By using FIFO method: Post Journal entries for Sales and CGS?
Q: Journal entry for sales
A: The journal entry is prepared to record the monetary transactions of the company in the boooks.
Q: What is the posting procedure for the sales journal?
A: Sales journal is used to record the entries related to only credit sales includes goods and services…
Q: Give a description of the posting events on purchasing processes and their results in accounting…
A: Here given the details of Posting events on Purchases process and it result into the accounting…
Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…
A: Answer a: Sales order is created by using a document formed by SAP.
Q: Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr.
A: Accounts receivable is an asset account that is debited when a debtor is created. When a sale is…
Q: If a company uses a multi-column purchases journal, which of the following possibleheadings for…
A: Solution Concept Multi column purchase journal is a journal used to record the credit purchase…
Q: How to journaalize entries from accounting for purchase with frieght transaction?
A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…
Q: Which of the following is not a special journal? a. Sales journal b. General journal c. Cash…
A: Special journals: Special journal are journals which records transactions that occur frequently such…
Q: Distinguish between sales book and sales account.
A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…
Q: The accounting system automatically obtains the unit price based on scans of barcodes for…
A: Answer: Option 1.
Q: Describe and use the purchases journal. What steps are followed in posting from the purchases…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: How to find sales under LIFO
A: LIFO stands for last in first out. It represents that the units that are purchased last would be…
Q: Proving the postings of a one-column purchases journal would involve comparing the…
A: General Ledger: A general ledger is a bookkeeping ledger of the company that is a central repository…
Q: Please assist with (i) - Periodic inventory system and Perpetual inventory system. Thanks
A: In the perpetual method of inventory, calculation of inventory is to be done as and when it is…
Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL
A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…
Q: From the following list, identify those that are likely to serve as source documents. Trial…
A: A source document refers to the original document that includes all the information of the business…
Q: Explain the posting process of the sales journal?
A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…
Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?
A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…
Q: The periodic total of sales return journal is posted to :(i) Sales account(ii) Goods account(iii)…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: What are the columns that are typically used in the purchases journal?
A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…
Q: Explain an example how to record sales revenue.
A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…
Q: In a manual accounting system, what advantage does the journal voucher system have over the…
A: Journal Voucher Journal voucher is a special source of document which has been replaced for general…
Q: A. B. C. Prepare the Sales Ledger Control Account. Prepare the Purchases Ledger Control Account.…
A:
Q: indicate in which journal the following transactions are most likely to be recorded. 1. purchased…
A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…
Q: Discuss the objects of the cut off on the sales and collection cycle.
A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…
Q: Explain how to journalize sales transactions.
A: Journal Entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: n the Sales item given in the photo, determine the answer using horizontal, vertical, trend, and…
A: Financial Analysis: It is the important role as a tool for appraising the real worth of a business…
Q: Write a SQL query to calculate the total purchase amount of customer_id 3005
A: Query refers to the inquiry as well as question related to the set of data. SQL (Structured Query…
Q: Describe and use the purchases jornal. What steps are followed in posting from the purchases journal…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: ease give me
A: We know the formula for Cost of good sold= Opening Inventory + Purchases - CLosing Inventory. We…
Q: What general ledger journal entries does the purchases system trigger? From which departments do…
A: Purchasing System: The identification and procurement of the inventory needs for the organization is…
Q: What is purpose of sales journals?
A: Sales journal: It is one form of special journal book, which records all the sales transactions that…
Q: Journalize the transactions shown below in the two-column general journal that follows. Calculate…
A: Answer:
Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…
A: The Answer:
Q: Peachtree Company uses sales journal, purchases journal, ournal, and general journal. Journalize the…
A: Purchase Journal Date Amount Date of invoice Terms Account Payable Cr Inventory Dr Office…
Q: How to journalize entries from accounting for sales with frieght transaction
A: The journal entry is a way of recording business transactions. It is the event when business…
Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…
A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…
Q: Journalizing Sales Transactions
A: Journal entries is given bellow,
Q: True or False: The posting of purchase transactions to the general ledger is done in the same manner…
A: Purchase transactions are the transactions relating to the procurement of goods from the party…
Q: r and shipping document? O Invoice price, vendor, delivery date, quantity. O Invoice date,…
A: A three-way matching refers to the process that involves matching the desired purchase orders,…
Q: Identify the special journal(s) in which the following column headings appear. Column Headings…
A: Special journal is a journal which record similar type of transactions such as sales, purchases,…
Q: Explain the purpose of sales journal.
A: Journals are prepared by the company to record the monetary transactions of the company.
