ANSWER = 29 | ||||||||||
Temporary account are includes revenue , expenses and withdrawal. These accounts are closed at the | ||||||||||
end of every period to prevent the balance of one period to another period. | ||||||||||
ANSWER = 30 | Periodic iventory: In this mehtod inventory value of any product is valued at the end of every period only. This is simplest method | |||||||||
of valuation compare to perpertual method. | ||||||||||
Perpetual Method: In this method of valuation, inventories are valued at after every transaction is incurred whether purchase or sales. | ||||||||||
This method is difficult and costly compare to perpetual method. | ||||||||||
ANSWER = 31 | ||||||||||
SPECIFIC IDENTIFICATION METHOD | ||||||||||
PURHASES | COST OF GOODS SOLD | ENDING INVENTORY | ||||||||
Date | Particulars | Units | Rate | Total | Units | Rate | Total | Units | Rate | Total |
Jan, 10 | Purchases | 15 | $ 360 | $ 5,400 | 11 | $ 360 | $ 3,960 | 4 | $ 360 | $ 1,440 |
Mar, 15 | Purchases | 25 | $ 390 | $ 9,750 | 19 | $ 390 | $ 7,410 | 6 | $ 390 | $ 2,340 |
Apr, 25 | Purchases | 10 | $ 420 | $ 4,200 | 7 | $ 420 | $ 2,940 | 3 | $ 420 | $ 1,260 |
July, 30 | Purchases | 20 | $ 450 | $ 9,000 | 8 | $ 450 | $ 3,600 | 12 | $ 450 | $ 5,400 |
Oct, 10 | Purchases | 15 | $ 480 | $ 7,200 | 13 | $ 480 | $ 6,240 | 2 | $ 480 | $ 960 |
85 | $35,550 | 58 | $24,150 | 27 | $11,400 | |||||
29) Explain why temporary accounts are closed each period. (10 Points) 30) Discuss the difference between...
A company made the following purchases during the year: Jan. 10 Mar. 15 Apr 25 July 30 Oct. 10 15 25 10 20 15 units at $360 units at $390 units at S420 units at $450 units at $480 On December 31, there were 27 units in ending inventory. These 27 units consisted of 4 from the Jajary 10 shipment, 6 from the March 15 shipment, 3 from the April 25 shipment. 12 from the 18.30 shipment, and 2 from...
(a) Using specific identification, calculate the cost
of the ending inventory and cost of goods sold.
(b) Using FIFO, calculate the cost of the ending
inventory and cost of goods sold.
unting II Assignment Chapter 6 DUE - Monday, January 14th, 2019 @ 8:30 am A company made the following purchases during the yesrs 1. Jan. 10 15 units at $390 Mar. 15 25 units at $420 Apr. 25 10 units at $450 July 3020 units at $480 Oct. 10...
Requlled information [The following information applies to the questions displayed below) Hemming Co. reported the following current-year purchases and sales for its only product Units Sold at Retall Units Acquired at Cost 260 units $12.4e - $ 3,224 215 units @ $42.48 420 units $17.40 = 7,388 Date Activities Jan. 1 Beginning inventory Jan, 10 Sales Mar. 14 Purchase Mar. 15 Sales July Be Purchase Oct. 5 Sales Oct. 26 Purchase Totals 380 units @ $42.40 460 units $22.40 =...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.) Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 295 units @ $13.80 = $ 4,071 240 units @ $43.80 480 units @ $18.80 - 9,024 Date Activities Jan. 1 Beginning inventory Jan. 10 Sales Mar. 14 Purchase Mar. 15 Sales July 30 Purchase Oct. 5 Sales Oct. 26...
Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 260 units @ $12.40 = $ 3,224 Jan. 10 Sales 215 units @ $42.40 Mar. 14 Purchase 420 units @ $17.40 = 7,308 Mar. 15 Sales 380 units @ $42.40 July 30 Purchase 460 units @ $22.40 = 10,304 Oct. 5 Sales 425 units @ $42.40 Oct. 26 Purchase 160 units @...
Hemming uses a perpetual inventory system. Assume that ending
inventory is made up of 55 units from the March 14 purchase, 70
units from the July 30 purchase, and all 165 units from the October
26 purchase. Using the specific identification method, calculate
the following.
Hemming Co. reported the following current-year purchases and sales for its only product. Units Sold at Retail Units Acquired at Cost 265 units @ $12.60 = $ 3,339 225 units @ $42.60 Date Activities Jan....
Hemming Co. reported the following current-year purchases and
sales for its only product.
Date
Activities
Units Acquired at Cost
Units Sold at Retail
Jan.
1
Beginning inventory
260
units
@
$12.40
=
$
3,224
Jan.
10
Sales
215
units
@ $42.40
Mar.
14
Purchase
420
units
@ $17.40
=
7,308
Mar.
15
Sales
380
units
@ $42.40
July
30
Purchase
460
units
@ $22.40
=
10,304
Oct.
5
Sales
425
units
@ $42.40
Oct.
26
Purchase
160
units
@ $27.40...
Required information [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 220 units @ $10.80 = $ 2,376 Jan. 10 Sales 190 units @ $40.80 Mar. 14 Purchase 330 units @ $15.80 = 5,214 Mar. 15 Sales 280 units @ $40.80 July 30 Purchase 420 units @ $20.80 = 8,736 Oct. 5 Sales...
Hemming Co. reported the following current-year purchases and sales for its only product Units Acquired at Cost 265 units $12.60 3,339 Units Sold at Retail Activities Date Jan. 1 Beginning inventory 225 units $42.60 Jan.10 Sales Mar.14 Purchase 430 units $17.60 7,568 370 units $42.60 Mar.15 Sales July 30 Purchase Oct. 5 Sales Oct.26 Purchase 465 units$22.60 10,509 440 units $42.60 165 units $27.60 4,554 1,325 units $25,970 1,035 units Totals Exercise 6-8 Specific identification LO P1 Required: Hemming uses...
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units Sold at Retail Jan. 1 Beginning inventory 290 units @ $13.60 = $ 3,944 Jan. 10 Sales 260 units @ $43.60 Mar. 14 Purchase 500 units @ $18.60 = 9,300 Mar. 15 Sales 430 units @ $43.60 July 30...