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

1.  DeForest Company had the following transactions for the month. Sales for the month are $85 per unit.                                             Number of Units             Cost per Unit              Total  Beginning inventory                  500                                     $40                  $20,000 Purchased Apr.  30                    600                                       45                    27,000 Purchased Aug. 15                    650                                       40                    26,000 Purchased Dec. 10                    700                                       35                    24,500 Totals (goods available)           2,450                                                              97,500 Ending Inventory                       550                                          ?                 In the table below, calculate the dollar value for the period for each of the following items using the listed cost allocation methods and using…

Please Do both questions Delphino’s has sales for the year of $127,300 and cost of goods sold of $86,700. The firm carries an average inventory of $14,300 and has an average accounts payable balance of $13,600. What is the inventory period?   81.36 days   60.20 days   58.68 days   89.02 days The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections?   $181,508   $122,852   $189,819   $192,626

Please help me

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

10) The company recorded cash sales for an additional 12) 20 pairs of shoes for $65 each on the 24th of the month. 11) On the last day of the month, the company estimated sales returns for their sales. They estimate that 2% of sales will be returned. (Hint: use total sales from above) Prepare the appropriate journal entries for each transaction under a perpetual inventory system.

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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

1. Bulk Wholesalers took in $378,800 in sales during July. They started the month with inventory worth $173,800 and spent $292,900 on new purchases during the month. Gross margin on sales was 76%. Using the gross profit method, estimate the cost value of the inventory at the end of July. A. $90,912 B. $292,900     C. $375,788 D. $466,700   2.Find the entry you would make on an income statement for TOTAL OPERATING EXPENSES for the year ended December 31, 2007: Gross Sales, $161,000; Sales Returns and Allowances, $9,600; Sales Discounts, $15,600; Merchandise Inventory, January 1, 2011, $52,500; Merchandise Inventory, December 31, 2011, $62,500; Net Purchases, $84,300; Freight In, $3,000; Salaries, $94,300; Rent, $29,800; Utilities, $2,245; Insurance, $3,250; and Income Tax, $19,100. A. $58,500 B. $77,300     C. $129,595 D. $135,800

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