Jesus saves stock records show the following transactions for a specific item during last month: The organization made issues of inventory on 5th, 19th and 27th of 100 units, 190 units and 170 units respectively whiles it received 400 units on 7th at the price of GHC17.5 per unit. The opening inventory was 200 units valued at GHC2900. It is known that one of the items is damaged and will need a repair of GHC5 before it is sold for GHC25. Using the weighted average method, the total value of closing inventory for last month is? A. 3266 units B. 2963 units C. 2366 units D. 2369 units
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- Lancelot plc's stock records show the following transactions for a specific item during last month: The organization made issues of inventory of 70 units each on 4th, 20th and 27th of the month whiles it received 300 units on 13th. The inventory at the beginning of last month consisted of 120 units valued at GHC7200. The receipt last month cost GHC62 per unit. The closing value of inventory for last month has been calculated twice using the FIFO and the LIFO. Which of the following statement about the closing inventory for last month is correct? A. The FIFO method is lower than the LIFO by GHC250 B. The LIFO method is lower than the FIFO by GHC250 C. The FIFO method is lower than the LIFO method by GHC240 D. The LIFO method is lower than the FIFO by GHC240 Reset SelectionJesus saves stock records show the following transactions for a specific item during last month: The organization made issues of inventory on 5th, 19th and 27th of 100 units, 190 units and 170 units respectively whiles it received 400 units on 7th at the price of GHC17.5 per unit. The opening inventory was 200 units valued at GHC2900. It is known that one of the items is damaged and will need a repair of GHC5 before it is sold for GHC25. Using the weighted average method, the total value of closing inventory for last month is? A. 3266 units B. 2963 units C. 2366 units D. 2369 unitsA company using the perpetual inventory system purchased inventory worth $550,000 on account with credit terms of 3/15,n/45. Defective inventory of $50,000 was returned 3 days later, and the accounts were appropriately adjusted. If the company paid the invoice 25 days later, the journal entry to record the payment would be ________. A. $500,000 debit to Accounts Payable and $500,000 credit to Cash B. $515,000 debit to Accounts Payable, $15,000 credit to Merchandise Inventory, and $500,000 credit to Cash C. $550,000 debit to Accounts Payable and $550,000 credit to Cash D. $550,000 debit to Accounts Payable, $535,000 credit to Cash, and $15,000 credit to Merchandise Inventory
- Take me to the text Suppose that on November 20, 2021, both Company A and Company B sold inventory with a cost of $38,800. The updated balance of inventory as at November 1 for both companies was $104, 700. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at November 20 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on November 20 A Perpetual SAnswer B Periodic $AnswerCrane Inc. took a physical inventory at the end of the year and determined that $787k of goods were on hand. In addition, Crane Inc. determined that $60,500 of goods that were in transit that were shipped F.0.B. shipping point were actually received two days after the inventory count and that the company had $85,500 of goods out on consignment. What amount should Crane report as inventory at the end of the year? $872,500. $862,500. $787k. $933k.For each of the following, indicate whether the item should be included in the inventory of Blade Ltd., or should not be included. On December 31, the last day of the fiscal year, Baldes shipped 1,000 units to one of its customers. The product has not yet been received by the end of the day. Terms were FOB destination point. Answer 1 Roller Corporation is holding inventory on consignment for Blades. On December 31, 30% of the inventory is still at Roller’s location. Answer 2 Blades shipped some product to a customer, who received the product on December 15. Terms of sale call for payment on January 10 of the following year.
- Sharp Company received P 80,000 of inventory items on the last day of its fiscal year, May 31, 2022. The company employees a periodic inventory system. During your audit, you discovered the following: 1. Items Alpha were included in inventory at May 31, 2022, but the purchase was not recorded until June 3, 2022, P 100,000. 2. Items Bravo were excluded from the May 31, 2022 inventory, but the purchase was recorded on May 31, 2022, P 60,000. 3. Items Charlie were excluded from the May 31, 2022 inventory, the purchase was not recorded until June 3, 2022, P 50,000. Question: What is the net effect on net income of the errors?Take me to the text Suppose that on June 20, 2021, both Company A and Company B sold inventory with a cost of $32,600. The updated balance of inventory as at June 1 for both companies was $110,600. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at June 20 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on June 20 $ 65000 A B Check Perpetual Periodic $40900 IOn September 1, the beginning of its fiscal year, Crane Ltd. had an inventory of 104 calculators at a cost of $20 each. The company uses a perpetual inventory system. During September, the following transactions occurred: Sept. 2 Purchased 780 calculators for $20 each from Digital Corp. on account, terms n/30. 10 Returned 20 calculators to Digital for $400 credit because they did not meet specifications. 11 Sold 330 calculators for $30 each to Campus Book Store, terms n/30. ranagement estimates returns of 4% based on prior experience. 14 Granted credit of $600 to Campus Book Store for the return of 20 calculators that were not ordered. The calculators were restored to inventory. 29 Paid Digital the amount owing. 30 Received payment in full from the Campus Book Store. create Taccounts for inventory and cost of goods sold accounts
- Marigold Inc. tookaphysical inventory at the end of the year and determined that $777000 of goods were on hand. In addition, Marigold, Inc. determined that $ 57500 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $ 87000 of goods out on consignment. What amount should Marigold report as inventory at the end of the year? O $ 921500. O $777000. O $854000. O $864000.Suppose that on April 13, 2018, both Company A and Company B sold inventory with a cost of $59,500. The updated balance of inventory as at April 1 for both companies was $89,600. Company A uses the perpetual inventory system. Company B uses the periodic inventory system and performs an inventory count at the end of each month. What is the value of inventory as at April 13 for each company? Do not enter dollar signs or commas in the input boxes. Company Inventory System Value of Inventory on April 13 A Perpetual $81100 B Periodic $116500Coronado Inc. took a physical inventory at the end of the year and determined that $790000 of goods were on hand. In addition, Coronado, Inc. determined that $62500 of goods that were in transit that were shipped f.o.b. shipping point were actually received two days after the inventory count and that the company had $87000 of goods out on consignment. What amount should Coronado report as inventory at the end of the year? O $790000. O $939500. O $867000. $877000.