Compute the correct inventory balance for Massy shoe store, St. Lucia at the end of trading day, September 30, 2022
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Compute the correct inventory balance for Massy shoe store, St. Lucia at the end of trading day, September 30, 2022
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- Question Content Area Based on the following data for the current year, what is the number of days' sales in inventory? Assume 365 days a year. Sales on account during year $463,358 Cost of merchandise sold during year 205,692 Accounts receivable, beginning of year 46,704 Accounts receivable, end of year 51,670 Merchandise inventory, beginning of year 33,192 Merchandise inventory, end of year 39,686 Round your intermediate calculations to the nearest dollar. When required, round your answer to the whole number. a.59 days b.65 days c.129 days d.70 daysSusie Q Company shipped goods to a customer fob shipping point on January 30, 2004. Its year-end is January 31st. Susie Q Company should include this inventory on its balance sheet as of January 31, 2024. A True B FalseQuestion: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 1. The preceding data are taken from the store’s perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer. 2. Determine the store’s cost of goods sold for August under the periodic inventory system. Assume the FIFO method. The Answer: Cost of goods sold: (image) For the part, Sales [(47 units x $67)+(44 units x $68)] I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please. 3. What is the cost of the store’s October 31 inventory of water skis? The Answer: Cost of October 31 inventory (39 × $40) + (24 × $42) Please explain what is in bolded, how you get those numbers including the ones in dollars, because I don't understand.
- Current Attempt in Progress Oriole Inc. is a retailer operating in Calgary, Alberta. Oriole uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Oriole for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 (a1) Jan. 1 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale $ Quantity 170 102 180 76 56 105 154 Unit Cost or Selling Price $19 21 44 25 44 26 Calculate weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.) 51You are required toa. Calculate the weighted average cost per unit after the purchase of inventory on 5 June 2022. Show your calculation clearly and round youranswer to the nearest Rand.b. Prepare the general journal entries to record the transactions listed above in the general ledger of York Trading for the year ending 30 JuneQuiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1- March 31, 2019 Account Title Debit Credit Cash 14,500 11,770 Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 4,500 150,000 34,360 125,000 41,800 210,000 42,000 40,210 8,000 245.880 6,500 12,000 650,000 5,060 8,900 6,500…
- Assume Raleigh Department Store adopts the dollar-value LIFO retail method on January 1, 2023. Estimate ending inventory for 2023 and 2024.Estimate ending inventory for 2022 assuming Raleigh Department Store used the LIFO retail method.Show Me How Calculator Print Item LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in…
- View Policies Current Attempt in Progress Whispering Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,879 at both cost and market value. At Decembe 31, 2025, the inventory was $287,291 at cost and $270,300 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (a) (b) List of Accounts Save for Later O Search Debit co DELL Attempts: 0 of 15 used M Credit 1 Submit AnswerAccounting for Merchandise Inventory Sales Journalize the following transactions of Martinez Company for April in the journal page provided: 2022 Apr 4 Sold merchandise to Braun Co. $20,000, terms FOB shipping point, 2/10, net 30. The cost of goods sold was $15,000. Apr 7 Sold merchandise to Hader Co. $40,000, terms FOB shipping point, 1/10, net 30. The cost of goods sold was $30,000 Apr 8 Hader returned $10,000 of merchandise back to Martinez Co. The cost of merchandise coming back to Martinez was $7,500. Apr 14 Received the amount due from Braun Co. Apr 17 Received the amount due from Hader Co. Part 2- Journal Page 1 Date Accounts and Explanations…[C] Complete the table: Analyze the transaction made by Cai's General Merchandise for the month of March 2020. Identify the accounts affected following the Perpetual Inventory System.