By using FIFO method: Post Journal entries for Sales and CGS?
Q: Journal entry for sales
A: The journal entry is prepared to record the monetary transactions of the company in the boooks.
Q: What is the posting procedure for the sales journal?
A: Sales journal is used to record the entries related to only credit sales includes goods and services…
Q: Give a description of the posting events on purchasing processes and their results in accounting…
A: Here given the details of Posting events on Purchases process and it result into the accounting…
Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?…
A: Answer a: Sales order is created by using a document formed by SAP.
Q: Account Receivable Dr. Sales Revenue Cr. Cost of Good Sold Dr. Inventory Cr.
A: Accounts receivable is an asset account that is debited when a debtor is created. When a sale is…
Q: If a company uses a multi-column purchases journal, which of the following possibleheadings for…
A: Solution Concept Multi column purchase journal is a journal used to record the credit purchase…
Q: How to journaalize entries from accounting for purchase with frieght transaction?
A: A journal entry is the first step to recording any transaction of monetary nature. Journalizing is…
Q: Which of the following is not a special journal? a. Sales journal b. General journal c. Cash…
A: Special journals: Special journal are journals which records transactions that occur frequently such…
Q: Distinguish between sales book and sales account.
A: Sales book: Sales book is one of the subsidiary book of accounting in which all the transactions…
Q: The accounting system automatically obtains the unit price based on scans of barcodes for…
A: Answer: Option 1.
Q: Describe and use the purchases journal. What steps are followed in posting from the purchases…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: How to find sales under LIFO
A: LIFO stands for last in first out. It represents that the units that are purchased last would be…
Q: Proving the postings of a one-column purchases journal would involve comparing the…
A: General Ledger: A general ledger is a bookkeeping ledger of the company that is a central repository…
Q: Please assist with (i) - Periodic inventory system and Perpetual inventory system. Thanks
A: In the perpetual method of inventory, calculation of inventory is to be done as and when it is…
Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL
A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…
Q: From the following list, identify those that are likely to serve as source documents. Trial…
A: A source document refers to the original document that includes all the information of the business…
Q: Explain the posting process of the sales journal?
A: Sales JournalThe Sales Journal is used to record the transaction when the sale of merchandise…
Q: What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?
A: Revenue Cycle: Revenue cycle records all the transactions that originate from selling a product and…
Q: The periodic total of sales return journal is posted to :(i) Sales account(ii) Goods account(iii)…
A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…
Q: What are the columns that are typically used in the purchases journal?
A: A Purchase Journal records all purchases made on credit during a period. In other words, this is the…
Q: Explain an example how to record sales revenue.
A: Sales revenue is the revenue from the sales generated by the company. The sales may be either cash…
Q: In a manual accounting system, what advantage does the journal voucher system have over the…
A: Journal Voucher Journal voucher is a special source of document which has been replaced for general…
Q: A. B. C. Prepare the Sales Ledger Control Account. Prepare the Purchases Ledger Control Account.…
A:
Q: indicate in which journal the following transactions are most likely to be recorded. 1. purchased…
A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in…
Q: Discuss the objects of the cut off on the sales and collection cycle.
A: The cash collection cycle is the number of days it takes to recover accounts receivable. The…
Q: Explain how to journalize sales transactions.
A: Journal Entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: n the Sales item given in the photo, determine the answer using horizontal, vertical, trend, and…
A: Financial Analysis: It is the important role as a tool for appraising the real worth of a business…
Q: Write a SQL query to calculate the total purchase amount of customer_id 3005
A: Query refers to the inquiry as well as question related to the set of data. SQL (Structured Query…
Q: Describe and use the purchases jornal. What steps are followed in posting from the purchases journal…
A: Purchase Journal: Purchase journal records all the merchandise purchase on credit. In a single…
Q: ease give me
A: We know the formula for Cost of good sold= Opening Inventory + Purchases - CLosing Inventory. We…
Q: What general ledger journal entries does the purchases system trigger? From which departments do…
A: Purchasing System: The identification and procurement of the inventory needs for the organization is…
Q: What is purpose of sales journals?
