. Pendulum Inc. uses moving-average costing. Its 20X8 ending inventory is 900 units that have an...
. Pendulum Inc. uses moving-average costing. Its 20X8 ending inventory is 900 units that have an average cost of $12.20 each. Transactions during 20X9 are:
Purchases Sales
February 23, 20X9 1,200 @ $13
March 1, 20X9 1,500 @ $22
May 15, 20X9 300 @ $14
June 23, 20X9 400 @ $25
November 21, 20X9 500 @ $11
December 24, 20X9 600 @ $35
- Prepare the journal entries that should be recorded for the three sales.
- What does Pendulum report as ending inventory on its balance sheet?
Homework Answers
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The number I came up with was 1,300 @ $3.4 = $4,420, which the
closest answer to that would be D. Is the key off or did I miss a
step?
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Moving-Average Inventory Question: Assuming that perpetual
inventory records are kept in units only, the ending inventory on
an average-cost basis, rounded to the nearest dollar, is
The number I came up with was 1,300 @ $3.4 = $4,420, which the
closest answer to that would be D. Is the key off or did I miss a
step?
Transactions for the month of June were: Purchases June 1 (balance) 800 a $3.20 2,200 @ 3.10 1,200 @ 3.30 1,800 @ 3.40...
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,...
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