24. A firm starts the month with 1,000 units in inventory at a cost of $12 per unit. They have the following transactions during the month of January 1/14/23: Purchase 500 units on account at a cost of $13 per unit, terms 2/10, n/30 1/20/23: Sell goods costing $100 for $140, cash. 1/22/23: Pay for purchase made on 1/14/23 1/27/23: Customers from 1/20/23 returned some merchandise. Gave $14 refund, and put goods costing $10 back in inventory. Required: Prepare entries to record the above transactions assuming the firm uses the PERPETUAL inventory method

29. Use the following information for questions (29 to 32). The following information pertains to Adel Company Month Sales Purchases July P25,000 P10,000 August 10,000 2,500 September 15,000 5,000 October 12,500 4,000 November December 15,000 5,000 17,500 5,000 Forty percent of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Cash is collected from customers in the following manner. Month of sales 20% Month following sales 50% Two months following sales 25% Amount uncollectible 5% What is the amount collected from customers in September? а. Р14,250 b. P15,000 с. Р4,750 d. P13,000 30. What is the amount disbursed to suppliers in October? а. Р4,000 b. P4,600 с. Р5,200 d. P3.925 31. What is the amount disbursed to suppliers in November? a. P15,500 b. P5,400 C. P6.000 d. P4,400

Use the following information for the next two questions: ABC Co. bills its branch for merchandise at 140% of cost. At the end of its first month, the branch submitted the following data: Merchandise from home office (at billed price)                          98,000 Merchandise purchased locally by branch                                   40,000 Inventory, December 31 of which 7,000 are of local purchase    28,000 Net sales for the month                                                               180,000 How much is the branch’s ending inventory at cost? a. 92,000           b. 20,000          c. 22,000          d. 23,800 How much is the branch’s gross profit in so far as the home office is concerned? a. 70,000          b. 72,000          c. 90,000           d. 92,000

A retailer has a beginning monthly inventory valued at $60,000 at retail and $25,000 at cost.  Net purchases during the month are $150,000 at retail and $70,000 at cost.  Transportation charges are $7,000.  Sales are $150,000.  Markdowns and discounts equal $20,000.  A physical inventory at the end of the month shows merchandise valued at $10,000 (at retail) on hand.  Compute the following: • a. Total merchandise available for sale – at cost and at retail • b. Cost complement • c. Ending retail book value of inventory • d. Stock shortages • e. Adjusted ending retail book value • f. Gross profit

Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month totaled $4800. If the company’s gross profit rate is 40%, Flint will report monthly net sales revenue and cost of goods sold of $185000 and $111000. $180200 and $108120. $185000 and $108120. $180200 and $72080.

1.

At the end of January, Mineral Labs had an inventory of 905 units, which cost $13 per unit to produce. During February the company produced 1,550 units at a cost of $17 per unit.   a. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)   b. If the firm sold 2,150 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)

a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…

I. On November 1, Lacy Company began business with the purchase of 250 units of inventory for $21,625. During the month, Lacy had the following inventory transactions:   Date November 6 Purchased 100 units @ $75 per unit 11 ​Sold 200 units 17 ​Sold 85 units 24 ​Purchased 100 units @ $125 per unit 28 ​Purchased 50 units @ $110 per unit 30 ​Sold 100 units   Required: Compute the following costs for November under the following alternatives. Show your computations.   A) Cost of Goods Sold under FIFO periodic   B) Cost of Ending Inventory under LIFO periodic   C) Cost of Goods Sold under LIFO perpetual ​ D) Cost of Ending Inventory under Weighted average (average - periodic, round unit costs to 2 decimal places)   E)Cost of Goods Sold under Moving average (average - perpetual, round unit costs to 2 decimal places)

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