Am. 104. Swifty Inc. is a retailer operating in British Columbia. Swifty uses the perpetual inventory system.amounts are settled in cash. You are provided with the following information for Swifty Inc. for theDateDescriptionQuantityUnit Cost or Selling PriceJanuary 1Beginning inventory100January 5Purchase144January 8Sale109January 10Sale return9January 15Purchase55January 16Purchase return5January 20Sale95January 25Purchase222222222$1720(a1)-Your answer is partially correct.Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25. (Round moving-avMoving-Average Cost per unitJanuary 1$17January 5$18.770

Step 1:Moving-average cost per unit for January 1 (Beginning Inventory).January 1 (Beginning…

Answered: Swifty Inc. is a retailer operating in…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 24MC: Which of the following accounts are used when recording a purchase using a periodic inventory...

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Similar questions

Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventory
The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P500,000; Purchase Returns and Allowances P14,000; Purchase Discounts P9,000; and Freight-in P15,000. Determine net cost of purchases.
Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P600,000; Purchase Returns and Allowances P25,000; Purchase Discounts P11,000; and Freight-in P19,000; beginning inventory of P45,000; ending inventory of P55,000; and net sales of P750,000. Determine the cost of sales.
Middleton Company uses the perpetual inventory system. The company purchased an item of inventory for $130 and sold the item to a customer for $200. How will the sale affect the company's Inventory account?
The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The Wheatland Company returned $8,000 of the merchandise and received full credit.a. What is the amount of cash required for the payment within the discount period?b. Under a perpetual inventory system, what account is credited by The Wheatland Company to record the return?
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $26,900 and credit terms of 2/10, n/60. The merchandise had cost Mesa $18,346. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system. 1. Prepare the entries that Santa Fe should record for the above transactions.
Cullumber Inc. is a retailer operating in Calgary, Alberta. Cullumber 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 Cullumber for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23. Jan. 30 Description. Ending inventory Purchase: Sale Purchase Sale Purchase Sale Quantity 162 109 177 66 60 100 120 Unit Cost or Selling Price $21 21 38 25 41 28 48
How should the following sales transaction be recorded in the sales journal by a business that uses a perpetual inventory system? Made a sale in cash (Invoice#1210)toA. Sander for$800(cost$620) Select one: a. Account: A. Sander; Invoice \#: 1210; Accounts Receivable/Sales: \$800 DR/CR; COGS/Merchandise Inventory: \$620 DR/CR b. The sales journal is not impacted all. c. Account: A. Sander; Invoice \#: 1210; Sales:$800DR; Merchandise Inventory:$800DR d. Account: A. Sander; invoice \#: 1210; Accounts Receivable/Sales:$800DR/CR;COGS/Merchandise inventory:$800DR/CR
Under the perpetual inventory system, a company purchases merchandise on terms 2/10, n/30. The entry to record the purchase will include a debit to Cash and a credit to Sales.
Cumberland Co. sells $998 of inventory to Hancock Co. for cash. Cumberland paid $624 for the merchandise. Under a perpetual inventory system, which of the following journal entry(ies) would be recorded? Oa. debit Cash, $998; credit Merchandise Inventory, $624 Ob. debit Accounts Receivable, $998; credit Sales, $998; and debit Cost of Merchandise Sold, $624; credit Merchandise Inventory, $624 Oc. debit Cash, $998; credit Sales, $998; and debit Cost of Merchandise Sold, $624; credit Merchandise Inventory, $624 Od. debit Cash, $624; credit Sales, $624
Given the following, prepare the entries that both the purchaser and seller should record for these transactions. Assume both companies use a perpetual inventory system. a. February 14: Benson Inc.'s merchandise was sold to Dylex Corporation for $700 under credit terms of 2/30, n/60, FOB shipping point. The cost of the merchandise was $630. b. February 28: Dylex Corporation paid Benson Inc. the balance due. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). Please use the '+' and '-' buttons to change the number of accounts (if necessary) for each journal entry. a) Dylex Corporation b) Benson Inc. General Journal Page GJ4 General Journal Page GJ7 Date Account/Explanation E Debit Credit Date Account/Explanation E Debit Credit + - + - + -| +

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