Homework Answers
|
INCOME STATEMENT |
||
|
$ |
$ |
|
|
SALES LESS RETURNS |
17400 |
|
|
LESS COST OF SALES |
||
|
OP STK |
2800 |
|
|
PURCHASES |
9000 |
|
|
CARRIAGE |
300 |
|
|
CL STK |
3900 |
8200 |
|
9200 |
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|
LESS EXPENSES |
||
|
RENT |
1300 |
|
|
WAGES |
4400 |
|
|
INSURANCE |
102 |
|
|
DA/DR |
116 |
180 |
|
BAD DEBTS |
504 |
|
|
UTILITIES |
400 |
|
|
NOTE INT |
125 |
|
|
SUNDRY INCOME |
15 |
|
|
6947 |
9395 |
|
|
NET PROFIT |
2448 |
|
|
CASH |
|||||
|
B/D |
18620 |
INSURANCE |
102 |
||
|
SALES |
4350 |
CARRIAGE INW |
300 |
||
|
SALES |
5684 |
SUPPLIER |
8820 |
||
|
BAD DEBT RECOVERY |
400 |
WAGES |
2200 |
||
|
RENT |
2600 |
||||
|
BAL C/D |
15032 |
||||
|
29054 |
29054 |
||||
|
SALES |
|||||
|
UNEARNED REV TRF |
4350 |
||||
|
ACC REC |
5800 |
||||
|
ACC REC |
9425 |
||||
|
19575 |
|||||
|
ACC REC |
|||||
|
BAL C/D |
9650 |
NOTE REC |
1500 |
||
|
SALES |
5800 |
CASH RECEIPT |
4350 |
||
|
SALES |
9425 |
CASH RECEIPT |
5684 |
||
|
DIS ALLOWED |
116 |
||||
|
PROV WRITE OFF |
1000 |
||||
|
SALES RETURN |
2175 |
||||
|
BAL C/D |
10050 |
||||
|
24875 |
24875 |
||||
|
WAGES |
|||||
|
CASH |
2200 |
||||
|
CASH |
2200 |
||||
|
INSRANCE |
|||||
|
CASH |
102 |
||||
|
PROV FOR BAD DEBTS |
|||||
|
WRITE OFF |
1000 |
900 |
|||
|
BAL C/D |
804 |
CASH RECOVERY |
400 |
||
|
1804 |
BAD DEBTS |
504 |
|||
|
1804 |
|||||
|
PURCHASES |
|||||
|
SUPPLIER |
9000 |
||||
|
DIS RECD |
|||||
|
SUPP |
180 |
||||
|
DIS ALLOWED |
|||||
|
ARR REC |
116 |
||||
|
CARRIAGE INW |
|||||
|
CASH |
300 |
||||
|
BADS DEBTS |
|||||
|
PROVN BAD DEBTS |
504 |
||||
|
UTILITIES |
|||||
|
ACC PAY |
400 |
||||
|
SUPPLIER |
|||||
|
CASH |
8820 |
PURCHASES |
9000 |
||
|
DIS REC |
180 |
||||
|
ACC REC NOTE JEFF |
|||||
|
ACC REC |
1500 |
||||
|
SUNDRY INCOME |
15 |
||||
|
ACC PAY |
|||||
|
CASH |
1300 |
B/D |
1300 |
||
|
UTILITIES |
400 |
||||
|
WAGES |
2200 |
||||
|
C/D |
2725 |
NOTE PAYABLE |
125 |
||
|
4025 |
4025 |
||||
|
SALES RETURNS |
|||||
|
ACC REC |
2175 |
||||
|
UNEARNED REV |
|||||
|
SALES |
4350 |
C/D |
4350 |
||
|
RENT |
|||||
|
CASH |
1300 |
||||
|
NOTE INTEREST |
|||||
|
ACC PAY |
125 |
||||
Add Answer to:
I
ntries Using FIFO in a Perpetual Inventory System (Chapters 3,4, 6,7, and 8) Lo 33,42,43,44,63...
29A Accounting for inventory using the perpetual inventory system/FIFO, LIFO, and weighted average, and comparing FIFO,...
29A Accounting for inventory using the perpetual inventory system/FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price $ 81 Aug. 3 8 85 $50 Sale Purchase Sale Purchase 75 45 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare...
P6-29A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO,...
P6-29A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3 5. FIFO GP $5,235 Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $85 8 Purchase 90 $54 21 Sale 85 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO
LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80...
Ending inventory Perpetual Inventory system First-in First Out (FIFO) N Date COGS Ending Inventory To determine...
