Presented below is information related to Bramble Enterprises.
Jan. 31 |
Feb. 28 |
Mar. 31 |
Apr. 30 |
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Inventory at cost | $17,100 | $17,214 | $19,380 | $15,960 | ||||
Inventory at LCNRV | 16,530 | 14,364 | 17,784 | 15,162 | ||||
Purchases for the month | 19,380 | 27,360 | 30,210 | |||||
Sales for the month | 33,060 | 39,900 | 45,600 |
February |
March |
April |
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select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
$enter a dollar amount |
$enter a dollar amount |
$enter a dollar amount |
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select an opening section name Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
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select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
enter a dollar amount |
enter a dollar amount |
enter a dollar amount |
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select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
enter a dollar amount |
enter a dollar amount |
enter a dollar amount |
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select a summarizing line for the first part Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
enter a total amount for the first part |
enter a total amount for the first part |
enter a total amount for the first part |
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select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
enter a dollar amount |
enter a dollar amount |
enter a dollar amount |
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select a closing section name Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
enter a total amount for this section |
enter a total amount for this section |
enter a total amount for this section |
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select a summarizing line for the second part Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
enter a total amount for the second part |
enter a total amount for the second part |
enter a total amount for the second part |
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select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns |
enter a dollar amount |
enter a dollar amount |
enter a dollar amount |
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$enter a total amount for this statement |
$enter a total amount for this statement |
$enter a total amount for this statement |
(a)
Prepare the journal entry required to establish the valuation account at January 31 and entries to adjust it monthly thereafter. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Date |
Account Titles and Explanation |
Debit |
Credit |
---|---|---|---|
choose a transaction date Jan. 31Feb. 28Mar. 31Apr. 30 |
enter an account title |
enter a debit amount |
enter a credit amount |
enter an account title |
enter a debit amount |
enter a credit amount |
|
choose a transaction date Jan. 31Feb. 28Mar. 31Apr. 30 |
enter an account title |
enter a debit amount |
enter a credit amount |
enter an account title |
enter a debit amount |
enter a credit amount |
|
choose a transaction date Jan. 31Feb. 28Mar. 31Apr. 30 |
enter an account title |
enter a debit amount |
enter a credit amount |
enter an account title |
enter a debit amount |
enter a credit amount |
|
choose a transaction date Jan. 31Feb. 28Mar. 31Apr. 30 |
enter an account title |
enter a debit amount |
enter a credit amount |
enter an account title |
enter a debit amount |
enter a credit amount |
1)
Feb | March | April | |
Sales Revenue | 33,060.00 | 39,900.00 | 45,600.00 |
Cost of Goods Sold | |||
Inventory, Beginning | 17,100.00 | 17,214.00 | 19,380.00 |
Purchases | 19,380.00 | 27,360.00 | 30,210.00 |
Cost of goods Available | 36,480.00 | 44,574.00 | 49,590.00 |
Inventory, Ending | 17,214.00 | 19,380.00 | 15,960.00 |
Cost of Goods Sold | 19,266.00 | 25,194.00 | 33,630.00 |
Gross Profit | 13,794.00 | 14,706.00 | 11,970.00 |
Gain(loss) due to Market Fluctuations of Inventory | - 2,280.00 | 1,254.00 | 798.00 |
11,514.00 | 15,960.00 | 12,768.00 |
Working Note
Jan-31 | Feb-28 | Mar-31 | Apr-30 | |
Inventory at Cost | 17,100.00 | 17,214.00 | 19,380.00 | 15,960.00 |
Inventory at the lower of cost or market | 16,530.00 | 14,364.00 | 17,784.00 | 15,162.00 |
Allowance Amount needed to reduce inventory to market | 570.00 | 2,850.00 | 1,596.00 | 798.00 |
Gain (loss) due to Market | - 2,280.00 | 1,254.00 | 798.00 |
2)
Date | General Journal | Debit | Credit |
Jan-31 | Loss Due to Decline of Inventory to NRV | 570.00 | |
Allowance to Reduce Inventory to NRV | 570.00 | ||
Feb-28 | Loss Due to Decline of Inventory to NRV | 2,280.00 | |
Allowance to Reduce Inventory to NRV | 2,280.00 | ||
Mar-31 | Allowance to Reduce Inventory to NRV | 1,254.00 | |
Recovery of Inventory Loss | 1,254.00 | ||
Apr-30 | Allowance to Reduce Inventory to NRV | 798.00 | |
Recovery of Inventory Loss | 798.00 |
Presented below is information related to Bramble Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30...
