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![Total Sales Cost of goods sold Gross Profit $1,175 $874 $301 [(8 x $90)+(5 x $91)] [As per above schedule] Account Titles and Explanation Cash (or Accounts Receivable) Date Debit Credit Oct. 18 $720 [8 x $90] $720 Sales Revenue To record Sales made Cost of Goods Sold $538 [Ref: LIFO Inventory table] Merchandise Inventory To record Cost of goods sold $538 $455 [5 x $91] Oct. 26 Cash (or Accounts Receivable) Sales Revenue To record Sales made Cost of Goods Sold $455 $336 [Ref: LIFO Inventory table] $336 Merchandise Inventory (To record Cost of goods sold)](http://img.homeworklib.com/questions/c9248cf0-708e-11ea-a6fc-9110c27e4da4.png?x-oss-process=image/resize,w_560)
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IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's...
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's...
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. on October 18 and 26. reported the following October purchases and sales data for a line of tires it deals. 2) Identify cost of goods sold for the month and the profit of the month.3).Journalize the transactions Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales...
ales data for a line of tires it deals. m. (20) JR Tire Store reported the...
ales data for a line of tires it deals. m. (20) JR Tire Store reported the following October purchases and sales date he company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. se month. 3). Journalize the transactions 2) Identify cost of goods sold for the month and the profit of the month...... on October 18 and 26. Date Item Quantity (Units) Unit Price Oct. 1 Beginning Inventory $68 90 67 7 Sales 18 Purchase...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory reeord using LIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price $68 Oct. I Beginning Inventory 10 7 Sales 18 Purchase 26 Sales 67 91 rV....
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line...
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line of tires it deals The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 568 26 Sales 91 IV. (40') Journalize the following transactions according to the descriptions and...
IV. (22) JR Tire Store reported the following October purchases and sales data for a line...
IV. (22) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory record using FIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3). Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price Oct. 1 Beginning Inventory $86 80 7 Sales 160 18 Purchase 26 Sales 160 ON...
2) Identify cost of goods sold f on October 18 and 26 Date Item Oct. 1...
2) Identify cost of goods sold f on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 the profit of the month. 3) Journalize the transactions Quantity (Units) Unit Price 7 Sales 18 Purchase 26 Sales $68 65 90 67 91 5 IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: 1 Received $10,000 contribution from Bill Alone in exchange for capital. 12 21 27 Paid...
L. (20) JR Ifre Store reported the following October purchases and sales data for a line...
L. (20) JR Ifre Store reported the following October purchases and sales data for a line of tires it deals. he company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. 2) Identify cost of goods.sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Oct. 1 Beginning Inventory Quantity (Unit 10 Unit Price $68 65 90 67 91 2 7 Sales 18 Purchase 26...
1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in...
1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. July1 12 Purchased equipment on account,$2,400 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400 Journalize each of the above transactions 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000 Strigh-lime depreciation is taken each year assuming...
bu WUIR Sheet II. (33) Journalize the following transactions according to the descriptions and requirements: 1....
bu WUIR Sheet II. (33) Journalize the following transactions according to the descriptions and requirements: 1. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $21,500. Straight-line depreciation is taken each year assuming a five-year life and a salvage cost of $4,000. The machine is disposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017. 2) On Jun 29, 2017 the machine is sold for $5,500 for cash....
2. Assume that JR Tire Store completed the following perpetual inventory transactions for a line of...
2. Assume that JR Tire Store completed the following perpetual inventory transactions for a line of tires: May 1 Beginning merchandise inventory 16 tires @ $65 each 10 tires @ $78 each 11 Purchase 23 Sale 12 tires @ $90 each 26 14 tires @ $80 each Purchase Sale 29 15 tires @ $90 each Requirement: 1) Compute cost of goods sold and gross profit using the FIFO inventory costing method. 2) Compute cost of goods sold and gross profit...
IL. 20) JR Tire Store The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. on October 18 and 26. reported the following October purchases and sales data for a line of tires it deals. 2) Identify cost of goods sold for the month and the profit of the month.3).Journalize the transactions Date Item Quantity (Units Unit Price $68 65 90 67 91 Oct. 1 Beginning Inventory 10 2 7 Sales 18 Purchase 26 Sales...
ales data for a line of tires it deals. m. (20) JR Tire Store reported the following October purchases and sales date he company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. se month. 3). Journalize the transactions 2) Identify cost of goods sold for the month and the profit of the month...... on October 18 and 26. Date Item Quantity (Units) Unit Price Oct. 1 Beginning Inventory $68 90 67 7 Sales 18 Purchase...
IL, 20) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory reeord using LIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price $68 Oct. I Beginning Inventory 10 7 Sales 18 Purchase 26 Sales 67 91 rV....
IIL 20) JR Tire Store reported the following Oetober purchases and sales data for a line of tires it deals The company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 568 26 Sales 91 IV. (40') Journalize the following transactions according to the descriptions and...
IV. (22) JR Tire Store reported the following October purchases and sales data for a line of tires it deals. The company uses a perpetual inventory system. 1) Prepare the company's inventory record using FIFO. 2) Identify cost of goods sold for the month and the profit of the month. 3). Journalize the transactions on October 18 and 26. Date Item Quantity (Units) Unit Price Oct. 1 Beginning Inventory $86 80 7 Sales 160 18 Purchase 26 Sales 160 ON...
2) Identify cost of goods sold f on October 18 and 26 Date Item Oct. 1 Beginning Inventory 10 the profit of the month. 3) Journalize the transactions Quantity (Units) Unit Price 7 Sales 18 Purchase 26 Sales $68 65 90 67 91 5 IV. (40') Journalize the following transactions according to the descriptions and requirements: 1. In March, Smith Co. completed the following transactions: 1 Received $10,000 contribution from Bill Alone in exchange for capital. 12 21 27 Paid...
L. (20) JR Ifre Store reported the following October purchases and sales data for a line of tires it deals. he company uses a perpetual inventory system. 1) Prepare the company's inventory record using LIFO. 2) Identify cost of goods.sold for the month and the profit of the month. 3) Journalize the transactions on October 18 and 26. Date Item Oct. 1 Beginning Inventory Quantity (Unit 10 Unit Price $68 65 90 67 91 2 7 Sales 18 Purchase 26...
1. In March, Smith Co. completed the following transactions: Received $10,000 contribution from Bill Alone in exchange for capital. Paid utilities expense of $400. July1 12 Purchased equipment on account,$2,400 21 The owner, Bill Alone, withdrew $500 cash from the business. 27 Performed services for a client on account, $3,400 Journalize each of the above transactions 2. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $109,000 Strigh-lime depreciation is taken each year assuming...
bu WUIR Sheet II. (33) Journalize the following transactions according to the descriptions and requirements: 1. KOOL Co. purchases and installs a machine on Jan. 1, 2013 at a cost of $21,500. Straight-line depreciation is taken each year assuming a five-year life and a salvage cost of $4,000. The machine is disposed on Jun 29, 2017. 1) Journalize the depreciation cost of the Year 2013 and 2017. 2) On Jun 29, 2017 the machine is sold for $5,500 for cash....
2. Assume that JR Tire Store completed the following perpetual inventory transactions for a line of tires: May 1 Beginning merchandise inventory 16 tires @ $65 each 10 tires @ $78 each 11 Purchase 23 Sale 12 tires @ $90 each 26 14 tires @ $80 each Purchase Sale 29 15 tires @ $90 each Requirement: 1) Compute cost of goods sold and gross profit using the FIFO inventory costing method. 2) Compute cost of goods sold and gross profit...
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