Comprehensive Accounting Cycle Review 6
On December 1, 2017, Shamrock, Inc. had the account balances
shown below.
Debits |
Credits |
|||||
Cash | $5,230 | Accumulated Depreciation—Equipment | $1,490 | |||
Accounts Receivable | 3,590 | Accounts Payable | 3,260 | |||
Inventory (2,900 x $0.60) | 1,740 | Common Stock | 9,500 | |||
Equipment | 20,300 | Retained Earnings | 16,610 | |||
$30,860 | $30,860 |
The following transactions occurred during December.
Dec. 3 | Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. | |
5 | Sold 4,300 units of inventory on account for $0.80 per unit. (It sold 2,900 of the $0.60 units and 1,400 of the $0.68.) | |
7 | Granted the December 5 customer $240 credit for 300 units of inventory returned costing $210. These units were returned to inventory. | |
17 | Purchased 2,200 units of inventory for cash at $0.90 each. | |
22 | Sold 2,100 units of inventory on account for $0.93 per unit. (It sold 2,100 of the $0.68 units.) |
Adjustment data:
1. | Accrued salaries and wages payable $420. | |
2. | Depreciation on equipment $210 per month. | |
3. | Income tax expense was $220, to be paid next year. |
(a) Compute ending inventory and cost of goods
sold under FIFO, assuming Shamrock, Inc. uses the periodic
inventory system.
Ending Inventory | $
|
|
Cost of Goods Sold | $
|
(b) Compute ending inventory and cost of goods
sold under LIFO, assuming Shamrock, Inc. uses the periodic
inventory system.
Ending Inventory | $
|
|
Cost of Goods Sold | $
|
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Shamrock, Inc. had the account balances shown
below.
Debits
Credits
Cash
$5,230
Accumulated Depreciation—Equipment
$1,490
Accounts Receivable
3,590
Accounts Payable
3,260
Inventory (2,900 x $0.60)
1,740
Common Stock
9,500
Equipment
20,300
Retained Earnings
16,610
$30,860
$30,860
The following transactions occurred during December.
Dec. 3
Purchased 3,900 units of inventory on account at a cost of
$0.68 per unit.
5
Sold 4,300 units of inventory on account for $0.80 per unit.
(It...
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Shamrock, Inc. had the account balances shown below. Debits Credits Cash $5,230 Accumulated Depreciation—Equipment $1,490 Accounts Receivable 3,590 Accounts Payable 3,260 Inventory (2,900 x $0.60) 1,740 Common Stock 9,500 Equipment 20,300 Retained Earnings 16,610 $30,860 $30,860 The following transactions occurred during December. Dec. 3 Purchased 3,900 units of inventory on account at a cost of $0.68 per unit. 5 Sold 4,300 units of inventory on account for $0.80 per unit. (It...
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Carla Vista Co. had the account balances
shown below.
Debits
Credits
Cash
$4,640
Accumulated Depreciation—Equipment
$1,380
Accounts Receivable
3,760
Accounts Payable
2,900
Inventory (2,700 x $0.50)
1,350
Common Stock
10,800
Equipment
19,400
Retained Earnings
14,070
$29,150
$29,150
The following transactions occurred during December.
Dec. 3
Purchased 3,700 units of inventory on account at a cost of
$0.78 per unit.
5
Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6
On December 1, 2017, Carla Vista Co. had the account balances
shown below.
Debits
Credits
Cash
$4,640
Accumulated Depreciation—Equipment
$1,380
Accounts Receivable
3,760
Accounts Payable
2,900
Inventory (2,700 x $0.50)
1,350
Common Stock
10,800
Equipment
19,400
Retained Earnings
14,070
$29,150
$29,150
The following transactions occurred during December.
Dec. 3
Purchased 3,700 units of inventory on account at a cost of
$0.78 per unit.
5
Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....
Comprehensive Accounting Cycle Review 6 On December 1, 2017, Carla Vista Co. had the account balances shown below. Debits Credits Cash $4,640 Accumulated Depreciation—Equipment $1,380 Accounts Receivable 3,760 Accounts Payable 2,900 Inventory (2,700 x $0.50) 1,350 Common Stock 10,800 Equipment 19,400 Retained Earnings 14,070 $29,150 $29,150 The following transactions occurred during December. Dec. 3 Purchased 3,700 units of inventory on account at a cost of $0.78 per unit. 5 Sold 4,100 units of inventory on account for $0.90 per unit....