Homework Answers
| Included in | Expensed | ||
| Cost | Inventory Cost | as incurred | |
| Cost | 14000 | 14000 | |
| Transportation-in | 250 | 250 | |
| Import duties | 900 | 900 | |
| Insurance during shipment | 300 | 300 | |
| Advertising | 150 | 150 | |
| Sales staff salaries | 1250 | 1250 | |
| Total | 16850 | 15450 | 1400 |
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A car dealer acquires a used car for $14,000, terms FOB shipping point. Additional costs in...
anment Help Se A car dealer acquires a used car for $14,000, with terms FOB shipping...
anment Help Se A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total Inventory costs assigned to the used car if additional costs include • $270 for transportation-in. • $150 for shipping Insurance. • $900 for car Import duties. • $200 for advertising. • $1,400 for sales staff salaries. • $120 for trimming shrubs. Included in Inventory Cost Expensed as incurred Cost 14,000 Cost Transportation in Import duties Insurance during shipment Advertising Sales staff...
A car dealer acquires a used car for $19,000, with terms FOB shipping point. Compute total...
A car dealer acquires a used car for $19,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $110 for transportation-in. • $180 for shipping insurance. $910 for car import duties. $180 for advertising. $2,000 for sales staff salaries. • $120 for trimming shrubs. Included in Inventory Cost Expensed as incurred $ Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total Cost 19,000 110 910...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1400 units products) in her basement, 28 of which were damaged by water and cannot be sold • 140 units in her van, ready to deliver per a customer order, terms FOB destination • 100 units out on consignment to a friend who owns a reta store. How...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
Nov. 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point,...
Nov. 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $65 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,404 with terms n/30. The cost...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point,...
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point, 1/10, n/30, under perpetual system, the amount credited to the Sales Revenue account would be a. $4,000 b. $3,960 e. 53,600 d. $40 16. Cost of goods sold if found by using the cost of newest items when a company uses: a LIFO b FIFO c Weighted average cost d. Specific identification 17. In a period of inflation (unit prices rising over time), which...
1. On November 1 Chilton Systems purchases merchandise for $1,500 on credit with terms of 2/5 n/30, FOB shipping point invoice dated November 1
1. On November 1 Chilton Systems purchases merchandise for $1,500 on credit with terms of 2/5 n/30, FOB shipping point invoice dated November 1 2. On November 5, Chilton Systems pays cash for the November 1 purchase 3. On November 7, Chilton Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund 4. On November 10. Chilton Systems pays $90 cash for transportation costs with the November 1 purchase. 5. On November 13, Chilton Systems sells merchandise for...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/16,...
Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/16, 1/30. The cost of the goods sok is $10.560. Shore paid freight of $800. Journaire the entries for Shore and Blue Star for the sale purchase, and payment of amount due. Refer to the appropriate companys Chart of Accounts for exact wording of acco Journal Shore Co LLLLLLLL the appropriate Journake her for Show Ce for the sale and payment of the amoure. For...
xercise 1: 1. In May 7 Ali Co. purchase goods FOB shipping point from Ahmed Co....
xercise 1: 1. In May 7 Ali Co. purchase goods FOB shipping point from Ahmed Co. for $5000 on account under credit terms 2/10, n/30, 2. in May 7, Ali Co. paid cash $150 as freight expenses FOB shipping point 3. May 12 Ali Co, returns goods purchased in May 7 to Ahmed Co. for $300 4. in May 15, Ali Co. paid the balance due within the discount period structions: Prepare Journal entries assuming periodic inventory system. Purchase transactions:...
anment Help Se A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total Inventory costs assigned to the used car if additional costs include • $270 for transportation-in. • $150 for shipping Insurance. • $900 for car Import duties. • $200 for advertising. • $1,400 for sales staff salaries. • $120 for trimming shrubs. Included in Inventory Cost Expensed as incurred Cost 14,000 Cost Transportation in Import duties Insurance during shipment Advertising Sales staff...
A car dealer acquires a used car for $19,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include • $110 for transportation-in. • $180 for shipping insurance. $910 for car import duties. $180 for advertising. $2,000 for sales staff salaries. • $120 for trimming shrubs. Included in Inventory Cost Expensed as incurred $ Cost Transportation-in Import duties Insurance during shipment Advertising Sales staff salaries Trimming shrubs Total Cost 19,000 110 910...
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn's house. At the end of the current period, Emma looks over her inventory and finds that she has • 1400 units products) in her basement, 28 of which were damaged by water and cannot be sold • 140 units in her van, ready to deliver per a customer order, terms FOB destination • 100 units out on consignment to a friend who owns a reta store. How...
True-Pake F 1. FOB shipping point means the seller incurs the shipping costs. A company is more likely to know the amount of inventory on hand at any time if it uses 2. the perpetual system than if it uses the periodic system. ue less cost of goods sold equals gross profit. of F 3. Net sales revenue T sales discounts and sales returns/allowances equals net sales. 5. A reduction given by the seller for sales discount by the seller....
15. If merchandise is sold on account to a customer for $4,000, terms FOB shipping point, 1/10, n/30, under perpetual system, the amount credited to the Sales Revenue account would be a. $4,000 b. $3,960 e. 53,600 d. $40 16. Cost of goods sold if found by using the cost of newest items when a company uses: a LIFO b FIFO c Weighted average cost d. Specific identification 17. In a period of inflation (unit prices rising over time), which...
1. On November 1 Chilton Systems purchases merchandise for $1,500 on credit with terms of 2/5 n/30, FOB shipping point invoice dated November 1 2. On November 5, Chilton Systems pays cash for the November 1 purchase 3. On November 7, Chilton Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund 4. On November 10. Chilton Systems pays $90 cash for transportation costs with the November 1 purchase. 5. On November 13, Chilton Systems sells merchandise for...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/16, 1/30. The cost of the goods sok is $10.560. Shore paid freight of $800. Journaire the entries for Shore and Blue Star for the sale purchase, and payment of amount due. Refer to the appropriate companys Chart of Accounts for exact wording of acco Journal Shore Co LLLLLLLL the appropriate Journake her for Show Ce for the sale and payment of the amoure. For...
xercise 1: 1. In May 7 Ali Co. purchase goods FOB shipping point from Ahmed Co. for $5000 on account under credit terms 2/10, n/30, 2. in May 7, Ali Co. paid cash $150 as freight expenses FOB shipping point 3. May 12 Ali Co, returns goods purchased in May 7 to Ahmed Co. for $300 4. in May 15, Ali Co. paid the balance due within the discount period structions: Prepare Journal entries assuming periodic inventory system. Purchase transactions:...
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