SophCO 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: 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 FIFO METHOD PURCHASED SOLD BALANCE UTS COST TOT UTS COST TOT UTS COST TOT LIFO METHOD PURCHASED SOLD BALANCE only a and d in given table please thank you with no dates

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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SophCO 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:
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

FIFO METHOD
PURCHASED SOLD BALANCE
UTS COST TOT UTS COST TOT UTS COST TOT

LIFO METHOD
PURCHASED SOLD BALANCE

only a and d in given table please thank you with no dates

FIFO METHOD
PURCHASED
UTS COST
SOLD
BALANCE
TOT UTS COST TOT UTS COST TOT

LIFO METHOD
PURCHASED
UTS
SOLD
COST TOT UTS
COST TOT
BALANCE
UTS
COST TOT

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