ZuoTi.Pro
Question

Prepare a T-account including proper dates for the following. The beginning balance in the Inventory account...

Prepare a T-account including proper dates for the following. The beginning balance in the Inventory account on January 1 was $500. On January 10, additional inventory was purchased for a cost of $350. On January 18, inventory with a cost of $250 was sold. The ending balance was calculated at January 31.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Credit Date Account 01 - 01 - XX Opening Balance 10 - 01 - XX Purchases Inventory Account Debit Date Account $500.00 18-01 -

So, The ending balance of inventory on January 31st is $600.00

0 0
Add a comment
Know the answer?
Add Answer to:
Prepare a T-account including proper dates for the following. The beginning balance in the Inventory account...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • A company reports the following beginning inventory and two purchases for the month of January. On...

    A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Cost $ 2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. Perpetual FIFO:...

  • A company reports the following beginning inventory and two purchases for the month of January. On...

    A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system LIFO. used. Determine the costs assigned to ending inventory when costs are assigned based on Perpetual LIFO: Goods purchased W...

  • Required information A company reports the following beginning inventory and two purchases for the month of...

    Required information A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 450 units. Ending inventory at January 31 totals 350 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 400 200 200 Unit Cost $ 4.00 5.00 2.50 Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods...

  • ignment 0 Saved A company reports the following beginning Inventory and two purchases for the month...

    ignment 0 Saved A company reports the following beginning Inventory and two purchases for the month of January. On January 26, the company sells 250 units. Ending Inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 230 50 Unit Cost $ 2.00 2.20 52.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method....

  • A company reports the following beginning inventory and two purchases for the month of January. On...

    A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 320 80 100 Unit Cost $ 3.00 3.20 3.34 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round...

  • A company reports the following beginning inventory and two purchases for the month of January. On...

    A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 390 units. Ending inventory at January 31 totals 150 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 350 80 110 Unit...

  • Shown below in T-account format are the beginning and ending balances ($ in millions) of both...

    Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable Beginning balance Ending balance Inventory 75.0 76.51 Accounts Payabl e 18. Beginning balance 20.4 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $210 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the...

  • The following information is provided for JPT Welding, Inc. at December 31, 2020: Account Balances Balance...

    The following information is provided for JPT Welding, Inc. at December 31, 2020: Account Balances Balance ($) Accounts Payable 5,700 Accounts Receivable 7,350 Additional Paid-in-Capital 16,680 Cash 45,000 Common Stock ($1 par value) 15,000 Deferred Revenue 3,000 Interest Payable 350 Interest Receivable 450 Investments 10,000 Land 5,000 Long-Term Notes Payable 3,430 Prepaid Expenses 600 Property and Equipment 9,600 Retained Earnings 23,560 Short-Term Notes Payable 1,820 Wages Payable 8,460 JPT entered into the following transactions during January 2020: Sold 1,200 shares...

  • B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company...

    B. The beginning inventory amount D. Equal to the cost of goods purchased 31. A company that uses a perpetual inventory syste beginning inventory. a perpetual inventory system made the following cash purchases and sales. There was no January 1: Purchased 100 units at $10 per unit. February 5: Purchased 60 units at $12 per unit. March 16: Sold 40 Units for $16 per unit Prepare the general journal entries to record the March 16 sale using the LIFO inventory...

  • A company reports the following beginning inventory and two purchases for the month of January. On...

    A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 300 units. Ending inventory at January 31 totals 130 units. Beginning inventory on January 1 Purchase on January 9 Purchase on January 25 Units 270 60 100 Unit Coat $ 2.50 2.70 2.84 Required: Assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. Perpetual LIFO: Goods purchased...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT