Homework Answers
Requirement 1:
| Account title and explanation | Debit | Credit |
| Cost of goods sold | $40.35 | |
| Merchandise inventory | $40.35 | |
| [To reduce inventory book value into physical value] |
Explanation:
| Inventory as per books | 75 Items |
| Inventory as per physical count | 72 Items |
| Difference in items | 3 Items |
| Difference in value (3 x $13.45) | $40.35 |
Requirement 2:
Different between physical count and perpetual inventory records is due to Damage of the items or by Theft
Add Answer to:
0 Data Table Purchases Unit Quantity Cost Total Cost Cost of goods sold Unit Total Quantity Cost Cost d, se Date N...
Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost...
Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost Aug. Inventory on Hand Unit Total Quantity Cost Cost 50 $ 35 $ 1,750 5 $ 35 $ 175 5 $ 35 $ 175 90 $ 54 $ 4,860 45 $ 35 $ 1,575 8 90 $ 54$ 4,860 5 $ 80 $ 35 $ 54$ 175 4,320 540 30 15 $ 58 $ 870 $ . $ 54 $ 54$ 58 $ 870...
crates of vitamins that cost a total of $3,600. During the month, Athletic W i Data...
crates of vitamins that cost a total of $3,600. During the month, Athletic W i Data Table good the tra the qu Oct. 5 Purchase 13 Sale 18 Purchase 26 Sale 120 crates @ 130 crates @ 130 crates @ 140 crates @ $ $ $ $ 58 each 108 each 72 each 112 each stof Print | Done o the next question Activity Details Athletic World began October with merchandise inventory of 80 crates of vitamins that cost a...
Data Table Date Item Quantity Unit Cost 145 310 Oct 1 Balance 5 Sale 7 12...
Data Table Date Item Quantity Unit Cost 145 310 Oct 1 Balance 5 Sale 7 12 Purchase 20$ 295 21 Sale 30 Sale Print Done Assume like and Skate, Inc., bought and sold a line of mountain bikes during October as follows: Click the loon to view the data) Dike and Skate, Inc., uses the perpetual inventory system Read the requirements Requirement 1. Compute the cost of goods sold under FFO Start by entering the beginning inventory balances Enter the...
Date Item Quantity 10 Unit Cost $ 64 Sep. 1 Balance 6 Sale 8 Purchase 15...
Date Item Quantity 10 Unit Cost $ 64 Sep. 1 Balance 6 Sale 8 Purchase 15 $ 72 Sale Sale Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $105. Company records indicate the following for a particular line of Putter's Paradise's putters: B3 (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters assuming Putter's Paradise uses the FIFO inventory...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method....
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
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
purchased, sold, and on hand at the end...
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total...
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Athletic World purchased and sold merchandise on account as follows: BE: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Begin by computing the cost of goods sold and cost of ending merchandise inventory using the...
Begin
by computing the cost of goods sold and cost of ending merchandise
inventory using the FIFO inventory costing method. 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 purchased, sold,
and on hand at the end of the period. (Enter the oldest inventory layers
first.)
A Requirements X 1. 2. Compute cost...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. 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 purchased, sold, and on hand at the end...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the...
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross protit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. 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...
Purchases Unit Total Cost of Goods Sold Unit Total Quantity Cost Cost Date Quantity Cost Cost Aug. Inventory on Hand Unit Total Quantity Cost Cost 50 $ 35 $ 1,750 5 $ 35 $ 175 5 $ 35 $ 175 90 $ 54 $ 4,860 45 $ 35 $ 1,575 8 90 $ 54$ 4,860 5 $ 80 $ 35 $ 54$ 175 4,320 540 30 15 $ 58 $ 870 $ . $ 54 $ 54$ 58 $ 870...
crates of vitamins that cost a total of $3,600. During the month, Athletic W i Data Table good the tra the qu Oct. 5 Purchase 13 Sale 18 Purchase 26 Sale 120 crates @ 130 crates @ 130 crates @ 140 crates @ $ $ $ $ 58 each 108 each 72 each 112 each stof Print | Done o the next question Activity Details Athletic World began October with merchandise inventory of 80 crates of vitamins that cost a...
Data Table Date Item Quantity Unit Cost 145 310 Oct 1 Balance 5 Sale 7 12 Purchase 20$ 295 21 Sale 30 Sale Print Done Assume like and Skate, Inc., bought and sold a line of mountain bikes during October as follows: Click the loon to view the data) Dike and Skate, Inc., uses the perpetual inventory system Read the requirements Requirement 1. Compute the cost of goods sold under FFO Start by entering the beginning inventory balances Enter the...
Date Item Quantity 10 Unit Cost $ 64 Sep. 1 Balance 6 Sale 8 Purchase 15 $ 72 Sale Sale Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $105. Company records indicate the following for a particular line of Putter's Paradise's putters: B3 (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters assuming Putter's Paradise uses the FIFO inventory...
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Begin by computing the cost of goods sold and cost of ending
merchandise inventory using the FIFO inventory costing method.
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
purchased, sold, and on hand at the end...
Athletic World began January with merchandise inventory of 72 crates of vitamins that cost a total of $3,600. During the month, Athletic World purchased and sold merchandise on account as follows: BE: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross profit. Begin by computing the cost of goods sold and cost of...
Begin
by computing the cost of goods sold and cost of ending merchandise
inventory using the FIFO inventory costing method. 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 purchased, sold,
and on hand at the end of the period. (Enter the oldest inventory layers
first.)
A Requirements X 1. 2. Compute cost...
Requirement 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the LIFO inventory costing method. 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 purchased, sold, and on hand at the end...
Requirement 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. Enter the transacions in chronalogical order, calculating news inventory an hand balances ater each transaction Once all of the transacions have been entered into the perpetal record, caloulate the quantly and total oost of merchandise inventory purchased, sold, and on hand at the end...
Requirement 1. Prepare a perpetual inventory record, using the FIFO inventory costing method, and determine the company's cost of goods sold, ending merchandise inventory, and gross protit. Begin by computing the cost of goods sold and cost of ending merchandise inventory using the FIFO inventory costing method. 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...
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