Homework Answers
1.
| Date | General Journal | Debit | Credit |
| Cost of goods sold | $24,000 | ||
| Inventory | $24,000 |
2. Inventory to be reported in the balance sheet = 97,000-24,000
= $73,000
3. Cost of goods sold to be reported on the income statement = 380,000+24,000
= $404,000
4. Principal of Conservatism is most relevant here.
Kindly comment if you need further assistance. Thanks‼!
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1-4
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1-6 WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted...
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Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average 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...
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.
Requirement 2. Compute cost of goods sold and gross profit using
the LIFO inventory costing method.
Requirement 3. Compute cost of goods sold and gross profit using
the weighted-average inventory costing method. (Round weighted
average cost per unit to the nearest cent and all other amounts to
the nearest dollar.)
Requirement 4. Which method results in the largest gross profit,
and why?
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Requirement 1. Journalize any required
entries. (Record debits first, then credits. Select the
explanation on the last line of the journal entry table. For
situations that do not require an entry, make sure to select "No
Entry Required" in the first cell in the "Accounts" column and
leave all other cells blank.) The required journal entry would
be:
Some of E and S Electronics' merchandise is gathering dust. It is now December 31, 2024, and the current replacement cost of...
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...
method would it choose? P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: 5. Units Unit Cost Unit Sales Price $85 45 Aug. 3 8 Sale Purchase 90 $54 21 Sale 88 30 Purchase 15 58 Requirements 1. Prepare a perpetual inventory record for the...
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1-6
WURER LIROL P6-29A Accounting for inventory using the perpetual inventory system- FIFO, LIFO, and weighted average, and comparing FIFO, LIFO, and weighted average Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions: Units Unit Cost Unit Sales Price 585 $ 54 Aug. 3 8 21 30 Sale Purchase Sale Purchase 88 Requirements 1. Prepare a perpetual inventory record for the merchandise inventory using the FIFO...
Requirement 3. Compute cost of goods sold and gross profit using the weighted-average inventory costing method. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Begin by computing the cost of goods sold and cost of ending merchandise inventory using the weighted average 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...
Requirement 1. Compute cost of goods sold and gross profit using
the FIFO inventory costing method.
Requirement 2. Compute cost of goods sold and gross profit using
the LIFO inventory costing method.
Requirement 3. Compute cost of goods sold and gross profit using
the weighted-average inventory costing method. (Round weighted
average cost per unit to the nearest cent and all other amounts to
the nearest dollar.)
Requirement 4. Which method results in the largest gross profit,
and why?
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