1. On July 1, Corrao Company purchased $1,400 of inventory on account with credit terms of...
1. On July 1, Corrao Company purchased $1,400 of inventory on account with credit terms of 4/10, net 30. Corrao Company uses the perpetual inventory system. On July 5, Corrao Company paid the amount due. What journal entry did they prepare on July 5?
2. A company has a beginning inventory of $40,000 and purchases during the year of $90,000. The beginning inventory consisted of 1,000 units and 8,000 units were purchased during the year. The company has 5,000 units left at year minus−end. Under average minus−cost, what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)
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1. On July 1, Corrao Company purchased $1,400 of inventory on
account with credit terms of...
A company has a beginning inventory of $60,000 and purchases during the year of 590.000. The...
A company has a beginning inventory of $60,000 and purchases during the year of 590.000. The beginning inventory consisted of 1,000 units and 9,000 units were purchased during the year. The company has 5.000 units left at year-end. Under average-cost, what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar) O A. $75,000 O B. $90,000 O C. $135,000 OD. $150,000
A company has a beginning inventory of $30,000 and purchases during the year of $110,000. The...
A company has a beginning inventory of $30,000 and purchases during the year of $110,000. The beginning inventory consisted of 2,000 units and 7,000 units were purchased during the year. The company has 5,000 units left at year−end. Under average−cost, what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)
A company has a beginning inventory of $20,000 and purchases during the year of $130,000. The...
A company has a beginning inventory of $20,000 and purchases during the year of $130,000. The beginning inventory consisted of 1,000 units and 6,000 units were purchased during the year. The company has 3,000 units left at year−end. Under average−cost, what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar.)
Oriole Company began operations on July 1. It uses a perpetual inventory system. During July, the...
Oriole Company began operations on July 1. It uses a perpetual
inventory system. During July, the company had the following
purchases and sales.
Purchases
Date
Units
Unit Cost
Sales Units
July 1
10
$58
July 6
8
July 11
6
$62
July 14
6
July 21
8
$66
July 27
7
Determine the ending inventory under a perpetual inventory
system using (1) FIFO, (2) moving-average, and (3) LIFO.
(For calculation and answers purpose round unit costs
to 2 decimal places,...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July...
QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st During July, Sheldon Co. engaged in the following transactions: July 3rd - The company paid cash to purchase 1,000 units of inventory for $6,500. July 10th - The company paid cash to purchase 1,200 units of inventory for $8,400. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10,...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory...
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method and (a) first.in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning inventory, January 1,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 July 1 1,400 October 29 1,000 Round the cost per unit to 3 decimal...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses and sales were made by Phat Company. There was no beginning inventory. Phase July 3 11 20 Purchases 40 units 514 40 units $15 20 units $16 July 13 22 Sales 50 units 20 units Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 a b. c. d. $700 740 750 800 $280 320 300 320...
Data Table Assume that a company uses a perpetual inventory. Additional information follows: E(Click the icon to view t...
Data Table Assume that a company uses a perpetual inventory. Additional information follows: E(Click the icon to view the information.) Unit Cost Transaction Units Requirement 1. Assuming FIFO inventory costing, determine the cost of ending inventory: 17.50 Beginning inventory 1/1 3,300 Purchases, January 23 16.50 4,200 Purchases, February 14 16.90 1,400 Requirement 2. Assuming LIFO inventory costing, determine cost of goods sold for the year: Purchases, March 17 2,000 17.90 Units Sold-April 13 at $21 9,700 Purchases, May 5 15.20...
A company has a beginning inventory of $60,000 and purchases during the year of 590.000. The beginning inventory consisted of 1,000 units and 9,000 units were purchased during the year. The company has 5.000 units left at year-end. Under average-cost, what is Cost of Goods Sold? (Round any intermediary calculations to two decimal places and your final answer to the nearest dollar) O A. $75,000 O B. $90,000 O C. $135,000 OD. $150,000
Oriole Company began operations on July 1. It uses a perpetual
inventory system. During July, the company had the following
purchases and sales.
Purchases
Date
Units
Unit Cost
Sales Units
July 1
10
$58
July 6
8
July 11
6
$62
July 14
6
July 21
8
$66
July 27
7
Determine the ending inventory under a perpetual inventory
system using (1) FIFO, (2) moving-average, and (3) LIFO.
(For calculation and answers purpose round unit costs
to 2 decimal places,...
11. Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. Whatentry does Baker Company make upon receipt of the check? 4,400 4.400 Accounts Receivable Cash Sales Returns and Allowances Accounts Receivable 4,356 600 44 5,000 d Sales Returns and Allowances. Sales Discounts. Accounts Receivable...... Cash .................. Sales Discounts....................... Sales Returns and...
QUESTION 25 Sheldon Company had 2,000 units of inventory costing $10,000 in beginning inventory at July 1st During July, Sheldon Co. engaged in the following transactions: July 3rd - The company paid cash to purchase 1,000 units of inventory for $6,500. July 10th - The company paid cash to purchase 1,200 units of inventory for $8,400. July 24th – The company paid cash to purchase 250 units of inventory for $2,125. Throughout July, the company sold inventory 3,700 units of...
1.Baker Company sells merchandise on account for $5,000 to Helix Company with credit terms of 1/10, 1/30. Helix Company returns $600 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Baker Company make upon receipt of the check? 4,400 4,400 4,356 644 5,000 a. Cash ......... Accounts Receivable........... b. Cash ........... Sales Returns and Allowances............. Accounts Receivable.......... c. Cash.. Sales Returns and Allowances........... Sales Discounts. Accounts Receivable....... d. Cash..............
Inventory Costing Methods-Perpetual Method Using the data below, assume that Graham Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method and (a) first.in, first-out, (b) last-in, first-out, and (c) weighted-average cost method. Units Unit Cost Beginning inventory, January 1,200 Purchases: February 11 1,500 May 18 1,400 October 23 1,100 March 1 July 1 1,400 October 29 1,000 Round the cost per unit to 3 decimal...
12.During July, the following purchases and sales were made Company uses a perpetual inventory system ses and sales were made by Phat Company. There was no beginning inventory. Phase July 3 11 20 Purchases 40 units 514 40 units $15 20 units $16 July 13 22 Sales 50 units 20 units Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 a b. c. d. $700 740 750 800 $280 320 300 320...
Data Table Assume that a company uses a perpetual inventory. Additional information follows: E(Click the icon to view the information.) Unit Cost Transaction Units Requirement 1. Assuming FIFO inventory costing, determine the cost of ending inventory: 17.50 Beginning inventory 1/1 3,300 Purchases, January 23 16.50 4,200 Purchases, February 14 16.90 1,400 Requirement 2. Assuming LIFO inventory costing, determine cost of goods sold for the year: Purchases, March 17 2,000 17.90 Units Sold-April 13 at $21 9,700 Purchases, May 5 15.20...
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