ed t + int 3 ences Exercise 5-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $37,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,400. Walberg Associates insured the shipment at a cost of $190. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $530. Determine the cost of inventory. Cost of inventory Total cost of inventory $ 0

ed t + int 3 ences Exercise 5-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $37,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,400. Walberg Associates insured the shipment at a cost of $190. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $530. Determine the cost of inventory. Cost of inventory Total cost of inventory $ 0

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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es Walberg Associates, antique dealers, purchased goods for $37,900. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,400. Walberg Associates insured the shipment at a cost of $190. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $530. Determine the cost of inventory. Cost of inventory Total cost of inventory 0
JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.) $2,997 $2,337 $3,117 d. $2,857
Peterson Manufacturing purchased inventory for $5,900 and also paid a $330 freight bill. Peterson Manufacturing returned 40% of the goods to the seller and later took a 1% purchase discount. Assume Peterson Manufacturing uses a perpetual inventory system. What is Peterson Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $3,505 OB. $3,835 OC. $3,701 OD. $2,336 RECOR
3. The records of Watawala Company contain the following information relating to the inventory item of K730 for October 20X6 Oct. 1 3 9 14 19 22 26 28 31 Beginning Inventory purchase Sale Sale Purchase Sale Purchase Sale Sale Units 20 40 10 45 50 30 20 10 5 Unit Cost Rs.4 Rs.5 Rs.7 Rs.9 Using the periodic inventory system compute the cost of ending inventory and cost of goods sold. Use the FIFO and LIFO inventory costing methods 4. Assume in the 3rd problem above that Watawala Company uses the perpetual inventory system. Required:
JC Manufacturing purchased inventory for $5,300 and also paid a $260 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 2% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing’s final cost of the inventory that it kept? (Round your answer to the nearest whole number.) a. $2,997 b. $2,337 c. $3,117 d. $2,857
r 个 O any purchased inventory for $2,500 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $500. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the cost of inventory would be (Assume a perpetual inventory system.) OA. $1,960 B. $2,060 OC. $2.400 S
JC Manufacturing purchased inventory for $4,400 and also paid a $320 freight bill. JC Manufacturing returned 45% of the goods to the seller and later took a 1% purchase discount. Assume JC Manufacturing uses a perpetual inventory system. What is JC Manufacturing's final cost of the inventory that it kept? (Round your answer to the nearest whole number.) OA. $1,960 OB. $2,716 OC. $2,570 OD. $2,396
15.ABC Store purchased P100,000 from XYZ Supplies on July 1, 20X1. Terms: 5%, 3%, 2/15, n/30. FOB Shipping point, freight prepaid. Shipping costs was P2,000. Insurance for the shipment was P500 and non refundable tax was P1,000. At what amount should ABC recognize as cost of the inventory under the net method? 91,807 93,807 93,650 95,650
E6-8 (Algo) Reporting Purchases, Purchase Discounts, and Purchase Returns Using a Perpetual Inventory System [LO 6-3] During the month of June, Ace Incorporated purchased goods from two suppliers. The sequence of events was as follows: June 3 Purchased goods for $4,300 from Diamond Incorporated with terms 2/15, n/60. June 5 Returned goods costing $1,200 to Diamond Incorporated for credit on account. June 6 Purchased goods from Club Corporation for $1,100 with terms 2/15, n/60. June 11 Paid the balance owed to Diamond Incorporated. June 22 Paid Club Corporation in full. Required: Assume that Ace uses a perpetual inventory system and that the company had no inventory on hand at the beginning of the month. Calculate the cost of inventory as of June 30. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Cost of Inventory
Exercise 6-2 (Algo) Inventory costs LO C1 Walberg Associates, antique dealers, purchased goods for $38,700. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates's warehouse was $1,800. Walberg Associates insured the shipment at a cost of $270. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $610. Determine the cost of inventory. Cost of inventory Total cost of inventory $ 0
1. A listing of the Minerva Company's inventory items at the end of 2007 totals $85,000.Included in this amount are the following items:Merchandise in transit as of 12/21/2007, purchased FOBshipping point $5,800Goods held by Minerva as consignee from Nirvana 6,000Goods out on consignment, at cost plus 50%markup on cost plus $100 delivery charge. 4,600What is the dollar amount of Minerva's 2007 ending inventory that should be reported on thebalance sheet?a. $73,100b. $79,200c. $79,000d. $77,500 Please show work, do not use excel
Q3. Lamprino Appliance uses a perpetual inventory system. The following are three recent merchandising transactions: 1. June 10 Purchased 10 televisions from Mitsu Industries on account. Invoice price, $300 per unit, for a total of $3,000. The terms of purchase were 2/10, n/30. 2. June 15 Sold one of these televisions for $450 cash. 3. June 20 Paid the account payable to Mitsu Industries within the discount period. Requirements a. Prepare journal entries to record these transactions assuming that Lamprino records purchases of merchandise at: 1. Net cost 2. Gross invoice price b. Assume that Lamprino did not pay Mitsu Industries within the discount period but instead paid the full invoice price on July 10. Prepare journal entries to record this payment assuming that the original liability had been recorded at: 1. Net cost 2. Gross invoice price