1 ) By using FIFO method:
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- Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 175 units at 30 7 Sale 155 units 15 Purchase 200 units at 33 24 Sale 140 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (A) the cost of goods sold on October 24 and (B) the inventory on October 31.Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units at 54 8 Sale 75 units 15 Purchase 125 units at 60 27 Sale 80 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (A) the cost of goods sold on July 27 and (B) the inventory on July 31.FE19Closing InventoryDec Type Qty Price1 Op Inv 65 $34.001 Purchase 79 $36.2511 Purchase 72 $36.5018 Purchase 60 $36.7522 Purchase 59 $37.003 Sale -84 $45.005 Sale -45 $46.0019 Sale -85 $48.0029 Sale -48 $49.0031 Sale -57 $50.00Required:a) Calculate closing inventory Qty and Value as per FIFO method b) Calculate closing inventory Qty and Value as per Weightage Average method
- Perpetual Inventory Using FIFOBeginning inventory, purchases, and sales for Item B901 are as follows:May 1Inventory42 units @ $249Sale35 units13Purchase31 units @ $2828Sale15 unitsAssuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31.a. Cost of merchandise sold on May 28$b. Inventory on May 31$Perpetual Inventory Using LIFO OBJ. 3 EE 7-3 Beginning inventory, purchases, and sales for Item FK7 are as follows: Sept. 1 Inventory 115 units at $255 10 Sale 100 units 18 Purchase 110 units at $260 27 Sale 105 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on September 27 and (b) the inventory on September 30.Ch12.2 Crazycorp. had the following inventory transactions in the month of SeptemberDate Type # units Price per unit1 Purchase 450 $4.503 Purchase 350 $4.407 Sales -275 $6.0011 Sales -300 $6.0012 Purchase 350 $4.2513 Purchase 75 $4.3014 Sales -400 $6.5018 Purchase 200 $4.4021 Sales -100 $6.5024 Sales -200 $6.6028 Purchase 200 $4.40Required:Using Perpetual system, compute Inventory as at 31st Dec using FIFO methodUsing Perpetual system, compute Inventory as at 31st Dec using Weighted Average methodCh12.3 Variour Inc recently completed its stock take and have provided you the below informationCategoryUnits in InventoryCost per unit NRV per unitWA1 85 $105.00 $100.00WB1 110 $80.00 $85.00WC1 135 $190.00 $195.00WD1 150 $45.00 $50.00WE1 165 $200.00 $190.00Required:Calculate the total value of Kentex' closing Inventory
- The products of ABC can be grouped into two major categories: products A1 and A2 are in Category A, while products B1 and B2 are in category B. Assume the following information regarding ABC's inventories for year 2021: Product A1 Transaction Number of Units Unit Cost Unit Price Beginning inventory 400 €5 Purchase No. 1 400 €5 Sale No.1 600 €10 Sale No.2 100 €12 Purchase No. 2 1,000 €7 Sale No.3 700 €10 Purchase No. 3 1,000 €7 Sale No.4 600 €15 Sale No.5 600 €15 Purchase No. 4 1,200 €9 Selling price as at December 31, 2021 €14 Product A2 Transaction Beginning inventory Number of Units 500 Unit Cost €8 Unit Price Sale No.1 400 €12 Purchase No. 1 600 €8 Purchase No. 2 500 €7 Sale No.2 650 €12 Purchase No. 3 150 €9 Purchase No. 4 200 €8 Selling priceas at December 31, €11 2021…PT. Antigen follows the practice of pricing its inventory at LCNRV on an individual items basis (dalam Rp. 000.000) on December 31 2009: Item No Quantity Cost per Unit NRV per Unit 1320 1333 1426 1437 1510 1522 1573 1626 1.200 900 800 1.000 700 500 3000 1.000 3.2 2.7 4.5 3.6 2.25 3.00 1.8 4.7 4.15 3.00 4.6 2.95 2.45 3.4 1.75 5.5 (i) Determine the inventory as December 31 2019 by the LCNRV method, applying to this method to each item (ii) Determine the inventory as December 31 2019 by the LCNRV method, applying the method to the total of the inventory Each of the following gross profit percentage is expressed in term of cost. Indicate the gross profit percentage in terms of sales for each of the above (i) 20% (ii) 25% (iii) 331/2% (iv) 50%Question The following information is taken from the records of Wildlife florist.The company uses the perpetual inventory system Date Description units unit cost (RM) DEC1 Opening inventory 200 20 Dec5 Sale 108 Dec6 Purchase 200 18 Dec 12 Purchase 125 17 Dec 13 Sale 300 Dec 19 Purchase 350 21 Dec 29 Purchase 150 18 Dec 30 Sale 400 Required : (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assunmptions: i) FIFO ii) Weighted average (b) Assume each unit sold for RM25. Complete the following partial income statements: FIFO…
- 1.c. Specific identification Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 15 300 $7 20 27 400 $7 Total COGS Required: Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 200 $2 3 400 $3…Business purchased inventory $ 2700 from slientsolar ltd.terms 1/5,n/10,FOB . what is the merchandise inventory entry?PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
