Accounting records for Dunda’s Corporation yield the following da ta for the year ended June 30, 2012: Journalize Dunda s’ inventory transactions for the year under the perpetual system.  Report ending inventory, sales, cost of goods sold, and gross profit on the appropriate financial statements.

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Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-Office space office supplies expense Totals Debit $ 41,000 130,400 Invoice cost of merchandise purchases. Purchases discounts received Purchases returns and allowances Costs of transportation-in 8,000 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400 $ 355,150 Credit $ 92,000 2,000 4,500 4,600 $…

1. Prepare a detailed multi-step income statement (including EPS presentation) for the year ended December 31, 2020. Show calculations for EPS (for continuing and discontinued sections). Show details of COST OF GOODS SOLD and OPERATING EXPENSES sections. 2. Prepare a Statement of Retained Earnings for the year ended December 31, 2020.

i) Prepare a perpetual inventory record for Classique Designs, to determine the value of ending inventory on December 31, 2013, and the total amount to be assigned to the cost of goods sold for the period. ii) Calculate the gross profit for the period. iii) You are told that 15 of the units sold on November 24, 2013, were on account. State the journal entries necessary to record the transactions on November 14 and November 24, assuming the business uses the: -Periodic inventory system -Perpetual inventory system.

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 3- accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Ending inventory Cost of goods sold $ $ Purchase, August 1 Inventory, December 31, current year Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inv Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount FIFO Units 1,990 X Answer is complete but not entirely correct. Average Cost 24,013 34,692 30,000 $ 20,720 $ 5,000 2,960 4,070 LIFO 20,440 38,240 $ $ Unit Cost $4 6

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units 1,960 LIFO 5,100 2,950 4,030 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Unit Cost $5 Average Cost 7 8

Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $42,700 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice. C. Discovered that merchandise with an invoice amount of $8,000 purchased in (a) was defective and returned items, receiving credit. D. Purchased $6,100 of merchandise from Schell Co. on account, terms n/30. E. Received a refund from Schell Co. for return in (C) less the purchase in (D).

The Phoenix Corporation's fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's controller has asked for your help in deciding if the following items should be included in the year-end inventory count. Required: Determine if each of the items below should be included or excluded from the company's year-end inventory. Item Included/Excluded 1 Merchandise held on consignment for Trout Creek Clothing. 2. Goods shipped f.o.b. destination on December 28 that arrived at the customer's location on January 4. 3. Goods purchased from a vendor shipped f.o.b. shipping point on December 26 that arrived on January 3. 4. Goods shipped f.o.b. shipping point on December 28 that arrived at the customer's location on January 5. 5. Phoenix had merchandise on consignment at Lisa's Markets, Inc. 6. Goods purchased from a vendor shipped f.o.b. destination on December 27 that arrived on January 3.…

Givoly Incorporated uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2:     Units Unit Cost Inventory, December 31, prior year   7,800 $ 10 For the current year:       Purchase, March 5   19,800 8 Purchase, September 19   10,800 4 Sale ($26 each)   8,800   Sale ($28 each)   16,800   Operating expenses (excluding income tax expense) $ 408,000     Required: Prepare a separate income statement through pretax income that details cost of goods sold for (a) Case A: FIFO and (b) Case B: LIFO. Compute the difference between the pretax income and the ending inventory amounts for the two cases. Which inventory costing method may be preferred for income tax purposes?