Access EDGAR (Electronic Data Gathering, Analysis and Retrieval) on the internet at www for any company. Search for the notes regarding their inventory valuation method(s) an Each st should use a differe

Access EDGAR (Electronic Data Gathering, Analysis and Retrieval) on the internet at www for any company. Search for the notes regarding their inventory valuation method(s) an Each st should use a differe

Name: Access EDGAR (Electronic Data Gathering, Analysis and Retrieval) on t
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Description: Access EDGAR (Electronic Data Gathering, Analysis and Retrieval) on the internet at www.sec.gov. Access a 10-K filingfor any company. Search for the notes regarding their inventory valuation method(s) and describe them in aparagraph. Each student sh

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 80.2C

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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Periodic system and FIFO method, and Perpetual system and FIFO Method what is the amount of inventory as of December 31, respectively.? Choices For Periodic system/FIFO Method: a. P59,000 b. P57,000 c. P61,600 d. P60,210 Choices for Perpetual System/FIFO Method: a. P59,000b. P57,000c. P61,600d. P60,210
A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Show any calculations. Printing the problem information is permitted but only for personal use during the exam. a) Use the FIFO (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1).b) Prepare the journal entries to record sales transactions on May 7 and 19. All sales were on account c) If the retailer uses a periodic inventory and Average cost method to value its inventory and cost of goods sold. Calculate the cost of goods sold for the month of May. Instructions: Write you answers by…
Using the accounts listed below, review the following transactions for Birdy Birdhouses and record any required journal entries. Birdy Birdhouses uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sep. 6: Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. DR CR Sep. 8: Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. DR CR Sep. 10: Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. DR CR Sep. 10: Birdy also discovers…
. Below are the purchases and sales for your business. Use the inventory spreadsheet to assist you in completing the journal entries related to each transaction. Complete this first for FIFO, then LIFO, then Weighted Average. What is the ending inventory for each method? Date Transaction Number of Units Per Unit Total Jan 3 Beginning Inventory 50 $1100 Jan 8 Purchase 100 $1300 Jan 11 Sale 80 $1800 Jan 30 Sale 50 $1900 Feb 8 Purchase 150 $900 Feb 10 Sale 30 $1500 Feb 19 Sale 20 $1750 Feb 28 Purchase 125 $1450 Mar 5 Sale 60 $1200 Mar 16 Sale 80 $1800 Mar 21 Purchase 175 $1500 Mar 28 Sale 100 $2000 FIFO Amount for purchase of inventory Units sale price Value of sale in journal entry Units Cost Units Per unit Purchase Qty Purchase Cost Total Sale Sale…
Prepare journal entries to record the following merchandising transactions of Chang Company, which applies the perpetual inventory system. (Use a separate account for each receivable and payable; for example, record the purchase on May 2 in Accounts Payable Smith Company ).
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $200 to the vendor. The journal entry to record these returns would be:
Create the appropriate documents (purchase requisition, purchase order, receiving report, inventory record, and disbursement voucher), and prepare any journal entries needed to process the following business events for Jethro’s Boot & Western Wear Manufacturing Company (this is a manual system).a. On October 28, 2005, the inventory subsidiary ledger for Item 2278, metal pins, indicates that the quantity on hand is 4,000 units (valued at $76), the reorder point is 4,750, and units are on order. The economic order quantity is 6,000 units. The supplier is Jed’s Metal Supply Company (vendor num- ber 83682). The customer number is 584446. The current price per unit is $0.02. Inventory records are kept at cost. The goods should be delivered to Inventory Storage Room 2.b. On November 8, the goods were received (the scales indicated that 4,737 units were received).c. On November 12, an invoice (number 9886) was received for the above units, which included freight of $6. The terms were…
SHOW COMPUTATIONyou found the following information relating to certain inventory transactions from your observation of the client’s physical count and review of sales and purchases cutoff: a. Goods costing P180,000 were received from a vendor on January 3, 2021. The goods were not included in the physical count. The related invoice was received and recorded on December 30, 2020. The goods were shipped on December 31, 2020, terms FOB shipping point.b. Goods costing P200,000, sold for P300,000, were shipped on December 31, 2020, and were received by the customer on January 2, 2021. The terms of the invoice were FOB shipping point. The goods were included in the ending inventory for 2020 and the sale was recorded in 2021.c. The invoice for goods costing P150,000 was received and recorded as a purchase on December 31, 2020. The related goods shipped FOB destination were received on January 2, 2021 but were included in the physical inventory as goods in transit.d. A P600,000 shipment of…
Using the chart of accounts, prepare a journal entry under perpetual inventory system. Thank you!