Presented below is information related to Bramble Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $17,100 $17,214 $19,380 $15,960 Inventory at LCNRV 16,530 14,364 17,784 15,162 Purchases for the month 19,380 27,360 30,210 Sales for the month 33,060 39,900 45,600 (a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or...
Presented below is information related to Windsor
Enterprises.
Jan. 31
Feb. 28
Mar. 31
Apr. 30
Inventory at cost
$16,800
$16,912
$19,040
$15,680
Inventory at LCNRV
16,240
14,112
17,472
14,896
Purchases for the month
19,040
26,880
29,680
Sales for the month
32,480
39,200
44,800
Prepare the journal entry required to establish the valuation
account at January 31 and entries to adjust it monthly thereafter.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no...
*Exercise 9-05 Presented below is information related to Sheffield Enterprises. Jan. 31 $17,550 16,965 Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month Feb. 28 $17,667 14,742 19,890 33,930 Mar. 31 $19,890 18,252 28,080 40,950 Apr. 30 $ 16,380 15,561 31,005 46,800 From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the...
Jan 31 ?Feb 28 Mar 31 Apr 30 Inventory at cost 15,000 15,100 17,000 14,000 Inventory at LCNRV 14,500 12,600 15,600 13,300 Purchases for the month 17,000 24,000 26,500 Sales for the month 29,000 35,000 40,000 (a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be...
Presented below is information related to Blue Corporation for
the month of January 2020.
Cost of goods sold
$208,700
Salaries and wages expense
$55,050
Delivery expense
6,400
Sales discounts
8,470
Insurance expense
12,400
Sales returns and allowances
12,180
Rent expense
20,510
Sales revenue
355,100
Prepare the necessary closing entries. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the...
Problem 6-04A a
The management of Metlock, Inc. asks your help in determining
the comparative effects of the FIFO and LIFO inventory cost flow
methods. For 2022, the accounting records show these data.
Inventory, January 1 (14,500 units)
$ 58,000
Cost of 125,000 units purchased
550,600
Selling price of 98,000 units sold
750,000
Operating expenses
128,000
Units purchased consisted of 36,000 units at $4.20 on May 10;
63,000 units at $4.40 on August 15; and 26,000 units at $4.70 on...
Presented below is information related to Bramble Manufacturing Corporation. Asset Cost Estimated Salvage Estimated Life (in years) A $47,900 $5,500 10 B 33,400 4,600 9 C 36,300 3,900 9 D 18,400 2,300 7 E 24,600 2,400 6 Compute the rate of depreciation per year to be applied to the plant assets under the composite method. (Round answer to 2 decimal place, e.g. 4.83%.) Composite rate enter the composite rate in percentages rounded to 2 decimal places % Prepare the adjusting...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble uses a...
Presented below is information related to Crane Corporation for
the month of January 2020.
Cost of goods sold
$207,000
Salaries and wages expense
$65,660
Delivery expense
7,550
Sales discounts
8,330
Insurance expense
12,410
Sales returns and allowances
14,230
Rent expense
18,260
Sales revenue
356,900
Prepare the necessary closing entries. (Credit account
titles are automatically indented when amount is entered. Do not
indent manually. If no entry is required, select "No entry" for the
account titles and enter 0 for the...
Question 2 Presented below is information related to Cullumber Company, owned by D. Flamont, for the month of January 2017. Ending inventory per perpetual records $21,500 Insurance expense Ending inventory actually on hand 19,000 Rent expense Cost of goods sold 206,000 Salaries expense Freight out 8,000 Sales discounts Sales returns and allowances Sales $11,300 19,200 56,200 9,400 13,100 386,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent...