Prepare the same journal entrie using the periodic system.Prepare all necessary journal entries-use GROSS method.AccountsDate6/5/20226/10/20226/10/20226/15/2022Compute gross profit using the periodic system.RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired6/15/2022SalesCost of Goods SoldGross Profit(TIP-the entries are not the same-as perpetual)DebitFCredit 33012345678930313233343536373839CH 8 TE-2 M Company JUNE INVENTORY ENTRIES1-ион. Beginning inventory consists of 50 units that cost $34 each. (Tel5-ион. Purchased 150 units at $34 each9-ион. Returned 6 units for credit10-ион. Paid balance owed, net of discount.15-ион. Sold 125 units at $50 each.Assume perpetual systemPrepare all necessary journal entries using the NET METHOD and PERPETUAL INVENTORYDebitDateAccounts6/10/20226/10/20226/15/2022RECORD ENTRY TO PAY the amount owed ON 6/15- AFTER THE DISCOUNT PERIOD HAS expired6/25/2022Compute gross profit using the perpetual system.CreditSalesCost of Goods SoldGross ProfitREGRPEI

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Prepare the same journal entrie using the periodic system. Prepare all necessary journal entries-use GROSS method. Accounts Date 6/5/2022 6/10/2022 6/10/2022 6/15/2022 Compute gross profit using the periodic system. RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired 6/15/2022 Sales Cost of Goods Sold Gross Profit (TIP-the entries are not the same-as perpetual) Debit F Credit

Prepare the same journal entrie using the periodic system. Prepare all necessary journal entries-use GROSS method. Accounts Date 6/5/2022 6/10/2022 6/10/2022 6/15/2022 Compute gross profit using the periodic system. RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired 6/15/2022 Sales Cost of Goods Sold Gross Profit (TIP-the entries are not the same-as perpetual) Debit F Credit

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.2BE: Perpetual inventory using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as...

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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.
Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases of welding rods that had been purchased for S88 per case. Welding Products purchased 1,150 cases at a cost of $95 per case on June 3. On June 19, the company purchased another 950 cases at a cost of $112 per case. Sales data for the welding rods are: Welding Products uses a perpetual inventory system, and the sales price of the welding rods was $130 per case. Required: 1. Compute the cost of ending inventory and cost of goods sold using the FIFO method. 2. Compute the cost of ending inventory and cost of goods sold using the LIFO method. 3. Compute the cost of ending inventory and cost of goods sold using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 4. CONCEPTUAL CONNECTION Assume that operating expenses are $21,600 and Welding Products has a 30% tax rate. How much will the cash paid for income taxes differ among the three inventory methods? 5. CONCEPTUAL CONNECTION Compute Welding Products' gross profit ratio (rounded to two decimal places) and inventory turnover ratio (rounded to three decimal places) under each of the three inventory costing methods. How would the choice of inventory costing method affect these ratios?
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
015-Spring 2021: Principles of Accounting I Omega Company reports the following for the month of June. Units Unit Cost June 1 Beg Inventory 300 $5 12 Purchase 450 $5 23 Purchase 750 30 Ending Inventory 171 Compute the cost of the ending inventory and the cost of goods sold under FIFO LIFO • average-cost method. Answer: %24
Inventory records for Dunbar Incorporated revealed the following: Date Apr. Apr. Transaction 1Beginning Inventory 20Purchase Number of Units Unit Cost 500 $2.40 400 2.50 Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be: O $1,710. O $1,720. O $1,730. O $1,700.
Sherman Electric uses a pericdic inventory system. The beginning nventory of a particular product, and the purchases during the curent year, were as follows: $105 = $ 6.300 Beginning inventory Purchase..n Purchase 60 units @ 30 units @ 90 units @ 20 units @ 200 units Jan. 3115- 3125 S135 = 3,450 11,250 2.700 $23.700 Mar. Aug. 11 Oet. 23 Purchase Total available for sale At December 31. the ending inventory of this product consisted of 65 units. Using periodic costing procedures, determine (1) cost of the year-end inventory and. (2) cost of goods sold relating to this product under each of the following flow assumptions: (1) Inventory at Dec. 31 (2) Cast of Goods Sold Average cost First-in. first-out Last-in, first-out
Inventory records for Dunbar Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 500 $2.32 Apr. 20 Purchase 320 2.55 Dunbar sold 690 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Multiple Choice $1,674. $1,601. 吕口 F3 F2 F4 F5 F6 F7 F8 F9 F10 FII @ 23 2$ & * 2 4 5 6 7 8 9 %3D { W E R Y P S F G H. J K > C V N M olt B DI
The inventory data for an item for November are: Nov. 1 Inventory 18 units at $23 4 Sale 10 units 10 Purchase 35 units at $25 17 Sale 16 units 30 Purchase 22 units at $27 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? Oa. $1.269 Ob. $614 Oc. $630 Od. $814
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sale 10 units 10 Purchase 30 units at $20 17 Sale 20 units 30 Purchase 10 units at $21 Using a perpetual system, what is the cost of merchandise sold for November if the company uses FIFO? Oa. $600 Ob. $580 Oc. $590 Od. $610 Previous Next 10:4 4/17
Suppose that Pharoah has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21 Purchases 50 units at $6.00 30 Sale 47 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July? O $650.50 ○ $980.50 O $330.00 O $485.00
36. Inventory records for DD Incorporated revealed the following: Number Unit Date Transaction of Units Cost Apr. 1 Beginning inventory 100 $82.00 Apr. 10 Purchase 1,500 S84.00 DD sold 1,550 units of inventory during the month. Ending inventory assuming LIFO would be $ 37. Inventory records for MM Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $25.00 Mar. 6 Purchase 400 $25,50 Mar. 16 Purchase 500 $25.70 Mar, 23 Purchase 400 $26.00 MM sold 1,370 units of inventory during the month. Ending inventory assuming FIFO would be $ 38. Inventory records for SC Company revealed the following: NumberUnit Date Transaction of UnitsCost Mar. 1 Beginning inventory 100 $38.00 Mar. 3 Purchase 600 S39.00 Mar. 23 Purchase 300 $40.00 SC sold 990 units of inventory during the month. Ending inventory assuming Weighted Average would be 2$
Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $25 17 Sold 20 units 30 Purchased 10 units at $30 If Addison uses LIFO, the September 17 cost of goods sold would be: Oa. $500 Ob. $400 Oc. $600 Od. $450