Journal entries under FIFO | T-Accounts under FIFO | ||||||||||||
Date | Account Titles | Debit | Credit | Purchases | Cash | ||||||||
Jan.20 | Purchases | $3,680.00 | To Cash | $3,680.00 | By Inventory | $3,160.00 | To Sales | $23,760.00 | By Purchases | $3,680.00 | |||
Cash | $3,680.00 | To Cash | $2,600.00 | By Cost of goods sold | $9,790.00 | By Purchases | $2,600.00 | ||||||
To Cash | $4,420.00 | By Purchases | $4,420.00 | ||||||||||
Apr.21 | Purchases | $2,600.00 | To Cash | $2,250.00 | By Purchases | $2,250.00 | |||||||
Cash | $2,600.00 | $12,950.00 | $12,950.00 | By balance c/f | $10,810.00 | ||||||||
July.25 | Purchases | $4,420.00 | Cost of Goods sold | Sales | |||||||||
Cash | $4,420.00 | To Purchases | $9,790.00 | By Cash | $23,760.00 | ||||||||
Sept.19 | Purchases | $2,250.00 | |||||||||||
Cash | $2,250.00 | By Income Summary | $9,760.00 | To Income Summary | $23,760.00 | ||||||||
$9,790.00 | $9,760.00 | $23,760.00 | $23,760.00 | ||||||||||
Dec.31 | Cash | $23,760.00 | |||||||||||
Sales | $23,760.00 | Inventory | Calculation of cost of goods sold under FIFO | ||||||||||
To Purchases | $3,160.00 | 460 units * $8 | $3,680.00 | ||||||||||
Dec.31 | Inventory | $3,160.00 | 260 units * $10 | $2,600.00 | |||||||||
Cost of goods sold | $9,790.00 | 270 units * $13 | $3,510.00 | ||||||||||
Purchases | $12,950.00 | By balance c/f | $3,160.00 | Cost of goods sold | $9,790.00 | ||||||||
$3,160.00 | $3,160.00 | ||||||||||||
Journal entries under LIFO | T-Accounts under LIFO | ||||||||||||
Date | Account Titles | Debit | Credit | Purchases | Cash | ||||||||
Jan.20 | Purchases | $3,680.00 | To Cash | $3,680.00 | By Inventory | $1,760.00 | To Sales | $23,760.00 | By Purchases | $3,680.00 | |||
Cash | $3,680.00 | To Cash | $2,600.00 | By Cost of goods sold | $11,190.00 | By Purchases | $2,600.00 | ||||||
To Cash | $4,420.00 | By Purchases | $4,420.00 | ||||||||||
Apr.21 | Purchases | $2,600.00 | To Cash | $2,250.00 | By Purchases | $2,250.00 | |||||||
Cash | $2,600.00 | $12,950.00 | $12,950.00 | By balance c/f | $10,810.00 | ||||||||
July.25 | Purchases | $4,420.00 | Cost of Goods sold | Sales | |||||||||
Cash | $4,420.00 | To Purchases | $11,190.00 | By Cash | $23,760.00 | ||||||||
Sept.19 | Purchases | $2,250.00 | |||||||||||
Cash | $2,250.00 | By Income Summary | $11,190.00 | To Income Summary | $23,760.00 | ||||||||
$11,190.00 | $11,190.00 | $23,760.00 | $23,760.00 | ||||||||||
Dec.31 | Cash | $23,760.00 | |||||||||||
Sales | $23,760.00 | Inventory | Calculation of cost of goods sold under LIFO | ||||||||||
To Purchases | $1,760.00 | 150 units * $15 | $2,250.00 | ||||||||||
Dec.31 | Inventory | $1,760.00 | 340 units * $13 | $4,420.00 | |||||||||
Cost of goods sold | $11,190.00 | 260 units * $10 | $2,600.00 | ||||||||||
Purchases | $12,950.00 | By balance c/f | $1,760.00 | 240 units * $8 | $1,920.00 | ||||||||
$1,760.00 | $1,760.00 | Cost of goods sold | $11,190.00 | ||||||||||
Journal entries under Weighted average method | T-Accounts under Weighted Average method | ||||||||||||
Date | Account Titles | Debit | Credit | Purchases | Cash | ||||||||
