SOLUTION : 1 | ||||
Journal Entries | ||||
Sr. No. | Date | Account Title and explanation | Debit | Credit |
1 | May , 07 | Merchandise Inventory (10 units X $ 15) | $150 | |
Account Payable | $150 | |||
FILLO, Inc.'s inventory activity in May was as follows: Inventory, May 1 Purchase, May 7 20...
2 points Save FILLO, Inc.'s inventory activity in May was as follows: Inventory, May 1 20 units @ $12 each Purchase, May 7 10 units @ $15 each Sale, May 18 24 units $18 each Record the journal entry for the May 7th purchase assuming the first in, first-out method is used and all purchases are on account. DO NOT INCLUDES IN YOUR ANSWER Account
The Total Cost of May PURCHASES using the FIFO
method is $_________
The Total Cost of May PURCHASES using the LIFO
method is $_________
Thank you!
HW 1: Texas Tennis Inc. carries an inventory of tennis rackets and related tennis products. The sales price of each racket is S140. Company records indicate the following activity for a particular line of rackets. Unit Cost $ 80 Item Balance Date Quantity May May 6 May 8 May 17 May 29 20 Sale...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 46 units @ $17 Oct 7th 7 Sale 39 units Oct 15th Purchase 36 units @ $20 Oct 24th Sale 16 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. a. Cost of goods sold on October 24 b. Inventory on October...
Sweet Dairy Air, Inc.'s inventory activity in September was as follows: Inventory, September 1 Purchase, September 12 Sale, September 25 Calculate the cost of Goods Sold using LIFO perpetual. | 16 units @ $6 each 13 units @ $11 each 17 units @ $15 each
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units @ $15 5 Sale 14 units 17 Purchase 26 units @ $17 30 Sale 27 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 24 units $17 5 Sale 14 units 17 Purchase 25 units $18 30 Sale 27 units Assuming a perpetual Inventory system and the first-in, first-out method, determine (a) the cost of the goods sold for the September 30 sale and (b) the inventory on September 30. a. Cost of goods sold $ 170 b. Inventory, September 30
Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 53 units @ $23 7 Sale 43 units 15 Purchase 36 units @ $27 24 Sale 15 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. a. Cost of goods sold on October 24 b. Inventory on October 31
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows May 1 Inventory 66 units $25 9 Sale 47 units 13 Purchase 48 units $30 28 Sale 27 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the Inventory on May 31. a. Cost of merchandise sold on May 28 b. Inventory on May 31
opero nome Help 1 Smalley, Inc., purchased items of inventory as follows. Jan. 4 Jan. 23 100 units @ $2.10 120 units @ $2.25 eBook References Smalley sold 50 units on January 28. Compute the cost of goods sold for the month under the FIFO inventory method. Cost of goods sold newconnect.mheducation.com Saved Help Save & Exi apter 8 Homework Chec Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @ $20 12 units $21...
Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item B901 are as follows: May 1 Inventory 39 units @ $19 9 Sale 30 units 13 Purchase 35 units @ $20 28 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 28 and (b) the inventory on May 31. a. Cost of merchandise sold on May 28 $ b. Inventory on May 31