Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory 150 unitse $7.50 = $1,125 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Activities Units Acquired at Cost Units sold at Retail 110 units@ $16.50 80 units@ $6.50 = 520 90 unitse $16.50 Jan. 30 Purchase 200 unitse $6.00 =_1,200 Totals 430 units $2,845 200 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this qu

Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Date Jan. 1 Beginning inventory 150 unitse $7.50 = $1,125 Jan. 10 Sales Jan. 20 Purchase Jan. 25 Sales Activities Units Acquired at Cost Units sold at Retail 110 units@ $16.50 80 units@ $6.50 = 520 90 unitse $16.50 Jan. 30 Purchase 200 unitse $6.00 =_1,200 Totals 430 units $2,845 200 units Required: The Company uses a periodic inventory system. For specific identification, ending inventory consists of 230 units, where 200 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Complete this qu

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Description: A ezto.mheducation.comenterB Welcome, Aury - Blackb.Close reading assignmen.E English essay - Google D.M MyOpenMath - GradebookM Question 3- Chapter 5-pter 5 AG 79SavedHelpSave & ExitSLCheck my wRequired information(The following information applies

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter9: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 2AP

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For each of the following Mary Paz Abad Retailers purchases, assume that credit terms are 2/10n/30 and that any purchase returns was known before Mary Paz Abad Retailers made the payments.Freight Prepaid PurchasePurchases (by seller) Returnsa. P12,000 FOB Shipping Point 1,000 P3,000b. 24,000 FOB Destination 2,400 2,000c. 28,000 FOB Shipping Point 4,000Shipping TermsPage 1 of 6d. 40,000 FOB Shipping Point 3,000Required:a. Determine the cash discount available.b. Determine the cash remitted if payment is made within the discount period.
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,888.13; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $90.31 for shipping. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $149.93. Required: 1. For Ford Education Outfitters. Round your answers to the nearest cent. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT (a) Purchased merchandise from Romero Textbooks, Inc., invoice no. 10594, terms n/30. (b) Credit memo no. 513A for return of merchandise. 2. For Romero Textbooks, Inc. Round your answers to the nearest cent.…
Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24. please quickly thanks !
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.
Purchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice.
Retail Inventory Method Red Department Store uses the retail inventory method. Information relating to the computation of the inventory at Decen1ber 31, 2019, is as follows: Estimated normal shrinkage is 2% of sales. Required: Prepare a schedule to calculate the estimated ending inventory at the lower of average cost or market at December 31, 2019, using the retail inventory method. Show supporting computations in good form. Round the cost-to-retail ratio to 3 decimal places.
Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.
Purchase-Related Transactions Journalize entries for the following related transactions of Greenville Heating & Air Company: If an amount box does not require an entry, leave it blank. a. Purchased $24,000 of merchandise from Foster Co. on account, terms 2/10, n/30. fill in the blank 9546a7fcdff6053_2 fill in the blank 9546a7fcdff6053_3 fill in the blank 9546a7fcdff6053_5 fill in the blank 9546a7fcdff6053_6 b. Paid the amount owed on the invoice within the discount period. fill in the blank 208338fa001ef91_2 fill in the blank 208338fa001ef91_3 fill in the blank 208338fa001ef91_5 fill in the blank 208338fa001ef91_6 c. Discovered that $4,800 of the merchandise purchased in (a) was defective and returned items, receiving credit for $4,704 [$4,800 – ($4,800 × 2%)] fill in the blank 0c1296034072fc0_2 fill in the blank 0c1296034072fc0_3 fill in the blank 0c1296034072fc0_5 fill in the blank 0c1296034072fc0_6…
28) MN traders has the purchases of RO 76,500, purchases returns and allowances of RO 1,900, transportation cost of RO 500 and purchase discount of RO 300. Calculate the amount of Net cost of purchases made by the business. a. RO 74,800 b. RO 77,100 c. RO 73,800 d. RO 75,400 Clear my choice
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210