14. JiCo uses the periodic method. Its beginning inventory is $43,000, purchases are $321,000, F.O.B. destination,...
14. JiCo uses the periodic method. Its beginning inventory is $43,000, purchases are $321,000, F.O.B. destination, purchase returns are $17,000 and freight is $9,000. The balance in JiCo's ledger Purchases account is.... A.) $330,000 B.) $317,000 C.) $321,000 D.) $304,000
what is the correct answer?
Homework Answers
| Purchased | $ 3,21,000 | ||
| Therefore the correct option is C | |||
| freight shall not be taken because of the purchase at FOB | |||
| (purchase return to be taken as a separate account) | |||
Add Answer to:
14. JiCo uses the periodic method. Its beginning inventory is
$43,000, purchases are $321,000, F.O.B. destination,...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for 2017: $40,000 Beginning inventory Ending inventory Freight in Net sales Purchase discounts Purchase returns and allowances Purchases $525,000 6,000 9,000 330,000 12,000 10,000 Freight out Prepare the cost of goods sold section of the multiple-step income statement for Blossom Stores. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BLOSSOM STORES Income Statement
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid $144 cash for freight charges on March 1, 2020, related to the purchase. c. Returned $108 of merchandise on March 5, 2020, and received a credit from the vendor. d. Paid the...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid $144 cash for freight charges on March 1, 2020, related to the purchase. c. Returned $108 of merchandise on March 5, 2020, and received a credit from the vendor. d. Paid the...
Assume that Carla Vista Co. uses a periodic inventory system and has these account balances: Purchases...
Assume that Carla Vista Co. uses a periodic inventory system and has these account balances: Purchases $358,200; Purchase Returns and Allowances $11,800; Purchase Discounts $7.200; and Freight-in $15,400. Determine net purchases and
I tried to answer A, but it is not correct! b. $31. a $15,600 11. JaCo...
I tried to answer A, but it is not correct!
b. $31. a $15,600 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 878,000 11,000 69,000 a. Ending...
6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases....
6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare general journal entries to record the following transactions for Johnnycake: Aug. 10 Johnnycake purchased merchandise on credit from Foster Foods for $9,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Foster. 12 Johnnycake returned $600 of merchandise from the August 10 purchase. 19 Johnnycake paid Foster for the August 10 purchase.
cases of tennis balls listed at $130 per case and for which To 18 given a...
cases of tennis balls listed at $130 per case and for which To 18 given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is... a. $15,600 b. $31,200 c. $26,520 d. $77,350 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000,...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah’s records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial...
LeMay Department Store uses the retail inventory method to estimate ending inventory for its monthly financial statements. The following data pertain to one of its largest departments for the month of March 2021: Cost Retail Beginning inventory $ 46,000 $ 66,000 Purchases 213,000 406,000 Freight-in 15,558 Purchase returns 7,000 9,000 Net markups 6,400 Net markdowns 4,100 Normal breakage 9,000 Net sales 286,000 Employee discounts 2,400 Sales are recorded net of employee discounts. 1. Compute estimated ending inventory and cost of...
* Question 4 Blossom Stores uses a periodic inventory system and reports the following information for 2017: $40,000 Beginning inventory Ending inventory Freight in Net sales Purchase discounts Purchase returns and allowances Purchases $525,000 6,000 9,000 330,000 12,000 10,000 Freight out Prepare the cost of goods sold section of the multiple-step income statement for Blossom Stores. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) BLOSSOM STORES Income Statement
Assume that Carla Vista Co. uses a periodic inventory system and has these account balances: Purchases $358,200; Purchase Returns and Allowances $11,800; Purchase Discounts $7.200; and Freight-in $15,400. Determine net purchases and
I tried to answer A, but it is not correct!
b. $31. a $15,600 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 878,000 11,000 69,000 a. Ending...
cases of tennis balls listed at $130 per case and for which To 18 given a 15% volume discount. YiCo sells 70% of the cases for cash. The cost of the unsold merchandise is... a. $15,600 b. $31,200 c. $26,520 d. $77,350 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000,...
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $25,100; purchases, $307,000; purchase returns and allowances, $13,200; sales, $727,000; sales returns and allowances, $6,320; freight-in, $1,870; and operating expenses, $51,700. A physical count indicated that $25,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah’s records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold....
Most questions answered within 3 hours.
-
You purchase your daily coffee at the Chemist’s Coffeehouse and
have a choice of two cups:...
asked 2 hours ago -
Which of the following pairs of chemicals could be used to make
a buffer solution?
A.)...
asked 1 hour ago -
Problem 16-51 Sales
Activity Variance (LO 16-3)Odessa, Inc., reports the following
information concerning operations for the...
asked 2 hours ago -
Pictured on the right are thee point charges Q1 = 18.4 μC, Q2 =
-30.6 μC,...
asked 2 hours ago -
A graduate student is conducting research in psychology and
needs to obtain the IQ scores of...
asked 3 hours ago -
R2.84: There are 2 defective products in a production lot of 10.
An inspector randomly selected...
asked 4 hours ago -
Consider the following equilibrium system: COCl2(g) CO(g) +
Cl2(g) A 10.00 L evacuated flask is filled...
asked 5 hours ago -
1) What are the two distinct steps that one needs to perform
when developing a data...
asked 5 hours ago -
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 6 hours ago -
1. In eukaryotic cells the genomes of
&
asked 6 hours ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 6 hours ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 6 hours ago