Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however, theycan be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, asfollows:Car ID203207210Cost$ 87,00087,00090,000During 2024, each of the three autos sold for $117,000. Additional purchases (listed in chronological order) and sales forthe year were as follows:Car IDCostSelling Price211212213$ 87,00087,00088,500$ 117,000120,000not sold21490,000123,00021593,000127,50021691,500not sold21796,000132,00021893,300133,50021999,000not sold. Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system.Ending inventoryCost of goods soldLIFO Periodic

Under the Periodic method of inventory costing, the inventories are costed at the end of the period…

Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however, th can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, a follows: Car ID 203 207 210 Cost $ 87,000 87,000 90,000 During 2024, each of the three autos sold for $117,000. Additional purchases (listed in chronological order) and sales the year were as follows: Car ID Cost Selling Price 211 $ 87,000 $ 117,000 212 87,000 120,000 213 88,500 not sold 214 90,000 123,000 215 93,000 127,500 216 91,500 not sold 217 96,000 132,000 218 93,300 133,500 219 99,000 not sold Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. ding inventory st of goods sold LIFO Periodic

Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however, th can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, a follows: Car ID 203 207 210 Cost $ 87,000 87,000 90,000 During 2024, each of the three autos sold for $117,000. Additional purchases (listed in chronological order) and sales the year were as follows: Car ID Cost Selling Price 211 $ 87,000 $ 117,000 212 87,000 120,000 213 88,500 not sold 214 90,000 123,000 215 93,000 127,500 216 91,500 not sold 217 96,000 132,000 218 93,300 133,500 219 99,000 not sold Calculate ending inventory and cost of goods sold assuming LIFO and a periodic inventory system. ding inventory st of goods sold LIFO Periodic

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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Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $ 93,000 207 93,000 210 96,000 During 2021, each of the three autos sold for $123,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost Selling Price 211 $ 93,000 $ 123,000 212 93,000 126,000 213 94,500 not sold 214 96,000 129,000 215 99,000 133,500 216 97,500 not sold 217 102,000 138,000 218 99,300 139,500 219 105,000 not sold How do you calculate ending inventory and cost of goods sold assuming FIFO and a periodic inventory system?
Carlson Auto Dealers Inc. sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2021, Carlson had three cars in inventory, as follows: Car ID Cost 203 $57,000 207 57,000 60,000 210 During 2021, each of the three autos sold for $87,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Selling Price $ 87,000 Cost 211 $57,000 57,000 58,500 60,000 63,000 64,500 66,000 66,300 69,000 212 90,000 213 not sold 214 93,000 97,500 215 216 217 218 not sold 102,000 103,500 219 not sold 4. Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.
8. Auto Dealers Incorporated sells a handmade automobile as its only product. Each automobile is identical; however, they can be distinguished by their unique ID number. At the beginning of 2024, Auto Dealers had three cars in inventory, as follows: Car ID Cost 203 RM 90,000 207 210 During 2024, each of the three autos sold for RM120,000. Additional purchases (listed in chronological order) and sales for the year were as follows: Car ID Cost 211 RM 90,000 212 90,000 213 91,500 214 93,000 215 96,000 94,500 99,000 216 217 218 219 90,000 93,000 96,300 102,000 Selling Price RM 120,000 123,000 not sold 126,000 130,500 not sold 135,000 136,500 not sold Required: Calculate ending inventory and cost of goods sold assuming: a. FIFO and a periodic inventory system. b. FIFO and perpetual system
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The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct 1 Balance: 94 units costing $5 each. 3 Purchased 109 units from Arnold Brothers costing $7.50 each 4 Returned 29 of the units purchased on October 3. 9 Sold 84 units to Kitchen Club, invoice #210. 15 Purchased 209 units from Arnold Brothers costing $8.20 each. 18 Sold 168 units to Thorhild Co-op, invoice #211. 19 Paid for the October 3 purchase; cheque #101. 23 Paid for the October 15 purchase, cheque #102. 24 Sold 59 units to Boyle Grocery, invoice #212. 31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…
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All Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: October 5 Purchased 15 batteries at a cost of $17,020 each. October 14 Sold 18 batteries at $22,250 per battery October 22 Purchased 24 batteries at a cost of $18,175 each but the supplier gave a 4% quantity discount. November 10 Sold 15 batteries to Orion Auto Ltd and 10 batteries to Brown’s Auto Detailing at a price of $23,990 each. November 12 Owing to an increased demand for this brand of batteries, 30 batteries were purchased on account at a cost of $17,612 each. In addition, All Things Auto paid $288 in cash on each battery to have the inventory shipped from the vendor’s…
All Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: October 5 Purchased 15 batteries at a cost of $17,020 each. October 14 Sold 18 batteries at $22,250 per battery October 22 Purchased 24 batteries at a cost of $18,175 each but the supplier gave a 4% quantity discount. November 10 Sold 15 batteries to Orion Auto Ltd and 10 batteries to Brown’s Auto Detailing at a price of $23,990 each. November 12 Owing to an increased demand for this brand of batteries, 30 batteries were purchased on account at a cost of $17,612 each. In addition, All Things Auto paid $288 in cash on each battery to have the inventory shipped from the vendor’s warehouse to their location. November…
All Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: October 5 Purchased 15 batteries at a cost of $17,020 each. October 14 Sold 18 batteries at $22,250 per battery October 22 Purchased 24 batteries at a cost of $18,175 each but the supplier gave a 4% quantity discount. November 10 Sold 15 batteries to Orion Auto Ltd and 10 batteries to Brown’s Auto Detailing at a price of $23,990 each. November 12 Owing to an increased demand for this brand of batteries, 30 batteries were purchased on account at a cost of $17,612 each. In addition, All Things Auto paid $288 in cash on each battery to have the inventory shipped from the vendor’s…
All Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: October 5 Purchased 15 batteries at a cost of $17,020 each. October 14 Sold 18 batteries at $22,250 per battery October 22 Purchased 24 batteries at a cost of $18,175 each but the supplier gave a 4% quantity discount. November 10 Sold 15 batteries to Orion Auto Ltd and 10 batteries to Brown’s Auto Detailing at a price of $23,990 each. November 12 Owing to an increased demand for this brand of batteries, 30 batteries were purchased on account at a cost of $17,612 each. In addition, All Things Auto paid $288 in cash on each battery to have the inventory shipped from the vendor’s…
All Things Auto are retailers who purchase and sell vehicle parts & accessories, including batteries. The business uses a perpetual inventory system and began the last quarter of 2020 with merchandise inventory of 10 batteries of the “DieHard” brand at a total cost of $168,200. The following transactions, relating to the “DieHard” brand were completed during the quarter: October 5 Purchased 15 batteries at a cost of $17,020 each. October 14 Sold 18 batteries at $22,250 per battery October 22 Purchased 24 batteries at a cost of $18,175 each but the supplier gave a 4% quantity discount. November 10 Sold 15 batteries to Orion Auto Ltd and 10 batteries to Brown’s Auto Detailing at a price of $23,990 each. November 12 Owing to an increased demand for this brand of batteries, 30 batteries were purchased on account at a cost of $17,612 each. In addition, All Things Auto paid $288 in cash on each battery to have the inventory shipped from the vendor’s…