$456,000 36,480 27,360 56,700 78,300 15, 800 1,500 42,600 74,900 42,400 60,000
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- An entity is a wholesaler of office supplies. The activity for Model II calculators during August is shown below. If the entity uses FIFO periodic inventory system, the ending inventory of Model III calculators at August 31 is reported as * Date Balance/Transactions Units Cost Aug 1 Inventory P36.00 2,000 3,000 7 Purchases 37.20 12 Sales 3,600 21 Purchases 4,800 38.00 22 Sale 3,800 29 Purchases 1,600 38.60 Your answerThe following information has been extracted from the records of Bradbury Pty Ltd, which is a retailer of office stationery and art supplies. The company uses the perpetual inventory system to record the inventory of its products. Its monthly reporting date is 30 April. Required: Ignoring GST, complete the inventory stock record below for one of Bradbury’s products – a specialty pen. All transactions occurred in the month of April. Calculate the Cost of Sales (COS) for 30 April, assuming the FIFO Method. Calculate the Ending Inventory at 30 April, assuming the FIFO Method. Briefly define the term “FIFO” as an inventory method. (Note: please write your answers in by completing the table, as provided below.) Date Transaction Quantity $ Unit Cost 1/04 Beginning balance 600 5.00 6/04 Purchases 400 5.20 15/04 Sold @ $10(sales price per unit)) 800 ? 20/04 Purchases 600 4.75 25/04 Sold @$12(sales price per unit) 400 ?…The Phoenix Corporation’s fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company’s controller has asked for your help in deciding if the following items should be included in the year-end inventory count. 1. Merchandise held on consignment for Trout Creek Clothing. 2. Goods shipped f.o.b. destination on December 28 that arrived at the customer’s location on January 4. 3. Goods purchased from a vendor shipped f.o.b. shipping point on December 26 that arrived on January 3. 4. Goods shipped f.o.b. shipping point on December 28 that arrived at the customer’s location on January 5. 5. Phoenix had merchandise on consignment at Lisa’s Markets, Inc. 6. Goods purchased from a vendor shipped f.o.b. destination on December 27 that arrived on January 3. 7. Freight charges on goods purchased in 3. Required: Determine if each of the items above should be included or excluded from the…
- The related data: The following transactions of Marian Company for the month of June are as follows: 1. Purchase merchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000 to various customers with a markup of 30,000 5,000 2. Upon detailed inspection, Marian returned 3. Sold merchandise on account amounting to 4. A customer return goods with sales price of Requirement (1) Prepare the journal entries under Periodic & Perpetual; (2) Determine the ending balance of merchandise inventory under Periodic & Perpetual 50% Note: The freight is excluded from the P200,000 merchandise. The mark-up of 50% is based on cost. You may follow the format below. Periodic System Perpetual System Credit Debit 1. Purchase of merchandise on account Debit Credit 2. Return of goods 3. Sale of merchandise on account and cost of sale 4. Return of merchandise sold 5. Adjustment of ending inventorySheridan Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Sheridan are indicated in the working papers presented below. Also following are a series of transactions for Sheridan Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.Jan.3 Sell merchandise on account to B. Corpas $3,000, invoice no. 510, and to J. Revere $1,500, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,900, terms n/30. 7 Receive checks from S. Mahay $3,500 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $245. 9 Send checks to S. Meek for $8,000 less 2% cash discount, and to D. Saito for $12,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to…Sheridan Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Sheridan are indicated in the working papers presented below. Also following are a series of transactions for Sheridan Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.Jan.3 Sell merchandise on account to B. Corpas $3,000, invoice no. 510, and to J. Revere $1,500, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,900, terms n/30. 7 Receive checks from S. Mahay $3,500 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $245. 9 Send checks to S. Meek for $8,000 less 2% cash discount, and to D. Saito for $12,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to…
- Sheridan Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Sheridan are indicated in the working papers presented below. Also following are a series of transactions for Sheridan Co. for the month of January. Credit sales terms are 2/10, n/30. The cost of all merchandise sold was 60% of the sales price.Jan.3 Sell merchandise on account to B. Corpas $3,000, invoice no. 510, and to J. Revere $1,500, invoice no. 511. 5 Purchase merchandise from S. Gamel $5,000 and D. Posey $2,900, terms n/30. 7 Receive checks from S. Mahay $3,500 and B. Santos $2,000 after discount period has lapsed. 8 Pay freight on merchandise purchased $245. 9 Send checks to S. Meek for $8,000 less 2% cash discount, and to D. Saito for $12,000 less 1% cash discount. 9 Issue credit of $300 to J. Revere for merchandise returned. 10 Daily cash sales from January 1 to…Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $6,800. Freight charges of $1,200 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,500 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.An entity is a wholesaler of office supplies. The activity for Model II calculators during July is shown below. If the entity uses moving average cost method, the ending inventory of Model III calculators at July 31 is reported as Date Balance/Transactions Units Cost July 1 Inventory 2,000 P36.00 7 Purchases 3,000 37.20 12 Sales Purchases Sale 3,600 5,000 21 37.88 22 3,800 29 Purchases 1,600 38.11 Your answer
- Kelly Corporation shipped goods to a customer f.o.b. destination on December 29, 2018. The goods arrived atthe customer’s location in January. In addition, one of Kelly’s major suppliers shipped goods to Kelly f.o.b. shipping point on December 30. The merchandise arrived at Kelly’s location in January. Which shipments should beincluded in Kelly’s December 31 inventory?The following transactions were recorded by an inexperienced bookkeeper during the months of June and July for Sandhill Company. Sandhill Company uses a perpetual inventory system.June 10.A purchase of $3,700 of merchandise from DanDan Distributors was debited to Purchases and credited to Cash. The terms of the purchase were 2/10, n/30, FOB shipping point.11.The invoice for freight in the amount of $215 for the delivery of merchandise purchased from DanDan was paid and was debited to Delivery Expense.12.Damaged goods totalling $100 were returned to DanDan Distributors for credit. The bookkeeper recorded a debit to Accounts Receivable and a credit to Sales Returns and Allowances.20.A payment was made to DanDan Distributors for the June 10 purchase. The payment was a debit to Purchases and a credit to Cash.july 15.Sandhill sold goods for $9,225; Sales was credited and Cost of Goods Sold was debited for this amount. The cost of the inventory sold was $3,600. The terms of the sale were…The Ogale Equipment Corporation maintains a general ledger account for each class of inventory, debiting the individual accounts for increases during the period and crediting them for decreases. The transactions that follow are for the Raw Materials inventory account, which is debited for materials purchased and credited for materials requisitioned for use. 1. 2. 3. 4. 5. 6. 7. An invoice for $8,100, terms f.o.b. destination, was received and entered on January 2, 2021. The receiving report shows that the materials were received on December 28, 2020. Materials costing $7,300 were returned to the supplier on December 29, 2020, on f.o.b. shipping point terms. The returns were entered into Ogale's general ledger on December 28, even though the returned items did not arrive at the vendor's office until January 6, 2021. Materials costing $28,000, shipped f.o.b. destination, were not entered by December 31, 2020, because they were in a railroad car on the company's siding on that date and…