1. At year-end, Barr Company had shipped $12,500 of merchandise FOB destination to Lee Company. Which company should includethe $12,500 of merchandise in transit as part of its year-end inventory?2. Parris Company has shipped $20,000 of goods to Harlow Company, and Harlow Company has arranged to sell the goods for Parris.Identify the consignor and the consignee. Which company should include any unsold goods as part of its inventory?Complete this questlon by entering your answers in the tabs below.Required 1Required 2Parris Company has shipped $20,000 of goods to Harlow Company, and Harlow Company has arranged to sell the goods forParris. Identify the consignor and the consignee. Which company should include any unsold goods as part of its inventory?Identify the consignor.Identify the consignee.Which company should include any unsold goods as part of its inventory?< Required 1

Name: 1. At year-end, Barr Company had shipped $12,500 of merchandise FOB d
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Description: 1. At year-end, Barr Company had shipped $12,500 of merchandise FOB destination to Lee Company. Which company should includethe $12,500 of merchandise in transit as part of its year-end inventory?2. Parris Company has shipped $20,000 of goods to Har

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1. At year-end, Barr Company had shipped $12,500 of merchandise FOB destination to Lee Company. Which company should include the $12,500 of merchandise in transit as part of its year-end inventory?

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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Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system: Date January 1 (beginning inventory) January 24 February 8 March 16 June 11 Purchases Sales Number of Units Unit Cost 560 Number of Units Sales Price $3.70 360 $5.20 660 $3.80 360 $5.20 660 $3.80 Required: 1. Compute the cost of ending inventory by using the weighted-average costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Answer is complete and correct. Ending inventory $ 4,396.40 2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.) Answer is complete and correct. Gross profit $ 1,064.00
Can you please explain how to get the Cost of Goods Solds category using LIFO?
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a. Differentiate between periodic inventory system and perpetual inventory system from an accounting point of view.b. Amanda Wholesale Company purchases merchandise from a variety of manufactures andsells the merchandise to a variety of retailers. The following transactions occurred duringFebruary 2020:Feb. 2. Purchased $7,600 of merchandise from Zenith manufacturing; terms are1/10, n/30.5. Paid $270 freight on February 2 purchase.11. Paid Zenith for the February 2 purchase.13. Purchased $5,000 of merchandise of Forbes Manufacturing; terms are 2/10, n/4.16. Received a $300 allowance (purchases return) for returned items on the February 13 purchase since some of the merchandise was the wrong size.17. Purchased $4,200 of merchandise from Toddler industries; terms are 2/10, n/3020. Sold merchandise with a list price of $4,000 ($2,200 cost) to valley mart.22. Valley mart returned 20% of the merchandise from the February 20 sales.23. Paid Forbes manufacturing for the February 13…
he records at the end of January of the current year for Young Company showed the following for a particular kind of merchandise: Beginning Inventory at FIFO: 19 Units @ $16 = $304 Beginning Inventory at LIFO: 19 Units @ $12 = $228 January Transactions Units Unit Cost Total Cost Purchase, January 9 25 $ 13 $ 325 Purchase, January 20 50 19 950 Sale, January 21 (at $38 per unit) 40 Sale, January 27 (at $39 per unit) 25 Required: Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. Which costing method is more accurate indicator of the efficiency of inventory management?
Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.
Required information [The following information applies to the questions displayed below.] Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021: Aug.1 Inventory on hand—3,700 units; cost $7.80 each. 8 Purchased 18,500 units for $7.20 each. 14 Sold 14,800 units for $13.70 each. 18 Purchased 11,100 units for $6.40 each. 25 Sold 13,800 units for $12.70 each. 28 Purchased 5,700 units for $5.80 each. 31 Inventory on hand—10,400 units. Required:1. Using calculations based on a perpetual inventory system, determine the inventory balance Altira would report in its August 31, 2021, balance sheet and the cost of goods sold it would report in its August 2021 income statement using the FIFO method.
Please help with Question B
The units of Product YY2 available for sale during the year were as follows: Dates Transactions Units Unit cost 1-Jan Beginning inventory 10 30 1-Apr Purchase 30 32 16-Jun Purchase 40 35 28-Nov Purchase 20 36 There were 25 units of YY2 in the ending inventory of the year. Instructions: Compute the cost of the ending inventory and the cost of goods sold for the year under the following method (just the number, no $ sign). 1. FIFO Cost of ending inventory Cost of goods sold 2. LIFO Cost of ending inventory Cost of goods sold 3. Weighted average Cost of ending inventory Cost of goods sold
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Patterson Company has the following items at year-end. Identify which items should be included in Patterson's year-end inventory count. 1. Goods held on consignment by Sell For You Company. 2. Goods held by Patterson on consignment that will be sold for another company. 3. Goods in transit sent to a client F.O.B. shipping point. 4. Goods in transit sent to a client F.O.B. destination. 01 & 4 01, 2, 3, & 4 01, 2, & 4 01 & 3