Tenace Corporation uses a perpetualinventory system and has provided the following information about one of their laptop computers: DateTransactionNumber of UnitsCost per Unit1/1Beginning inventory100$8005/5Purchase200$9008/10Purchase300$1,00010/15Purchase200$1,050 During the year, 250 laptop computers were sold on 8/15 and 500 laptops were sold on 10/31. What was ending inventory using the FIFOcost flow assumption?Group of answer choicesA)$60,000B)$52,500c)$52,000D)$40,000E)None of the above

Periodic inventory system: A periodic inventory system is a system of measuring inventory which is…

Answered: What was ending inventory using the…

Business

Accounting

What was ending inventory using the FIFOcost flow assumption?

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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Tenace Corporation uses a periodicinventory system and has provided the following information about one of their laptop computers: Date Transaction Number of Units Cost per Unit 1/1 Beginning inventory 100 $800 5/5 Purchase 200 $900 8/10 Purchase 300 $1,000 10/15 Purchase 200 $1,050 During the year, 250 laptop computers were sold on 8/15 and 500 laptops were sold on 10/31. What was ending inventory using the FIFOcost flow assumption? Group of answer choices A)$60,000 B)$52,500 C)$52,000 D)$40,000 E)None of the above
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system. Compute the cost of goods sold assuming use of periodic inventory system. To create year-end blance for cost of goods sold, please close the beginning inventory, purchases and ending inventory accounts assuming that the company uses periodice inventory system. Date…
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system.
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8      Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. a. Prepare journal entries to record these transactions on January 8 and January 10 assuming that the company uses perpetual inventory system. Date Debit Credit Db Cr Date Debit Credit Db Cr Date Debit Credit Db Cr
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8      Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000.   a) Prepare journal entries to record these transactions assumingthat the company uses periodic inventory system b. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system.   c. Compute the cost of goods sold assuming use of periodic inventory system.   d. To create year-end blance for cost of goods sold, please close the beginning…
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8      Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000.   a) Prepare journal entries to record these transactions assumingthat the company uses periodic inventory system b. Compute the balance of the Inventory account on January 12 assuming that the company uses periodic inventory system.   c. Compute the cost of goods sold assuming use of periodic inventory system.   d. To create year-end blance for cost of goods sold, please close the beginning…
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. Prepare journal entries to record these transactions assuming that the company uses periodic inventory system Date Debit Credit Db Cr Date Debit Credit Db Cr
State College Technology Store is a retial computer store in the university center of a large midwestern university. The school engaged in the following transactions during January of the current year. At December 31 last year, the company’s inventory amounted to $150000. Jan. 8 Purchased 20 Nonpxe laptop computers on account from Led Inc. The laptop comptuers cost $800 each. Payment is due in 30 days Jan. 10 Sold 4 Nopxe laptop computers on account to the Department of Microbiology at State College at a retail sales price of $1200. Unit cost of each laptop was $1000. To create year-end blance for cost of goods sold, please close the beginning inventory, purchases and ending inventory accounts assuming that the company uses periodice inventory system. Date Debit Credit Db Cr Date Debit Credit Db Cr
Hannah has been selling laptops for $300 each that had a cost of $252. By year end the net realizable value of the laptops had fallen to $280. At what value should the company's inventory of laptops be valued on December 31 of current year? Select one: a. $280 b. $300 c. $252 d. There is insufficient information to answer the question.
Dulce Company specializes in the sale of IBM compatibles and software packages. The company had the following transactions with one of its suppliers: Purchases of IBM compatibles P1,700,000 Purchases of commercial software packages 1,200,000 Purchase return and allowance 50,000 Purchase discount taken 17,000 Purchases were made throughout the year on terms 2/10, n/30. All returns and allowances took place within 5 days of purchase and prior to any payment on account. Purchase discount lost is? Choices: P17,000 P40,000 P41,000 P57,000
Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera bulbs. The business began the second quarter (April to June) of 2020 with 15 (V380PRO) camera bulbs at a total cost of $108,750. The following transactions relating to the “V380PRO” camera bulbs were completed during the quarter. April 7 90 bulbs were purchased at a cost of $6,850 each. In addition, the business paid freight charges of $800 cash on each bulb to have the inventory shipped from the point of purchase to their warehouse. April 30 The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 of these bulbs were sold on account to longstanding customers of the business) May 6 A new batch of 80 bulbs was purchased at a total cost of $654,800 May 9 Upon inspection of the bulbs purchased on May 6, five (5) of the units were found to be defective and were returned to the supplier. May 31 During the month 62 of the camera bulbs were sold at a price of…
Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera bulbs. The business began the second quarter (April to June) of 2020 with 15 (V380PRO) camera bulbs at a total cost of $108,750. The following transactions relating to the “V380PRO” camera bulbs were completed during the quarter.April 7 90 bulbs were purchased at a cost of $6,850 each. In addition, the business paid freight charges of $800 cash on each bulb to have the inventory shipped from the point of purchase to their warehouse.April 30 The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 of these bulbs were sold on account to longstanding customers of the business)May 6 A new batch of 80 bulbs was purchased at a total cost of $654,800May 9 Upon inspection of the bulbs purchased on May 6, five (5) of the units were found to be defective and were returned to the supplier.May 31 During the month 62 of the camera bulbs were sold at a price of $11,450…