Missy.,Inc purchased inventory costing $170,000 and sold 70% of the goods for $219,000. All purchases and...
Missy.,Inc purchased inventory costing $170,000 and sold 70% of the goods for $219,000. All purchases and sales were on account. Missy later collected 20% of the account receivable.
1. Journal these transactions for Missy, which uses the perpetual inventory system.
2. For these transactions, show what Missy will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement.
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Missy.,Inc purchased inventory costing $170,000 and sold 70% of
the goods for $219,000. All purchases and...
S6-1 (similar to) Marcy, Inc., purchased inventory costing $125,000 and sold 70% of the goods for...
S6-1 (similar to) Marcy, Inc., purchased inventory costing
$125,000 and sold 70% of the goods for $177,500. All purchases and
sales were on account. Marcy later collected 10% of the accounts
receivable. 1. Journalize these transactions for Marcy, which uses
the perpetual inventory system. 2. For these transactions, show
what Marcy will report for inventory, revenues, and expenses on its
financial statements at the end of the month. Report gross profit
on the appropriate statement. 1. Journalize these transactions for...
2) Cozelle, Inc., purchased inventory costing $125,000 and sold 80% of the goods for $200,000 All...
2) Cozelle, Inc., purchased inventory costing $125,000 and sold 80% of the goods for $200,000 All purchases and sales were on account. Cozelle later collected 25% of the accounts receivable. Assume that sales returns are nonexistent. Required II. For Journalize these transactions for Cozelle, which uses the perpetual inventory system. For these transactions, show what Cozelle will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement.
Homework: 5-2 My AccountingLab: Module Five HomeWUIR Score: 0 of 3 pts < 29 of 33...
Homework: 5-2 My AccountingLab: Module Five HomeWUIR Score: 0 of 3 pts < 29 of 33 (28 complete) S6-1 (similar to) Riley, Inc., purchased inventory costing $160,000 and sold 70% of the goods for $182,000. All purchases and sales were on account. Riley later collected 20% of the accounts receivable. 1. Joumalize these transactions for Riley, which uses the perpetual inventory system. 2. For these transactions, show what Riley wil report for inventory, revenues, and expenses on its financial statements...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end...
Cambridge Technologies Inc. began 2017 with inventory of $26,000. During the year, Cambridge purchased inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of $26,000. During the year, Cambridge purchased inventory costing $105,000 and sold goods for $170,000, with all transactions on account. Cambridge ended the year with inventory $33,000 Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales transaction. Journal...
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method....
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10,n/30...
events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10,n/30 Returned goods costing $1,100 to Diamond Inc. for full credit Purchased goods from Club Corp. for $1,000 with terms 2/10, 1/30. 11 Paid the balance owed to Diamond Inc. Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on na at the beginning of the month. Calculate the cost of inventory as...
S6-1 (similar to) Marcy, Inc., purchased inventory costing
$125,000 and sold 70% of the goods for $177,500. All purchases and
sales were on account. Marcy later collected 10% of the accounts
receivable. 1. Journalize these transactions for Marcy, which uses
the perpetual inventory system. 2. For these transactions, show
what Marcy will report for inventory, revenues, and expenses on its
financial statements at the end of the month. Report gross profit
on the appropriate statement. 1. Journalize these transactions for...
2) Cozelle, Inc., purchased inventory costing $125,000 and sold 80% of the goods for $200,000 All purchases and sales were on account. Cozelle later collected 25% of the accounts receivable. Assume that sales returns are nonexistent. Required II. For Journalize these transactions for Cozelle, which uses the perpetual inventory system. For these transactions, show what Cozelle will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement.
Homework: 5-2 My AccountingLab: Module Five HomeWUIR Score: 0 of 3 pts < 29 of 33 (28 complete) S6-1 (similar to) Riley, Inc., purchased inventory costing $160,000 and sold 70% of the goods for $182,000. All purchases and sales were on account. Riley later collected 20% of the accounts receivable. 1. Joumalize these transactions for Riley, which uses the perpetual inventory system. 2. For these transactions, show what Riley wil report for inventory, revenues, and expenses on its financial statements...
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing $90,000 and sold goods for $155.000, with all transactions on account Capital ended the year with inventory of $29,000. Capital prepared the following journal entries under the periodic inventory system at year end: Click the icon to view the journal entries.) Requirements 1. Post to the inventory and cost of Goods Sold accounts. 2. Compute cost of goods sold by the colo-good-sold model 3....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
Enter the transactions in chronological order, calculating new
inventory on hand balances after each transaction. Once all of the
transactions have been entered into the perpetual record,
calculate the quantity and total cost of merchandise inventory
purchased, sold, and on hand at the end...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end...
Cambridge Technologies Inc. began 2017 with inventory of $26,000. During the year, Cambridge purchased inventory costing $105,000 and sold goods for $170,000, with all transactions on account. Cambridge ended the year with inventory $33,000 Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales transaction. Journal...
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average inventory costing method. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
events was as follows: June 3 Purchased goods for $4,100 from Diamond Inc. with terms 2/10,n/30 Returned goods costing $1,100 to Diamond Inc. for full credit Purchased goods from Club Corp. for $1,000 with terms 2/10, 1/30. 11 Paid the balance owed to Diamond Inc. Paid Club Corp. in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on na at the beginning of the month. Calculate the cost of inventory as...
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