The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 20--: Cost Retail $66,000 Inventory, start of period (January 1, 20--) Net purchases during the period $37,000 174,000 330,000 Net sales for the period 310,500 Required: 1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimate the ending inventory 2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimated cost of goods sold

The following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 20--: Cost Retail $66,000 Inventory, start of period (January 1, 20--) Net purchases during the period $37,000 174,000 330,000 Net sales for the period 310,500 Required: 1. Estimate the ending inventory as of April 30, 20--, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimate the ending inventory 2. Estimate the cost of goods sold for the time period, January 1, through April 30, using the retail inventory method. Round your intermediate calculations and final answer to the nearest whole dollar. Estimated cost of goods sold

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Description: O AccoG theWheG A meQue:ChapG A meAcccO AccoасcoUnitаccoThe following information is taken from the books of All in the Family Center for the first quarter of its fiscal year ending on April 30, 20--:CostRetailInventory, start of period (January 1,

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens Company, invoice no. J34Y9, 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, 15 (total 265.25). 11Bought one weed trimmer from Lionels Lawn Landscaping, invoice no. R7740, 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, 35 (total 254.72). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, 425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of 3,492.29 (Accounts Payable 212), 4,239.49 (Purchases 511), and 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
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can uou help wit the worksheet in the picture wit the given information The fiscal period is one month. Merchandise Inventory at November 30 is $265 000. Supplies on hand November 30 are valued at $11 400. Equipment depreciation is 25 percent per year, using the declining-balance method. Round off the depreciation to the nearest dollar. $450 interest is owed on the bank loan. $1300 is owed to employees.
Urgentttt During January 2018, FRS Company completed the following transactions. Beginning inventory as of January 1 include 225 units $80 each which totals $18,000: Jan 1: Paid 6 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 32,000$ from Great Company, on terms, 3/10, n/eom. And paid $2,000 of commissions and freight charges for the purchase from Great Company. Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, n/30. Total invoice is $13,500. Jan 5: Paid accrued salary of the December 2016, $16,000. Jan 13: Paid to Great Company. Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, n/30. Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $85 of cost each). Journalize January transactions Prepare FIFO schedule to calculate the Cost of Goods Sold (COGS) on the Jan 15th, and 23th.Jan 20: Received payment from Shine Company,…
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