Tamarisk Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,116,400 at both cost and realizable value. At December 31, 2020, the inventory was $280,907,700 at cost and $263,724,500 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)

Waterway Inc. uses a perpetual inventory system. At January 1, 2020, inventory was $211,257,900 at both cost and realizable value. At December 31, 2020, the inventory was $286,249,300 at cost and $262,969,900 at realizable value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method (b) Loss method.

The December 31, 2018, year-end inventory balance of the Raymond Corporation is $210,000. You have beenasked to review the following transactions to determine if they have been correctly recorded.1. Goods shipped to Raymond f.o.b. destination on December 26, 2018, were received on January 2, 2019. Theinvoice cost of $30,000 is included in the preliminary inventory balance.2. At year-end, Raymond held $14,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance.3. On December 29, merchandise costing $6,000 was shipped to a customer f.o.b. shipping point and arrivedat the customer’s location on January 3, 2019. The merchandise is not included in the preliminary inventorybalance.4. At year-end, Raymond had merchandise costing $15,000 on consignment with the Joclyn Corporation. Themerchandise is not included in the preliminary inventory balance.Required:Determine the correct inventory amount to be reported in Raymond’s…

Hahn Flooring Company’s perpetual inventory records indicate that $1,333,150 of merchandise should be on hand on December 31, 2019. The physical inventory indicates that $1,309,900 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Hahn Flooring Company for the year ended December 31, 2019.Assume that the inventory shrinkage is a normal amount.

Recording Inventory Purchases and Sales on Account Record the entries for the following transactions for Shoppers Inc.  Shoppers uses a perpetual inventory system and records sales taxes payable at the point of sale. a. On January 1, 2020, Shoppers Inc. purchased merchandise for resale for $56,000 on credit terms 1/15, n/30. Shoppers Inc. incurred a shipping charge of $288 on the purchase, which was immediately paid. Shoppers Inc. uses the gross method to record purchases. b. Shoppers Inc. sells $22,400 of inventory during the first week of January 2020, to customers for $40,000, with a sales tax rate of 5%. Of the total sales for the week, 30% are cash sales, and 70% are credit sales (n/30). c. On January 14, 2020, Shoppers Inc. pays the balance for purchases on account. d. Assume instead that Shoppers Inc. sells $24,000 of inventory during the first week of January 2020 to customers for $44,800, which includes a 5% sales tax. Of the total sales for the week, 30% are cash sales, and…

Flounder Company had the following account balances at year-end: Cost of Goods Sold $64,510, Inventory $14,660, Utilities Expense $29,240, Sales Revenue $126,730, Sales Discounts $1,140, and Sales Returns and Allowances $1,830. A physical count of inventory determines that merchandise inventory on hand is $12,760. They use the perpetual inventory system. (a)     Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount                     (b)     Prepare closing entries. (List all…

Morton Company uses a perpetual inventory system. On December 1, 2019, the company purchased inventory on account for $9,000. The credit terms are 2/10, n/30. If Morton pays the bill on Decermber 29, 2019, what amount of discount will be taken?