30, $600 Sept 9 Purchased inventory of $5,500 plus shipping charges of $200 from R.U. Sleepy; credit terms are 2/15, n/60, FOB shipping point Sept 10 Sold goods for cash, $2,800; Sweet Dreams' cost of these goods was $1,820 Sept 12 After negotiations with R. U. Sleepy, Sweet Dreams received a $1,500 allowance on the inventory purchased on September 9 because the mattress tops were stained Sept 14 Purchased $4,560 of inventory on credit for T. Sandman, terms of 2/10, n/45, FOB destination Sept 15 Sold $8,400 of inventory on credit to S.L. Beauty under terms of 3/10,n/30, FOB shipping point. The goods had a cost of $5,400 Sept 16…