Question Two :   Reineman Supply Company uses a periodic inventory system. During September, the following transactions and events occurred. Sept.3       Purchased 90 backpacks at $25 each from Zuzu Company, terms 2/10, n/30. Sept.6       Received credit of $150 for the return of 6 backpacks purchased on Sept. 3 that were defective. Sept.9       Sold 15 backpacks for $42 each to Bailey Books, terms 2/10, n/30. Sept.13     Paid Zuzu Company in full. Sept.19     Received payments from Bailey Books.   Instructions Journalize the September transactions for Reineman Supply Company.

Q: A company just starting business made the following four inventory purchases in June: June 1 June 10…

A: The items of inventory are used as those arrived or bought first followed by those bought next. This…

Q: Layla Company uses the periodic inventory system. Layla started the period with $22,000 in…

A: Periodic Inventory System: Under this system, the balance of the merchandise inventory is not…

Q: Wildhorse Lighting had a beginning inventory of 31 units at a cost of $7 per unit on August 1.…

A: Total goods available for sale=Beginning inventory+Purchases=31+36+46+41=154

Q: Use the information below to answer the following question. Boxwood Company sells blankets for $60…

A:

Q: Cost of goods Sold

A: Jan 1 400 $7.00 $2800   Feb 15 1000 $7.50 $7500   June 30 1400 $8.00 $11200   Nov 25 1200…

Q: The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: First in first out method: This is a simple method of inventory valuation. In this method, the first…

Q: Met Gala Clothing Company uses the periodic inventory system. The following are the transactions…

A: The net purchases are calculated as : Gross purchases + freight cost - purchase returns - purchase…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: The inventory valuation method is used to evaluate the closing inventory and cost of goods sold…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Journal Entries are represented as below:

Q: Jaden Sales Company engaged in the following transactions for the month of September using the…

A: Hi student Since there are multiple questions, we will answer only first question, Periodic…

Q: Jaden Sales Company engaged in the following transactions for the month o September using the…

A: Periodic inventory system is one of the inventory system under which all transactions related to…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS    Sept 6 Inventory 1680              Accounts…

Q: The Boxwood Company sells blankets for $40 each. The following was taken from the inventory records…

A: Correct option is d.$56

Q: Reineman Supply Company uses a periodic inventory system. During September, the following…

A: Purchase value(3rd sep.)=Number of units×Per unit=90×$25=$2,250

Q: Reineman Supply Company uses a periodic inventory system. During September, the following…

A: Inventory is one of the important current asset of the business. Management and valuation of…

Q: The Boxwood Company sells blankets for $35 each. The following was taken from the inventory records…

A: FIFO is the method of valuation of inventory in which the earliest inventory hold by the…

Q: 1.) Charlie Company uses a perpetual inventory system. During May, the following transactions and…

A: “Since you have posted multiple questions, we will be solving the first question only. In order to…

Q: Gingerbread, Corp. presents the following information for inventory purchases and sales throughout…

A: "Periodic" means that the Inventory account is not routinely updated during the accounting period.…

Q: Trey Monson starts a merchandising business on December 1 and enters into three inventory purchases:…

A: Weighted average method is a method of inventory valuation where unit cost of goods available is…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Journal entries are the entries to be recorded for all the business transactions occurred in the…

Q: Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: FIFO means First in first out. Inventory which entered first will be used first.

Q: The Boxwood Company sells blankets for $37 each. The following was taken from the inventory records…

A: LIFO: LIFO stands for Last-In, First-Out. As its name suggest, this method assumes that the most…

Q: 2. Snow Supply uses a perpetual inventory system. During September, the following transactions and…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: eineman Supply Company uses a periodic inventory system. During September, the following…

A: Step 1 Journal is the part of bookkeeping.

Q: Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of…

A: Under periodic inventory system, stock taking is conducted at regular intervals only.

Q: John's Specialty Store uses a periodic inventory system. The following are some inventory…

A: Solution: Under periodic inventory system, inventory records are not updated for each and every…

Q: Kuyu Company uses the periodic inventory system. Kuyu started the period with $12,000 in inventory.…

A: The cost of goods sold refer to the cost of producing the goods which are sold in the market. It is…

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Journal entry is a record of financial transaction in the books of accounts maintained by an…

Q: Jan. 6 Purchased goods for $2,100 from Green with terms 2/10, n/30.6 Purchased goods from…

A: Meaning of ‘Terms 2/10, n/30’. It means if a company made payment within 10 days then supplier…

Q: Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Some of the transactions of Torres Company during August are listed below. Torres uses the periodic…

A: “Hey, since there are multiple questions posted, we will answer first question (part a). If you want…

Q: On September 12, Ryan Company sold merchandise in the amount of $6,400 to Johnson Company, with…

A: The periodic inventory system is a system in which the updates to the inventory and cost of goods…

Q: The Boxwood Company sells blankets for $33 each. The following was taken from the inventory records…

A: As per LIFO inventory cost method, the latest units (last units) will be sold first.  Thus the…

Q: Shankar Company uses a perpetual system to record inventory transactions. The company purchases…

A: Given information is: Shankar Company uses a perpetual system to record inventory transactions. The…

Q: Trey Monson starts a merchandising business on December 1 and enters into the following three…

A: In FIFO method, goods received first are dispatched first.In perpetual inventory system, the…

Q: Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Fifo is first in first out method of inventory costing which says that inventory which is purchased…

Q: Baker Bakery Company just began business and made the following four inventory purchases in June:…

A: First-in-First-Out: In First-in-First-Out method, the costs of the initially purchased items are…

Q: Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: LIFO is last in first out inventory method which says that inventory purchased in last will be sold…

Q: Boxwood Company sells blankets for $38 each. The following was taken from the inventory records…

A: LIFO: In Last-in-First-Out method, items purchased recently are sold first. So, the value of the…

Q: The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records…

A: Gross profit is the difference between sales & Cost of goods sold. Gross profit = Sales - Cost…

Q: The Boxwood Company sells blankets for $36 each. The following was taken from the inventory records…

A: Cost of goods sold=Units sold×Cost per unit

Q: its first month of operations, Bramble Corp. made three purchases of merchandise in the following…

A:

Q: Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the…

A: 1. Journalize October 2018 transaction in the books of Company T.

Q: Iρngmire & Sons made sales On credit to Alderman Sports totaling $500,000 On April 18. The cost…

A: Whenever a physical inventory counting is performed, a periodic inventory system just maintains the…

Q: John's Specialty Store uses a perpetual inventory system. The following are some inventory…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: for $36 each. The following was taken from the inventory records during May. The company had no…

A: Using FIFO method, the older units are sold first and newer units are left in inventory.

Q: Compute the cost of ending inventory for the best selling purse based on the following:

A: Special Identification Method: The Specific identification method identifies the cost of each item…

Q: The Boxwood Company sells blankets for $31 each. The following was taken from the inventory records…

A: Under the LIFO inventory cost method, the most recent units purchased are sold first.

Q: Assume that on September 1, Office Depot had an inventory that included a variety of calculators.…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.