FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I need all please including the first graph & A & B of the second problem please! 

**Beckett Co. Bank Reconciliation Process Overview**

**Scenario:**
Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the statement balance to the June 30, 2019, balance in the Cash account. The reconciled balance was determined to be $6,027. The reconciliation recognized the following items:

1. Deposits in transit were $3,449.
2. Outstanding checks totaled $2,595.
3. Bank service charges shown as a deduction on the bank statement were $71.
4. An NSF check from a customer for $630 was included with the bank statement. Beckett Co. had not been previously notified that the check had been returned NSF.
5. Included in the canceled checks was a check written for $730. However, it had been recorded as a disbursement of $910.

**Required:**
Prepare the Bank reconciliation statement for the month ending June 30, 2019.

**Bank Reconciliation Statement:**

- **Balance per bank**  
  - Add:  
    - Deposits in transit: $3,449
  - Deduct:  
    - Outstanding checks: $2,595

- **Balance per books**  
  - Add:  
    - None indicated
  - Deduct:  
    - Bank service charges: $71
    - NSF check: $630
    - Correction of check recorded incorrectly: ($910 - $730 = $180)

- **Reconciled balance:** $6,027

This diagram is a standard bank reconciliation template outlining items to be adjusted on both the bank and book sides to determine the reconciled balance of $6,027.
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Transcribed Image Text:**Beckett Co. Bank Reconciliation Process Overview** **Scenario:** Beckett Co. received its bank statement for the month ending June 30, 2019, and reconciled the statement balance to the June 30, 2019, balance in the Cash account. The reconciled balance was determined to be $6,027. The reconciliation recognized the following items: 1. Deposits in transit were $3,449. 2. Outstanding checks totaled $2,595. 3. Bank service charges shown as a deduction on the bank statement were $71. 4. An NSF check from a customer for $630 was included with the bank statement. Beckett Co. had not been previously notified that the check had been returned NSF. 5. Included in the canceled checks was a check written for $730. However, it had been recorded as a disbursement of $910. **Required:** Prepare the Bank reconciliation statement for the month ending June 30, 2019. **Bank Reconciliation Statement:** - **Balance per bank** - Add: - Deposits in transit: $3,449 - Deduct: - Outstanding checks: $2,595 - **Balance per books** - Add: - None indicated - Deduct: - Bank service charges: $71 - NSF check: $630 - Correction of check recorded incorrectly: ($910 - $730 = $180) - **Reconciled balance:** $6,027 This diagram is a standard bank reconciliation template outlining items to be adjusted on both the bank and book sides to determine the reconciled balance of $6,027.
# Inventory Cost Flow Assumptions: FIFO, LIFO, and Weighted Average

## Inventory Data for Sellco: Fiscal Year Ending January 31, 2020

### Sales and Inventory Information:
- **Sales:** 770 units
- **Beginning inventory:** 200 units at $4 each
- **Purchases (chronological order):** 
  - 290 units at $4 each
  - 430 units at $6 each
  - 190 units at $8 each

### Requirements

#### a. Calculation of Cost of Goods Sold (COGS) and Ending Inventory
Calculate COGS and ending inventory using the following cost flow assumptions. Ensure to round unit costs to two decimal places.

- **First-In, First-Out (FIFO)**
- **Last-In, First-Out (LIFO)**
- **Weighted Average**

**Table: COGS and Ending Inventory**

| Assumption        | Cost of Goods Sold | Ending Inventory |
|-------------------|--------------------|------------------|
| FIFO              |                    |                  |
| LIFO              |                    |                  |
| Weighted Average  |                    |                  |

#### b. Calculation of Net Income Under FIFO and LIFO
Assume the net income using the weighted-average cost flow assumption is $12,300. Calculate the net income under FIFO and LIFO. Round unit costs to two decimal places.

**Table: Net Income**

| Assumption | Net Income |
|------------|------------|
| FIFO       |            |
| LIFO       |            |
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Transcribed Image Text:# Inventory Cost Flow Assumptions: FIFO, LIFO, and Weighted Average ## Inventory Data for Sellco: Fiscal Year Ending January 31, 2020 ### Sales and Inventory Information: - **Sales:** 770 units - **Beginning inventory:** 200 units at $4 each - **Purchases (chronological order):** - 290 units at $4 each - 430 units at $6 each - 190 units at $8 each ### Requirements #### a. Calculation of Cost of Goods Sold (COGS) and Ending Inventory Calculate COGS and ending inventory using the following cost flow assumptions. Ensure to round unit costs to two decimal places. - **First-In, First-Out (FIFO)** - **Last-In, First-Out (LIFO)** - **Weighted Average** **Table: COGS and Ending Inventory** | Assumption | Cost of Goods Sold | Ending Inventory | |-------------------|--------------------|------------------| | FIFO | | | | LIFO | | | | Weighted Average | | | #### b. Calculation of Net Income Under FIFO and LIFO Assume the net income using the weighted-average cost flow assumption is $12,300. Calculate the net income under FIFO and LIFO. Round unit costs to two decimal places. **Table: Net Income** | Assumption | Net Income | |------------|------------| | FIFO | | | LIFO | |
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