3) Neophyte Co. sells one product. A record of transactions for the month of May was as follows: May 1 Inventory 400 e $4.10 3 Sale 300 e 57.25 Purchase 800 e $4.40 14 Sale 700 e 7.50 22 Purchase 1.200 e s4.75 29 Sale 1,000 e 8.25 Neophyte uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions Assume Neophyte uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. Calculate gross profit.
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- Swifty Company sells one product. Presented below is information for January for Swifty Company. Jan. 1 Inventory 103 units at $5 each 4 Sale 82 units at $8 each 11 Purchase 135 units at $7 each 13 Sale 102 units at $9 each 20 Purchase 167 units at $7 each 27 Sale 108 units at $11 each Swifty uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Swifty uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 113 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Concord Company sells one product. Presented below is information for January for Concord Company. Jan. 1 Inventory 103 units at $5 each 4 Sale 82 units at $8 each 11 Purchase 135 units at $7 each 13 Sale 102 units at $9 each 20 Purchase 167 units at $7 each 27 Sale 108 units at $11 each Concord uses the FIFO cost flow assumption. All purchases and sales are on account. 1. Assume Concord uses a perpetual system. Prepare all necessary journal entries. 2. Compute gross profit using the perpetual system. 3.Compute gross profit using the periodic system.Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 Inventory 114 units at $5 each 4 Sale 89 units at $8 each 11 Purchase 156 units at $7 each 13 Sale 126 units at $9 each 20 Purchase 158 units at $7 each 27 Sale 103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.
- Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1 Inventory 113 units at $4 each 4 Sale 92 units at $8 each 11 Purchase 141 units at $6 each 13 Sale 112 units at $9 each 20 Purchase 154 units at $7 each 27 Sale 93 units at $11 each Sunland uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Sunland uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 111 units Compute gross profit using the periodic system. Assume Sunland uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Compute gross profit using the…Whispering Company 'sells one product. Presented below is information for January for Whispering Company. Jan. 1 4 11 13 20 27 Inventory 111 90 159 130 149 85 Sale Purchase Sale Purchase Sale Whispering uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Whispering uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter O for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) units at $5 each units at $8 each units at $6 each units at $9 each units at $7 each units at $11 each Date Account Titles and Explanation (To record the sale) (To record the cost of inventory) (To record the sale) Debit CreditCullumber Company sells one product. Presented below is information for January for Cullumber Company. Nov. 1 Inventory 300 units at $ 12 each 5 Purchase 180 units at $ 13 each 10 Sale 410 units at $ 19 each 15 Purchase 410 units at $ 12.50 each 21 Sale 430 units at $ 20 each 30 Purchase 400 units at $ 12.80 each Cullumber uses the FIFO cost flow assumption. All purchases and sales are on account.
- Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 100 units at $5 each 4 Sale 80 units at $8 each 11 Purchase 150 units at $6 each 13 Sale 120 units at $8.75 each 20 Purchase 160 units at $7 each 27 Sale 100 units at $9 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. (a Assume Fong Sai-Yuk uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 110 units. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company. Jan. 1 Inventory 100 units at $5 each 4 Sale 80 units at $8 each 11 Purchase 150 units at $6 each 13 Sale 120 units at $8.75 each 20 Purchase 160 units at $7 each 27 Sale 100 units at $9 each Fong Sai-Yuk uses the FIFO cost flow assumption. All purchases and sales are on account. Instructions a. Assume Fong Sai-Yuk uses a periodic system. Prepare all necessary journal entries, including the end-of-month closing entry to record cost of goods sold. A physical count indicates that the ending inventory for January is 110 units. b. Compute gross profit using the periodic system. c. Assume Fong Sai-Yuk uses a perpetual system. Prepare all necessary journal entries. d. Compute gross profit using the perpetual system.Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.30 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.30 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 1 $ fill in the blank 2 May $ fill in the blank 3 $ fill in the blank 4 FIFO perpetual Cost of Goods Sold Ending Inventory April $ fill in the blank 5 $ fill in the blank 6 May $ fill in the blank 7 $ fill in the blank 8 LIFO periodic Cost of Goods Sold Ending Inventory April $ fill in the blank 9 $…
- Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 300 17 Purchase 200 $5.10 25 Sale 150 28 Purchase 100 5.80 May 5 Purchase 250 5.10 18 Sale 300 22 Sale 50 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ FIFO perpetual Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO periodic Cost of Goods Sold Ending Inventory April $ ____________ $ ____________ May $ ____________ $ ____________ LIFO…Crane Company sells one product. Presented below is information for January for Crane Company. Nov. 1 Inventory 300 units at $12 each 5 Purchase 190 units at $13 each 10 Sale 430 units at $20 each 15 Purchase 430 units at $12.50 each 21 Sale 440 units at $21 each 30 Purchase 350 units at $12.80 each Crane uses the FIFO cost flow assumption. All purchases and sales are on account.June Corp. sells one product and uses perpetual inventory system. The beginning inventort consisted of 10 units that cost P20 per unit. During the current month, the company purchased 60 units at P20 each. Sales during the month totaled 45 units for P43 each. What is the cost of goods sold using the FIFO method?