The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 400 units es 8 Purchased 20e units e s1e Purchased 28e units e $13 Purchased 9e units e $15 $3, 200 2,e00 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each.
Q: During the months of January and February, Axe Corporation purchase follows: Jan. 6 Purchased goods…
A: Solution journal entries…
Q: Crane Company began the year with 8 units of marine floats at a cost of $10 each. During the year,…
A: FIFO method:Under this method, the inventory which is purchased first will sold first and the…
Q: S.Claus Company makes toys and gifts. At the beginning of July, it owned 200 gallons of red paint,…
A: The company is using periodic system of inventory accounting because the inventory is calculated at…
Q: October 10 Purchased 100 pairs of sneakers on account at a cost of $5,945 per pair. In addition,…
A: FIFO Method - Under FIFO Method of Inventory valuation company used to sell inventory purchased 1st.…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…
Q: Sanchez Company is a wholesaler of bakery equipments. Beginning of the current year, the entity's…
A: Inventory is the raw materials used in production as well as the goods that are available for sale.…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Jordan Footwear sells athletic shoes and uses the perpetual inventory system. During June,…
A: For every business, purchases and sales are the most important of transactions. The purchases and…
Q: 4. Alberto & Sons, Inc., a retailer of furniture, engages in the following transactions during…
A:
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations.…
A: Ending Inventory Valuation using FIFO, LIFO and Weighted Average Method. FIFO Method: In this…
Q: On October 1, Belton Bicycle Store had an inventory of 30 ten speed bicycles at a cost of $300 each.…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Record the following transactions using: a) Perpetual and b) Periodic Method a. During the year, 300…
A: A. By using perpetual inventory system:- The transactions are as follows:- Journal S. No.…
Q: 5,500 @ ksh. 49 7 4,000 @ ksh. 50 11 7,000 @ ksh. 61 12 5,000 @ ksh. 50 13 6,000 @ ksh. 47…
A: Inventory valuation is the techniques of valuing the inventory in the store so as to maintain a…
Q: On April 1, Banzai Interior Designs purchased 500 units of dining tables at a unit cost of P1,500…
A: Note: Under FOB destination freight is the seller's expense but under FOB shipping point, freight is…
Q: Determine Cost of Goods Sold and Ending Inventory using the following methods: a. FIFO
A: a) Computation using the FIFO method: Date Purchase Sale Balance Units Rate Amount Units…
Q: Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions…
A: Gross Profit: Difference between the sales and the cost of goods sold is called gross profit. Gross…
Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of…
A: Solution: Inventory increase by = Purchase cost of goods cost - Purchase Discount
Q: Ralph's Mini-Mart store in Alpine experienced the following events during the current year: 1.…
A: Purchase of merchandise inventory includes net purchase and transportation in value. Transfer out…
Q: On June 1, Grissol Inc. had an inventory of 10 barbeques at a cost of $440 each. Grissol uses a…
A: JOURNAL: A journal is a book in which accounting transaction is entering accounting terms. Journal…
Q: S.Claus Company makes toys and gifts. At the beginning of July, it owned 200 gallons of red paint,…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: 5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance…
A: Statement of production cost would include the cost of goods manufactured during the year. Statement…
Q: Determine the cost of goods sold under LIFO:
A: Answer Cost flow statement using LIFO Cost of Goods Available for Sale Cost of Goods Sold…
Q: a. Assume the company uses a periodic system. Prepare all required journal entries, including the…
A: a. Prepare the working note for computing COGS as follows: Result:
Q: Classique Designms sells a variety of merchandise, including school shoes for girls. The business…
