ZuoTi.Pro
Question

Inventory Records

I most likely have 1 & 2 wrong. Please explain or show how you got the answers to 1 & 2. 

Inventory Records

Widget Tek Inc.'s original accountant accepted a position with another firm and left in early March. You have been asked to review the subsidiary inventory ledger record for Widge Tek Inc.'s main product for March.


Screenshot (170).png

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

Homework Answers

Request Professional Answer

Request Answer!

10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Inventory Records
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

Similar Homework Help Questions

  • Inventory Records Widget Tek Inc.'s original accountant accepted a position with another firm and left in...

    Inventory Records Widget Tek Inc.'s original accountant accepted a position with another firm and left in early March. You have been asked to review the subsidiary inventory ledger record for Widget Tek Inc.'s main product for March.Study the inventory record for March and answer the questions that follow. 1. Assuming that the product sells for $150 and that 70% of sales are on account, determine the gross profit from sales for March _______  2. Making the same assumptions as in (1), determine the...

  • Mastery Problem: Inventories

    Changing PricesYou work for a CPA firm that has been hired by Widget Tek Inc., a merchandising company that is getting ready to expand. The president of Widget Tek Inc. is concerned with obtaining a loan for the expansion and wants to be sure that all the financial statements accurately reflect the company’s accounting records.As preparation for this assignment, you have been asked to review the effects of changing prices on three inventory costing methods: LIFO, FIFO, and weighted average.Identify the scenarios and...

  • Mastery Problem: Inventories Changing Prices You work for a CPA firm that has been hired by...

    Mastery Problem: Inventories Changing Prices You work for a CPA firm that has been hired by Widget Tek Inc., a merchandising company that is getting ready to expand. The president of Widget Tek Inc. is concerned with obtaining a loan for the expansion and wants to be sure that all the financial statements accurately reflect the company’s accounting records. As preparation for this assignment, you have been asked to review the effects of changing prices on three inventory costing methods:...

  • Widget Tek’s original accountant accepted a position with another firm and left in early March. You...

    Widget Tek’s original accountant accepted a position with another firm and left in early March. You have been asked to review the subsidiary inventory ledger record for Widget Tek’s main product for March. Date Inventory Quantity Unit Cost Total Cost Mar. 1 850 $98.00 $83,300   1,275 95.00 121,125 Mar. 8 650 98.00 63,700 Mar. 11 325 98.00 31,850 Mar. 14 325 98.00 31,850   780 103.00 80,340 Mar. 22 260 98.00 25,480 Mar. 25 260 98.00 25,480   2,000...

  • Cash Short and Over

    Note: The other drop down menu under "Cash Short and Over" contains dates. Murdstone, Inc.,You've just been hired as an accountant at Murdstone, Inc., a retailer of supplies for arts and crafts. Since the previous accountant left his position suddenly, the controller of Murdstone, Inc. has asked for your assistance in filling in some missing data for the company's January accounting records. You'll| also be responsible for training the company's new accounting intern.Cash Short and OverThe controller has completed the T...

  • Introduction to Accounting Problem #3) Special Journals The alex Company books and records consist of the...

    Introduction to Accounting Problem #3) Special Journals The alex Company books and records consist of the following Journals: a sales Journal (S), a Purchases Journal (P), a Cash Receipts journal (CR), a Cash Payments journal (CP), and a General Journal (J). They also have a General Ledger and two subsidiary ledgers: - Accounts Receivable Subsidary Ledger and - Accounts Payable Subsidary Ledger. REQUIRED: 1) Indicate in which journal each of the following transactions would be recorded; and 2) Indicate which...

  • Can you explain. Question2 and LIFO method. As of December 31, 2018, the inventory subsidiary ledger...

    Can you explain. Question2 and LIFO method. As of December 31, 2018, the inventory subsidiary ledger shows the following ending inventory for a particular product: Lion Inc., uses perpetual inventory system Purchase date Unit Unit cost June 3 August 14 78 S.7 December5 45 $1.8 234 S1. A year-end ending inventory at December 31, 2018, however, 421 units on hand. In its financial statements, Lion Inc. values its inventories at lower-of-cost -or market (LCM). As of December 31, 2018, replacement...

  • Mastery Problem: Accounting for Retail Businesses

    1.Merchandising TransactionsYou are working as a summer intern for AAA Auditing, Inc. You have been asked to help resolve discrepancies noted in the audit for Dolfin Corporation, a retailer of specialty aquarium supplies.As a retail company, Dolfin Corporation uses the perpetual inventory system. To prepare for this assignment, you have been asked to review your knowledge of sales and purchase transactions by completing the following table.Consider the effect of each transaction on the three accounts listed, and identify which accounts are debited or...

  • 1. Perpetual and periodict systems SUI sells presses. At December 31, 2011, SUI's inventory amounted to...

    1. Perpetual and periodict systems SUI sells presses. At December 31, 2011, SUI's inventory amounted to $500,000. During the first week of January 2012, the company made only one purchase and one sale. These transactions wene as follows Jan. 5 Purchased 60 machines from Double, Inc. The total cost of these machines was $40,000, terms 3/10, n/60. Sold 30 different types of products on account to Air Corporation. The total sales price was $28,000, terms 5/10, n/90. The total cost...

  • Requirement 1. Prepare perpetual inventory records for December for Streak Free Cleaning using the FIFO inventory...

    Requirement 1. Prepare perpetual inventory records for December for Streak Free Cleaning using the FIFO inventory costing method.​ (Note: You must calculate the cost of goods sold on the​ 11th, 28th, and 31st. ​(adjusting entry​ a).) Round per unit costs to two decimal places. Enter the transactions in chronological​ order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual​ record, calculate the quantity and total cost of merchandise inventory​...

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