1. Marin Inc. uses a periodic inventory system and reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 108 $4 $ 432 12 Purchases 432 6 2,592 23 Purchases 270 8 2,160 30 Inventory 250 (a) Compute the cost of the ending inventory and the cost of goods sold under FIFO,...
4. Baker's Accounting Emporium, a manufacturer of amazing accounting components, provided the following information from its accounting records for the year ended December 31, 2018. Inventory at December 31, 2018 (Physical count at cost) $2,590,000 Accounts payable at December 31, 2018 Net sales (sales less sales returns) 1,900,000 16,680,000 Additional information is as follows. a) Goods received from a vendor...
1. Included in the physical count were tools billed to a customer fo.b.shipping point on December 31, 2020. These tools had a cost of $32,200 and were billed at $41,200. The shipment was on Blossom's loading dock waiting to be picked up by the common carrier. 2. Goods were in transit from a vendor to Blossom on December 31, 2020....
The Kwok Company’s inventory balance on December 31, 2018, was $255,000 (based on a 12/31/18 physical count) before considering the following transactions: Goods shipped to Kwok f.o.b. destination on December 20, 2018, were received on January 4, 2019. The invoice cost was $48,000. Goods shipped to Kwok f.o.b. shipping point on December 28, 2018, were received on January 5, 2019....
The Kwok Company’s inventory balance on December 31, 2021, was $195,000 (based on a 12/31/2021 physical count) before considering the following transactions: Goods shipped to Kwok f.o.b. destination on December 20, 2021, were received on January 4, 2022. The invoice cost was $36,000. Goods shipped to Kwok f.o.b. shipping point on December 28, 2021, were received on January 5, 2022....
14. Speers hardware store prepared the following analysis of cost of goods sold for the previous Beginning inventory 1/1 2016 2017 2018 Cost of goods purchased €40,000 €18,000 €25,000 50,000 55,000 70,000 Cost of goods available for sale 90,000 73,000 95,000 Ending inventory 12/31 18,000 25,000 40,000 Cost of goods sold £72,000 £48,000 £55,000 Net income for the years 2016,...
Travis Company has just completed a physical Inventory count at year-end, December 31 or the current year. Only the items on the shelves, in storage, and in the receiving area were counted and costed on a FIFO basis. The inventory amounted to 565,700. During the audit, the independent CPA developed the following additional Information: a. Goods costing $870 were being...
Problem 4-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Aron.) Aug. 1 Purchased merchandise from...
Problem 4-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Aron.) Aug. 1 Purchased merchandise from Aron...
In exercise SD18, you posted an issuance of goods to reflect the inventory that has been shipped. Note the screenshot above. It is an outbound delivery document for the goods that were issued. A copy of this document could be printed and included with the shipment, acting as the packing slip. If acting as the packing slip accompanying the items...