Ending inventory Perpetual Inventory system First-in First Out (FIFO) N Date COGS Ending Inventory To determine Ending Inventory Units Sold: 200, 50 Units Units Sold: 100 Units S $ 3.400 Type 1-Jan Inventory 5-Jan Purchases 8-Jan Sales 10-Jan Purchases 18-Jan Sales 18-Jan Sales 18-Jan Sales 22-Jan Purchases 30-Jan Sales Units Cost/Unit 250 $ 100 S -200 $ 17 900 $ -50 $ -100 $ -650 $ 19 1200 $ -250 $ 19 -750 $ 20 450 850 1.800 12.350 $...
Ch 6 Assignment (Not Graded) Calculator Perpetual Inventory Using FIFO 1 BE.06.02 ALGO Beginning inventory, purchases,...
Ch 6 Assignment (Not Graded) Calculator Perpetual Inventory Using FIFO 1 BE.06.02 ALGO Beginning inventory, purchases, and sales for Item Zeta are as follows: 2. EX.06.164 3. EX.06.164 ALGO 4. EX.06.159 Oct. 1 Inventory 45 units $21 7 Sale 32 units 15 Purchase 36 units 524 24 Sale 22 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...
Please complete all of P6-29A 06-29A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and...
Please complete all of P6-29A
06-29A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price Sale 50 $ 81 $ 50 Aug. 3 8 21 30 Purchase Sale Purchase 80 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using...
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and...
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: 5. Units Unit Cost Unit Sales Price $85 45 Aug. 3 8 Sale Purchase 90 $54 21 Sale 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record for the...
1-6 WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted...
1-6
WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price 585 $ 54 Aug. 3 8 21 30 Sale Purchase Sale Purchase 88 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows:...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 67 units @ $25 Oct. 1 7 Inventory Sale 51 units 15 Purchase 69 units @ $26 24 Sale 21 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. a. Cost of goods sold on October 24 9 b. Inventory on October 31...
29A Accounting for inventory using the perpetual inventory system/FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price $ 81 Aug. 3 8 85 $50 Sale Purchase Sale Purchase 75 45 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO inventory costing method. 2. Prepare...
P6-29A Accounting for inventory using the perpetual inventory system FIFO, LIFO, and weighted-average, and comparing FIFO, LIFO, and weighted-average Learning Objectives 2, 3 5. FIFO GP $5,235 Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price Aug. 3 Sale 45 $85 8 Purchase 90 $54 21 Sale 85 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record...
Exercise 6-7 Perpetual: Inventory costing methods-FIFO and LIFO
LO P1
Required:
Hemming uses a perpetual inventory system.
1. Determine the costs assigned to ending
inventory and to cost of goods sold using FIFO.
2. Determine the costs assigned to ending
inventory and to cost of goods sold using LIFO.
3. Compute the gross margin for FIFO method and
LIFO method.
Units Sold at Retail Units Acquired at Cost 245 units @ $11.80 = $ 2,891 190 units @ $41.80...
Ending inventory Perpetual Inventory system First-in First Out (FIFO) N Date COGS Ending Inventory To determine Ending Inventory Units Sold: 200, 50 Units Units Sold: 100 Units S $ 3.400 Type 1-Jan Inventory 5-Jan Purchases 8-Jan Sales 10-Jan Purchases 18-Jan Sales 18-Jan Sales 18-Jan Sales 22-Jan Purchases 30-Jan Sales Units Cost/Unit 250 $ 100 S -200 $ 17 900 $ -50 $ -100 $ -650 $ 19 1200 $ -250 $ 19 -750 $ 20 450 850 1.800 12.350 $...
Ch 6 Assignment (Not Graded) Calculator Perpetual Inventory Using FIFO 1 BE.06.02 ALGO Beginning inventory, purchases, and sales for Item Zeta are as follows: 2. EX.06.164 3. EX.06.164 ALGO 4. EX.06.159 Oct. 1 Inventory 45 units $21 7 Sale 32 units 15 Purchase 36 units 524 24 Sale 22 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...
Please complete all of P6-29A
06-29A Accounting for inventory using the perpetual inventory system-FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted-average Iron Man began August with 65 units of iron inventory that cost $30 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sale Price Sale 50 $ 81 $ 50 Aug. 3 8 21 30 Purchase Sale Purchase 80 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using...
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: 5. Units Unit Cost Unit Sales Price $85 45 Aug. 3 8 Sale Purchase 90 $54 21 Sale 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record for the...
1-6
WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price 585 $ 54 Aug. 3 8 21 30 Sale Purchase Sale Purchase 88 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO...
Exercise 5-7 Perpetual: Inventory costing methods-FIFO and LIFO LO P1 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method.
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: 67 units @ $25 Oct. 1 7 Inventory Sale 51 units 15 Purchase 69 units @ $26 24 Sale 21 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. a. Cost of goods sold on October 24 9 b. Inventory on October 31...
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