A: Perpetual inventory system is the system in which the inventory is recorded at the time when the…
Q: ABC sells item A as part of its product line. Information as to balances on hand, purchases, and…
A: In Weighted average cost method the inventory cost is calculated using average cost. Average cost =…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: Inventory valuation refers to valuation of closing stock in hand which is reflected in Balance Sheet…
Q: A company buys and sells physical goods to individuals and other companies. March 4 orders the…
A: Answer: Part a: Cost in connection with the above mentioned event is SEK 50,000, as VAT will not be…
Q: A company begins the year with inventory of $52,000 and ends the year with inventory of $42,000.…
A: Formula: Cost of goods available for sale = Beginning inventory + Purchases
Q: Required information [The following information applies to the questions displayed below.] The Shirt…
A: Periodic FIFO: Beginning Inventory & Purchases Cost of Goods Sold Ending…
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:…
A: FIFO is the inventory valuation method which says that inventory purchased first will be sold first.…
Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of…
A: Purchase of Inventory from Noah discount = $ 1590 * 2% = $ 31.8 Purchase of Inventory from Emma…
Q: The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations:…
A: Weighted Average cost per unit = Cost of Goods Available for sale / Total Units Available
Q: July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight…
A: Perpetual inventory system - It is a method which records sale or purchase of stock at the time of…
Q: Amanse Golf Club sells refreshments to it's members. Suppliers for refreshments were owed Ghc250 on…
A: Workings: Suppliers for refreshments owed on January 01 is Ghc 250 suppliers for refreshments owed…
Q: year, the following events occurred: Summer Company is a wholesaler of car seatcovers. At the…
A: Inventory is the raw materials used in production as well as the goods that are available for sale.…
Q: Hill & Scott Company makes financial calculators. During the current year, Hill & Scott…
A: sales are activities related to selling goods or services in exchange for money.
Q: QP Corp. sold 5,450 units of Its product at $45.50 per unit during the year and incurred operating…
A: The gross profit is calculated as difference between sales and cost of good sold. Income before tax…
Q: 5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance…
A: Income statement is a statement prepared to calculate the net income of a company after deducting…
Q: Mighty Oaks sells one product, 10’ tall oak trees. Their activity this month is as follows: Sept.…
A: Definition: LIFO: Last in First out , which means Goods received last should be sold first. FIFO:…
Q: Amanse Golf Club sells refreshments to its members. Suppliers for refreshments were owed GH₵ 250 on…
A: Amount due to suppliers means amount needs to be paid to the suppliers for credit purchases made.…
Q: The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: $…
A: Total units available for sale = 440+130+240+70 = 880 units Ending units = Total units available for…
Q: Summer Company is a wholesaler of car seatcovers. At the beginning of the current year, the entity's…
A: Inventory:- Inventory is defined as the goods or materials which is held by particular company in…
Q: Brutus Corporation, a newly formed corporation, has the following transactions during May, its first…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Required Informatlon [The following information applies to the questions displayed below.] The Shirt…
A: As per FIFO method Particulars Units Amount Jan 20th purchase 500 3500 April 21 Purchase 300…
Q: S.Claus Company makes toys and gifts. At the beginning of July, it owned 200 gallons of red paint,…
A: FIFO means first in first out LIFO means last in first out
Q: J & G sells a variety of school supplies from a store located at Red Mountain Mall. The business…
A: The inventory returned is valued at the price it was purchased.
