FUND. ACCOUNTING PRINCIPLES >CUSTOM<
24th Edition
ISBN: 9781307417692
Author: Wild
Publisher: MCG/CREATE
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Chapter 6, Problem 23QS
Inventory costs C2
A solar panel dealer acquires a used panel for $9,000. with terms FOB shipping point. Compute total inventory costs assigned to the used panel if additional costs include
• $1,5 0 0 for sales staff salaries.
• $135 for shipping insurance.
• $2 8 0 for transportation-in by train.
• $5 5 0 for used panel restoration. $110 for online advertising.
• $ 3 0 0 for lawn c are.
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2) Sea Travel sells motor boats. One of Sea Travel’s most popular models is the Wing. During the current year, Sea Travel purchased 15 Wings at the following costs.
Purchase Date
Units Purchased
Unit Cost
Total cost
May 2
4
$7000
$28,000
May 20
2
$7100
14,200
May 25
8
$7250
58000
June 5
10
$7300
73000
24
$173,200
On May 28, Sea Travel sold 11 Wings to the jack Sport racing team.
Compute
LIFO
COGS:
Ending inventory:
Date
Debit
Credit
Db
Cr
1. On January 1, 2022 the company purchased 200,000 materials on account, with terms: 6%, 5/20, n/60. Compute the amount of purchase in a Periodic Inventory System on January 1.
2. In connection with number 1, if on January 15, the payment is made, how much is the recorded Purchase discount in the Perpetual Inventory System?
3. On February 3, the company purchased materials amounting to 950,000 on account. Transportation costs amounted to 5,000. Terms: 8%, 3/15, n/60. Using the Perpetual Inventory System, how much is the recorded purchases on February 3?
4. On February 3, how much is the Raw Materials Inventory using the Perpetual Inventory System?
8. On December 28, 2020, INDIGO Company purchased goods costing ₱500,000. The terms were FOB destination. Some of the costs incurred in connection with the sale and delivery of the goods were packaging for shipment ₱10,000, shipping₱15,000, and special handling charges ₱25,000. These goods were received on December 31, 2020. On December 31, 2020, what total cost for these goods should be included in inventory?
a. ₱ 510,000
b. ₱ 550,000
c. ₱ 500,000
d. ₱ 525,000
Chapter 6 Solutions
FUND. ACCOUNTING PRINCIPLES >CUSTOM<
Ch. 6 - Prob. 1DQCh. 6 - Where is the amount of merchandise inventory...Ch. 6 - If costs are declining, will the LIFO or FIFO...Ch. 6 - Prob. 4DQCh. 6 - Prob. 5DQCh. 6 - Prob. 6DQCh. 6 - Prob. 7DQCh. 6 - Prob. 8DQCh. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 11DQCh. 6 - Prob. 12DQCh. 6 - Inventory ownership Homestead Crafts, a...Ch. 6 - QS 6-2 Inventory costs C2
A car dealer acquires a...Ch. 6 - Prob. 3QSCh. 6 - Perpetual: Inventory costing with FIFO P1 A...Ch. 6 - Perpetual: Inventory costing with LIFO Refer to...Ch. 6 - Perpetual Inventory costing with weighted average...Ch. 6 - Periodic: Inventory costing with FIFO P3 Refer to...Ch. 6 - Periodic: Inventory costing with LIFO Refer to the...Ch. 6 - Periodic: Inventory costing with weighted average...Ch. 6 - Perpetual: Assigning costs with FIFO Trey Monson...Ch. 6 - QS6-11
Perpetual Inventory costing with LIFO
Refer...Ch. 6 - QS 6-12
Perpetual: Inventory costing with weighted...Ch. 6 - QS6.13
Perpetual Inventory costing with specific...Ch. 6 - Periodic: Inventory costing with FIFO P3 Refer to...Ch. 6 - Periodic Inventory costing with LIFO P3 Refer to...Ch. 6 - Periodic: Inventory costing with weighted average...Ch. 6 - Periodic: Inventory costing with specific...Ch. 6 - QS 6-18 Contrasting inventory costing methods...Ch. 6 - Prob. 19QSCh. 6 - Inventory errors A2 In taking a physical inventory...Ch. 6 - Analyzing inventory A3 Endor Company begins the...Ch. 6 - Prob. 22QSCh. 6 - Inventory costs C2 A solar panel dealer acquires a...Ch. 6 - Exercise 6-1 Inventory ownership C1
1. At...Ch. 6 - Exercise 6-2
Inventory costs
C2
Walberg...Ch. 6 - Exercise 6-3 Perpetual Inventory costing methods...Ch. 6 - Exercise 6-4 Perpetual: Income effects of...Ch. 6 - Exercise 6-5A Periodic: Inventory costing P3 Refer...Ch. 6 - Exercise 6-6A Periodic: Income effects of...Ch. 6 - Exercise 6-7 Perpetual Inventory costing...Ch. 6 - Exercise 6.8 Specific identification Refer to the...Ch. 6 - Prob. 9ECh. 6 - Prob. 10ECh. 6 - Prob. 11ECh. 6 - Prob. 12ECh. 6 - Exercise 6-13 Inventory turnover and days' sales...Ch. 6 - Prob. 14ECh. 6 - Prob. 15ECh. 6 - Prob. 16ECh. 6 - Prob. 17ECh. 6 - Exercise 6-1E Perpetual inventory costing P1 Tree...Ch. 6 - Exercise 6-19APeriodic inventory costing P3 I...Ch. 6 - Problem 6-1A
Perpetual: Alternative cost...Ch. 6 - Prob. 2APSACh. 6 - Prob. 3APSACh. 6 - Prob. 4APSACh. 6 - Problem 6-5A Lower of cost or market P2 A physical...Ch. 6 - Prob. 6APSACh. 6 - Prob. 7APSACh. 6 - Prob. 8APSACh. 6 - Prob. 9APSACh. 6 - Prob. 10APSACh. 6 - Prob. 1BPSBCh. 6 - Prob. 2BPSBCh. 6 - Prob. 3BPSBCh. 6 - Prob. 4BPSBCh. 6 - Prob. 5BPSBCh. 6 - Prob. 6BPSBCh. 6 - Prob. 7BPSBCh. 6 - Prob. 8BPSBCh. 6 - Prob. 9BPSBCh. 6 - Prob. 10BPSBCh. 6 - Prob. 6SPCh. 6 - AA 6-1 Use Apple's financial statements in...Ch. 6 - AA 6-2 Comparative figures for Apple and Google...Ch. 6 - Prob. 3AACh. 6 - BTN 6-3 Golf Challenge Corp. is a retail sports...Ch. 6 - Prob. 2BTNCh. 6 - Prob. 3BTNCh. 6 - Prob. 4BTNCh. 6 - Prob. 5BTNCh. 6 - Prob. 6BTN
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