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Saabo, Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys linseed oil in bulk from a number of different linseed crushing plants. At the beginning of month of September the company had 25,000 gallons of linseed oil stored in its tank farm. The linseed oil was purchased from one crushing plant at a cost of $3.00. During the month of September the company purchased additional linseed oil and sold linseed oil as follows. 9/3/XX purchased 10,000 gallons of linseed oil at $3.25 per gallon. 9/8/XX purchased 15,000 gallons of linseed oil at $3.50 per gallon 9/10/XX purchased 5,000 gallons of linseed oil at $3.60 per gallon. 9/11/XX sold 22,000 gallons to a paint manufacture for $5.00 per gallon. 9/12/XX purchased 20,000 gallons of linseed oil at $3.75 per gallon. 9/22/XX purchased 5,000 gallons of linseed oil at $3.80 per gallon. 9/30/XX sold 28,000 gallons of linseed oil for $5.20. Required: DATE a. Complete the perpetual inventory record (provided) for the above transactions using FIFO b. Make the required journal entry on 9/8/XX for the FIFO method. c. Make the required journal entry on 9/11/XX for the FIFO method. d. Complete the perpetual inventory record (provided) for the above transactions using LIFO ACCOUNT DR CR

Saabo, Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys linseed oil in bulk from a number of different linseed crushing plants. At the beginning of month of September the company had 25,000 gallons of linseed oil stored in its tank farm. The linseed oil was purchased from one crushing plant at a cost of $3.00. During the month of September the company purchased additional linseed oil and sold linseed oil as follows. 9/3/XX purchased 10,000 gallons of linseed oil at $3.25 per gallon. 9/8/XX purchased 15,000 gallons of linseed oil at $3.50 per gallon 9/10/XX purchased 5,000 gallons of linseed oil at $3.60 per gallon. 9/11/XX sold 22,000 gallons to a paint manufacture for $5.00 per gallon. 9/12/XX purchased 20,000 gallons of linseed oil at $3.75 per gallon. 9/22/XX purchased 5,000 gallons of linseed oil at $3.80 per gallon. 9/30/XX sold 28,000 gallons of linseed oil for $5.20. Required: DATE a. Complete the perpetual inventory record (provided) for the above transactions using FIFO b. Make the required journal entry on 9/8/XX for the FIFO method. c. Make the required journal entry on 9/11/XX for the FIFO method. d. Complete the perpetual inventory record (provided) for the above transactions using LIFO ACCOUNT DR CR

Financial & Managerial Accounting
Financial & Managerial Accounting
14th Edition
ISBN:9781337119207
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter19: Cost-Volume-Profit Analysis
Section: Chapter Questions
Problem 1DQ: Describe how total variable costs and unit variable costs behave with changes in the level of...
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can you do these thank you so much and LIFO method for last one

 

 

LIFO METHOD

 

        PURCHASED                      SOLD                            BALANCE

UTS

COST

TOT

UTS

COST

TOT

UTS

COST

TOT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
Saabco Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys linseed oil in bulk from a number of different linseed crushing plants. At the beginning of month of September the company had 25,000 gallons of linseed oil stored in its tank farm. The linseed oil was purchased from one crushing plant at a cost of $3.00. During the month of September the company purchased additional linseed oil and sold linseed oil as follows. 9/3/XX purchased 10,000 gallons of linseed oil at $3.25 per gallon. 9/8/XX purchased 15,000 gallons of linseed oil at $3.50 per gallon 9/10/XX purchased 5,000 gallons of linseed oil at $3.60 per gallon. 9/11/XX sold 22,000 gallons to a paint manufacture for $5.00 per gallon. 9/12/XX purchased 20,000 gallons of linseed oil at $3.75 per gallon. 9/22/XX purchased 5,000 gallons of linseed oil at $3.80 per gallon. 9/30/XX sold 28,000 gallons of linseed oil for $5.20. Required: DATE a. Complete the perpetual inventory record (provided) for the above transactions using FIFO b. Make the required journal entry on 9/8/XX for the FIFO method. c. Make the required journal entry on 9/11/XX for the FIFO method. d. Complete the perpetual inventory record (provided) for the above transactions using LIFO ACCOUNT DR CR
Transcribed Image Text:Saabco Inc. is a distributor of linseed oil which is used in the manufacture of paint. The company buys linseed oil in bulk from a number of different linseed crushing plants. At the beginning of month of September the company had 25,000 gallons of linseed oil stored in its tank farm. The linseed oil was purchased from one crushing plant at a cost of $3.00. During the month of September the company purchased additional linseed oil and sold linseed oil as follows. 9/3/XX purchased 10,000 gallons of linseed oil at $3.25 per gallon. 9/8/XX purchased 15,000 gallons of linseed oil at $3.50 per gallon 9/10/XX purchased 5,000 gallons of linseed oil at $3.60 per gallon. 9/11/XX sold 22,000 gallons to a paint manufacture for $5.00 per gallon. 9/12/XX purchased 20,000 gallons of linseed oil at $3.75 per gallon. 9/22/XX purchased 5,000 gallons of linseed oil at $3.80 per gallon. 9/30/XX sold 28,000 gallons of linseed oil for $5.20. Required: DATE a. Complete the perpetual inventory record (provided) for the above transactions using FIFO b. Make the required journal entry on 9/8/XX for the FIFO method. c. Make the required journal entry on 9/11/XX for the FIFO method. d. Complete the perpetual inventory record (provided) for the above transactions using LIFO ACCOUNT DR CR
FIFO METHOD PURCHASED UTS COST SOLD BALANCE TOT UTS COST TOT UTS COST TOT
Transcribed Image Text:FIFO METHOD PURCHASED UTS COST SOLD BALANCE TOT UTS COST TOT UTS COST TOT
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