Q: Requlred Information [The following information applies to the questions displayed below.] The Shirt…
A: FIFO is first in first out method for inventory valuation, in which units purchased first will be…
Q: A company that specializes in the sale of televisions (TVs) has been in operation for a year. The…
A: First In, First Out, generally known as FIFO, is a valuation technique in which assets created or…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.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.[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Requireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
- In its first year of operations, Dulany Company, a clothing store, purchased $18,000 of merchandisefrom a supplier on account, terms 2/10, n 30. Dulany Company returned $3,000 of defectivemerchandise, and then paid the amount due within the discount period. During the year, the companysold merchandise inventory costing $12,000 to its customers. What would be the balance in Dulany’sCompany’s Merchandise Inventory account at the end of the year?A. $2,700B. $3,200C. $3,300D. $2,640Carson Print Supplies, Inc., sells laser printers and supplies. Assume Carson started the year with 100 containers of ink (average cost of $8.90 each, FIFO cost of $9.00 each, LIFO cost of $7.80 each). During the year, the company purchased 800 containers of ink at $9.80 and sold 600 units for $21.50 each. Carson paid operating expenses throughout the year, a total of $4,000. Ignore income taxes for this exercise. Prepare Carson’s income statement for the current year ended December 31 using the aver-age-cost, FIFO, and LIFO inventory costing methods. Include a complete statement heading.Record the following transactions using: a) Perpetual and b) Periodic Methoda. During the year, 300 chairs were bought at P150 each or a total purchases of P45,000.b. At the end of the year, a physical count showed only 140 chairs are still on hand.c. Merchandise is sold at 50% above cost.After recording the transactions, determine the following:a. Cost of Goods Soldb. Gross Profitc. Cost of unsold chairs
- Bengal Limited manufactures fridges and freezers. The trial balance at 31 December 2021 was as follows: Dr £ Cr £ Revenue 3,564,300 Purchases 1,578,250 Inventory on 31/12/20 120,500 Production expenses 805,230 Administrative expenses 151,530 Distribution expenses 214,250 Wages 500,400 Loan interest 11,000 Equipment at cost 1,100,000 Motor vehicles at cost 256,000 Accumulated depreciation: Office equipment 31/12/20 Motor vehicles 31/12/20 320,000 90,400 Trade receivables 219,500 Allowance for irrecoverable debts 2,500 Discounts allowed/received 3,400 3,780 Trade payables 130,400 Bank 80,770 Share capital 500,000 Retained earnings 129,450 Bank loan (repayable 2030)…The following hammers were available for sale during the year for Wilkins Tools: Beginning inventory 10 units at $40 First purchase 15 units at $50 Second purchase 30 units at $60 Third purchase 25 units at $65 Wilkins has 30 hammers on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the first-in, first-out method? Select one: a. $1,575 b. $1,950 c. $1,975 d. $2,650Cucu Company sells gift certificates redeemable only when merchandise is purchase. The certificates have anexpiration date two years after issuance date. Upon redemption or expiration, Cucu Company recognizes theunearned revenue as realized. Data for 2020 are as follows:Unearned revenue, 1/1/2020 P800,000Gift certificates sold 4,000,000Gift certificates redeemed 3,200,000Expired gift certificates 400,000Cost of goods sold 60%At December 31, 2020, what amount of current liability should Cucu report in relation to gift certificates?a. P1,200,000 b. P800,000 c. P400,000 d. d. P0
- The following hammers were available for sale during the year for Wilkins Tools: Beginning inventory 10 units at $40 First purchase 15 units at $50 Second purchase 30 units at $60 Third purchase 25 units at $65 Wilkins has 30 hammers on hand at the end of the year. What is the dollar amount of cost of goods sold for the year according to the last-in, first-out method?Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions duringOctober of the current year:Oct. 1 Purchases 100 Hummels at $50 each.Oct. 5 Sells 50 of the Hummels at $80 each.Compute Alberto & Sons’s gross profit for October.Martinez Shoe Sales has a January 31 fiscal year-end. At the start of the year, Martinez had 250 pairs of shoes in its Inventory at a cost of $30 per pair. Assume that the oldest inventory is sold first. Martinez uses a perpetual inventory system and estimates returns of 5% on all sales. During the month of February 2022, the following transactions took place: Feb. 4 Purchased 1,000 pairs for $20 each from Marigold Corp. on account, terms n/30. 11 Returned 100 pairs to Marigold for $2,000 credit because the shoes were the wrong size. 13 Sold 210 pairs for $90 each to Shoes for Kids, terms n/30. 18 Granted credit of $1,080 to Shoes for Kids for the return of 12 pairs that were the wrong colour. The shoes were restored to inventory. 26 Paid Marigold the amount owing. 28 Received payment in full from the Shoes for Kids. Record the February transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent…