Current Attempt in Progress Blossom is a distributor of fruit who uses FIFO and has the following information at December 31, 2025: Inventory at cost Inventory in transit shipped FOB destination from a vendor Non-cancelable purchase orders expected to be received in 2026 Cancelable purchases orders expensed to be received in 2027 $800,000 480,000 1,680,000 2,560,000 The expected selling price of the fruit is 99% of its cost. The cost of delivery to customers is 2% of the selling price and Blossom p these costs, none of which is reimbursed by the customers.
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- Current Attempt in Progress Cullumber Inc. is a retailer operating in Calgary, Alberta. Cullumber uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Cullumber for the month of January 2025. Date Dec. 31 Jan 2 Jan. 6 Jan. 9 Jan 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity Unit Cost or Selling Price $21 162 109 177 66 60 100 120 21 38 25 41 28 48Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals FIFO Required A Required B Required C Periodic Inventory System Required A Required B Complete this question by entering your answers in the tabs below. Required C Required A Required B Required C Compute the gross profit for each method. FIFO $ Units Acquired at Cost 170 units @ $2 = 264 units 0 $ 220 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Ending Cost of Goods Sold Inventory LIFO 72 units 726 units The company uses a periodic inventory system. a. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. b. Determine the costs assigned to ending inventory and to cost…You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…
- Practice Problem #4: Assume a perpetual inventory system. Journalize the following sales related transactions. a) Purchased merchandise on account from B Co., list price P20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of P650 added to the invoice. b) Purchased merchandise on account from C Co., P8,000, terms FOB destination, 1/10, n/30. c) Sold merchandise on account to D Co., P9,800, terms 2/10, n/30. The cost of the merchandise sold was P5,800. d) Returned P2,000 of merchandise purchased from C Co. (b) e) Paid B Co. on account for purchase in (a) less discount. f) Received merchandise returned by D Co. from sale in (c), P1,800. The cost of the merchandise returned was P1,080. g) Paid C Co. on account for purchase in (b) less return (d) and discount. h) Received cash on account from D Co. for sale in (c) less return (f) and discount. i) Perpetual inventory records indicate that P85,000 of merchandise should be on hand. The physical…Ousel Clothing Wholesalers, Inc. provided you with the following information regarding inventory as of December 31, 2022: Normal Selling Disposal Profit NRV NRV - NP Item Cost Price Costs Margin (Ceiling) (Floor) CRC (a) (b) (c) (d) (e) (f) = (c) - (d) (g) = (f) - (e) (h) Shorts - men $14,600 $38,000 $16,200 $8,200 $21,800 $13,600 $17,600 Jeans - men 21,500 23,900 4,800 3,000 19,100 16,100 17,500 Shirts and blouses 5,700 6,300 3,300 1,900 3,000 1,100 4,200 Skirts 10,500 24,000 5,100 4,600 18,900 14,300 15,500 Jeans - women 17,000 43,900 31,200 1,700 12,700 11,000 9,000 Assume that Ousel uses the individual item approach for computing the necessary lower-of-cost-or-market rule adjustment and that Ousel had a beginning allowance balance of zero. Lower of Item…Show Attempt History Current Attempt in Progress You are provided with the following information for Waterway Inc. for the month ended June 30,2020. Waterway uses the periodic method for inventory. Unit Cost or Date Description Quantity Selling Price June Beginning inventory 42 $41 June 4 Purchase 135 46 June 10 Sale 107 67 June 11 Sale return 18 67 June 18 Purchase 52 49 June 18 Purchase return 8. 49 June 25 Sale 62 72 June 28 Purchase 32 53 (a1) Your answer is correct. Calculate cost per unit. (Round answer to 2 decimal places, eg 5.25.) Weighted-average cost per unit 24 46.58 eTextbook and Media Attempts: 1 of 3 used (a2) Calculate ending inventory, cost of goods sold, gross profit under each of the following methods. (1) LIFO. (2) FIFO. (3) Average- cost. (Round average-cost method answers to 2 decimal places, eg. 1,250.25 and other answers to O decimal places, eg 1,250) LIFO FIFO AVERAGE-COST The ending %24 inventory The cost of goods %24 %$4 %24 sold Gross profit %24
- Required information [The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 View transaction list Journal entry worksheet 1 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 2 Date January 03 Record the sale of goods. Note: Enter debits before credits. Record entry Units Acquired at Cost 100 units 138 units General Journal 150 units Clear entry 44 units 432 units 3 4 5 6 7 8 9 @ $2 = $ 200 @ $3 @ $4 Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the com perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. @ $5 Debit = = $ 414 $ 600 $ 220 $ 1,434 Units Sold at Retail 86 units @ $8 120 units @ $8 @ $8 Credit 122 units 328 units View general journal >Match the term with its definition. ^ Average Cost Method Dollar-Value LIFO First-In, First-Out Method FO.B. Destination Title to goods in tasit pass, [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 27 Minutes, 42 Seconds Assets that a company holds for sale in the ordinary course of business or will use or consume in the production of goods to be sold. Correct Answer An inventory costing method that records the purchase of all inventory in a "Purchases" account. Requires numerous calculations to arrive at cost of goods sold. Correct Answ An inventory costing method that requires the "Inentory" account to be an active account. Provides a continuous record of the balances in both the Inventory and the Cost of Title to goods in transit pass, and are recorded on the buyers books, when the goods leave the seller's place of business. Buyer is responsible for the freight costs. Correct Ans A cost flow assumption that assumes cost of goods sold consists of the most…Current Attempt in Progress Blossom Variety Store uses the LIFO retail inventory method. Information relating to the computation of the inventory at December 31, 2026, follows: Inventory, January 1, 2026 Purchases Freight-in Sales Net markups Net markdowns Cost $147,000 483,000 90,840 Retail Inventory at December 31, 2026 $ $224,000 706,000 755,500 163,500 72,500 Assuming that there was no change in the price index during the year, compute the inventory at December 31, 2026, using the LIFO retail inventory method. (Round ratio to 0 decimal places, e.g. 75% and final answer to O decimal places, e.g. 5,275.)
- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).