Kylah Enterprises began the current month with inventory costing $10,000, then purchased inventory at a cost...
Kylah Enterprises began the current month with inventory costing $10,000, then purchased inventory at a cost of $35,000. The perpetual inventory system indicates that inventory costing $30,000 was sold during the month for $40,000. If an inventory count shows that inventory costing $14,500 is actually on hand at month-end, what amount of shrinkage occurred during the month?
Homework Answers
| Beginning inventory | 10000 |
| Add: Purchases | 35000 |
| Less: Inventory sales | -30000 |
| Estimated ending inventory | 15000 |
| Estimated ending inventory | 15000 |
| Less: Actual ending inventory | 14500 |
| Amount of inventory shrinkage | 500 |
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Kylah Enterprises began the current month with inventory costing
$10,000, then purchased inventory at a cost...
Kylah entreprises began the current amount with inventory costing $10,000, then purchased inventory at a cost...
Kylah entreprises began the current amount with inventory costing $10,000, then purchased inventory at a cost of $35,000. The perpetual inventory system indicates that inventory costing $30,000 was sold during the month for $40,000. If an inventory count shows that inventory costing $14,500 is actually on hand at month-end, what amount of shrinkage occurred during the month? Amount of Shrinkage
Windsor, Inc. uses a perpetual inventory system and reported $526,000 of inventory at the beginning of...
Windsor, Inc. uses a perpetual inventory system and reported $526,000 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $52,000 of inventory and sold inventory that had cost $45,500. At the end of the month, the physical count of inventory shows $530,000 on hand. How much shrinkage occurred during the month? Multiple Choice O $48.000 $48,000 O $2,500 O $43,000
1 James Company began the month of October with inventory of $20,000. The following inventory transactions...
1 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 4 a. The company purchased merchandise on account for $29,500 on October 12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During...
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crates of vitamins that cost a total of $4,550. During the month,
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Causwell Company began 2018 with 30,000 units of inventory on hand. The cost of each unit...
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Windsor, Inc. uses a perpetual inventory system and reported $526,000 of inventory at the beginning of the month based on a physical count of inventory. During the month, the company bought $52,000 of inventory and sold inventory that had cost $45,500. At the end of the month, the physical count of inventory shows $530,000 on hand. How much shrinkage occurred during the month? Multiple Choice O $48.000 $48,000 O $2,500 O $43,000
1 James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: 4 a. The company purchased merchandise on account for $29,500 on October 12, 2018. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were paid in cash. b. On October 31, James paid for the merchandise purchased on October 12. c. During...
Assume Clickaway.com began January with 12 units of inventory that cost a total of $240. During January, Clickaway.com purchased and sold goods as follows: Jan. 8 Purchase 36 units @ $21 14 Sale 30 units @ $42 22 Purchase 24 units @ $23 27 Sale 36 units @ $42 Under the FIFO inventory costing method and the perpetual inventory system, how much is Clickaway.com's cost of goods sold for the sale on January 14? O A. $1,260 O B. $996...
Saved Help S M6-2 Calculating Shrinkage in a Perpetual Inventory System (LO 6-2) Corey's Campus Store has $4.400 of inventory on hand at the beginning of the month. During the month, the company buys $45,800 of merchandise and sells merchandise that had cost $32,400. At the end of the month, $14,200 of inventory is on hand how much shrinkage occurred during the month? Shrinkage < Prev 2017 !! Next > m 2
Athletic world began January with merchandise inventory of 70
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Athletic World purchased and sold merchandise on account as follows.
onth, Athletic World purchased and sold merchandise on account as follows: pany's cost of goods sold, ending merchandise inventory, and gross profit method. Enter the transactions in chronological order, calculating new inventory on hand balances after purchased, sold, and on hand at the end of the period. (Enter the...
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