Jan.20 | Purchases | $3,680.00 | To Cash | $3,680.00 | By Inventory | $2,355.00 | To Sales | $23,760.00 | By Purchases | $3,680.00 | |||
Cash | $3,680.00 | To Cash | $2,600.00 | By Cost of goods sold | $10,595.00 | By Purchases | $2,600.00 | ||||||
To Cash | $4,420.00 | By Purchases | $4,420.00 | ||||||||||
Apr.21 | Purchases | $2,600.00 | To Cash | $2,250.00 | By Purchases | $2,250.00 | |||||||
Cash | $2,600.00 | $12,950.00 | $12,950.00 | By balance c/f | $10,810.00 | ||||||||
July.25 | Purchases | $4,420.00 | Cost of Goods sold | Sales | |||||||||
Cash | $4,420.00 | To Purchases | $10,595.00 | By Cash | $23,760.00 | ||||||||
Sept.19 | Purchases | $2,250.00 | |||||||||||
Cash | $2,250.00 | By Income Summary | $10,595.00 | To Income Summary | $23,760.00 | ||||||||
$10,595.00 | $10,595.00 | $23,760.00 | $23,760.00 | ||||||||||
Dec.31 | Cash | $23,760.00 | |||||||||||
Sales | $23,760.00 | Inventory | |||||||||||
To Purchases | $2,355.00 | ||||||||||||
Dec.31 | Inventory | $2,355.00 | |||||||||||
Cost of goods sold | $10,595.00 | ||||||||||||
Purchases | $12,950.00 | By balance c/f | $2,355.00 | ||||||||||
$2,355.00 | $2,355.00 | ||||||||||||
Weighted average unit cost = Total Purchase cost / Total units puchased = $12950 / 1210 units = $10.70 per unit | |||||||||||||
Cost of goods sold = 990 units * $10.70 per unit = $10595 |
Required information The following information applies to the questions displayed below The Shirt Shop had the...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 580 units @ $ 9 = 380 units @ $ 11 = 460 units @ $ 14 = 270 units @ $ 16 = $5,220 4,180 6,440 4,320 During the year, The Shirt Shop sold 1,350 T-shirts for $25 each. b....
Required information [The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the...
Required information [The following information applies to the questions displayed below.] Part 2 of 3 The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased 400 units @ $ 8 = $3,200 Purchased 200 units @ $10 = 2,000 Purchased 280 units @ $13 = 3,640 Purchased 90 units @ $15 = 1,350 points During the year, The Shirt Shop sold 810 T-shirts for...
Required information [The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations: Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 540 units @ $ 7 340 units @ $ 9= 420 units @ $ 12 = 230 units @ $ 14 = $3.799 3.268 5,840 3.229 During the year. The Shirt Shop sold 1.230 T-shirts for $23 each b. Record...
Required information [The following information applies to the questions displayed below) The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20Purchased Apr. 21 Purchased July 25 Purchased Sept. 19 Purchased 370 units 140 units 220 units 100 units $12 $13 - $15 $16 - $4,440 1,820 3.300 1,600 During the year, The Shirt Shop sold 690 T-shirts for $21 each. Required a. Compute the amount of ending inventory The Shirt Shop would...
thanks Required information The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: @ Jan. 20 Apr. 21 July 25 Sept. 19 Purchased Purchased Purchased Purchased 330 units 150 units 240 units 60 units @ @ $ 7 - S8 - $10 - $12- $2,310 1.200 2,400 720 During the year, The Shirt Shop sold 620 T-shirts for $17 each Required a. Compute the amount...