A: Sales journal: It is one form of special journal book, which records all the sales transactions that…
Q: Journalize the transactions shown below in the two-column general journal that follows. Calculate…
A: Answer:
Q: Which onscreen form is usually used to record a sales transaction that the customer will pay later?…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Describe the data flow in the buying process that begins when the purchasing organization sends a…
A: The Answer:
Q: Peachtree Company uses sales journal, purchases journal, ournal, and general journal. Journalize the…
A: Purchase Journal Date Amount Date of invoice Terms Account Payable Cr Inventory Dr Office…
Q: How to journalize entries from accounting for sales with frieght transaction
A: The journal entry is a way of recording business transactions. It is the event when business…
Q: 18-Which of the following is an example of Source document? a. Sales Ledger b. Invoice c. Assets…
A: Some common examples of source documents include sales receipts, checks, purchase orders, invoices,…
Q: Journalizing Sales Transactions
A: Journal entries is given bellow,
Q: True or False: The posting of purchase transactions to the general ledger is done in the same manner…
A: Purchase transactions are the transactions relating to the procurement of goods from the party…
Q: r and shipping document? O Invoice price, vendor, delivery date, quantity. O Invoice date,…
A: A three-way matching refers to the process that involves matching the desired purchase orders,…
Q: Identify the special journal(s) in which the following column headings appear. Column Headings…
A: Special journal is a journal which record similar type of transactions such as sales, purchases,…
Q: Explain the purpose of sales journal.
A: Journals are prepared by the company to record the monetary transactions of the company.
1 ) By using FIFO method:
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- FE19Closing InventoryDec Type Qty Price1 Op Inv 65 $34.001 Purchase 79 $36.2511 Purchase 72 $36.5018 Purchase 60 $36.7522 Purchase 59 $37.003 Sale -84 $45.005 Sale -45 $46.0019 Sale -85 $48.0029 Sale -48 $49.0031 Sale -57 $50.00Required:a) Calculate closing inventory Qty and Value as per FIFO method b) Calculate closing inventory Qty and Value as per Weightage Average methodDate Blankets Units Cost May 3 Purchase $15 10 Sale 3 17 Purchase 12 $18 20 Sale 5 23 Sale 3 30 Purchase $23 Assuming that the company uses the perpetual inventory system, determine the cost of goods sold for the sale of May 20 using the LIFO inventory cost method. Oa. s207 Ob. $54 Oc. 545 Od. s00Three Assignment - ACC X CengageNOWv2 | Online teachin X+ om/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еBook Show Me How FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 33 units at $41 Sale 22 units at $57 First purchase 34 units at $44 Sale 32 units at $58 Second purchase 30 units at $47 Sale 16 units at $60 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the total costrof the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? Prev Check My Work 46°F ^ E
- LIFO (perpetual) Inventory Cost of Goods Purchased Cost of Goods Sold Cost of Inventory F Number Number Number of Units Unit Cost Total Cost of Units Unit Cost Total Cost of Units Unit Cost Beginning Sale Purchase $4 Sale Purchase Sale Total Purchases $4 Total COGS Gross Margin, LIFO perpetuak Sales COGS Gross Margin %24PA9. 10.3 Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO). Number of Units Unit Cost Sales $100 Beginning inventory Sold Purchased Sold 240 160 $140 520 103 400 142 Purchased 400 110 Sold 370 144 Ending inventory 230Perpetual Inventory Using FIFO TE E Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1 Inventory 38 units @ $61 10 Sale 32 units 15 Purchase 19 units @ $63 20 Sale 14 units 24 Sale 6 units 30 Purchase 32 units @ $66 The business maintains a perpetual inventory system, costing by the first-in, first-out method. a. Determine the cost of the merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.
- Unit Cost Date Quantity Item 24 $ 53 Nov. 1 Balance 6 Sale 20 30 70 8 Purchase 17 Sale 30 LIP 30 Sale PuaInventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 600 $1.10 $0.90 B 1. 250 1.50 1.55 200 4.90 5.15 D. 100 6.50 6.40 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? a. Individual items Product A 540 Product B 450 x Product C 980 Product D 640 Product E 1,968 V Total inventory value 4,578 x b. Groups of items Group 1 1,005 x Group 2 1,630 Group 3 1,968 Total inventory value 4,603 x c. The inventory as a whole Total inventory value 4,643 x %24 %24 %24 %24Module Three Assignment - ACCX * CengageNOWv2 | Online teachir x ew.com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre... * G| 曲 O eBook Show Me How Inventory turnover and number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Υ7 20Y6 Cost of goods sold $3,864,000 $4,001,500 Inventories: Beginning of year 770,000 740,000 End of year 840,000 770,000 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Υ6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Υ6 X days X days Number of days' sales in inventory C. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable? Unfavorable Feedback Check My Work a. The inventory turnover ratio indicates how many times a company has sold and…
- KS Module Three Assignment - AC * CengageNOwv2 | Online teachir ngagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. еВook Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $17 7. Sale 51 units 15 Purchase 69 units @ $18 24 Sale 32 units perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the Assuming inventory on October 31. a. Cost of goods sold on October 24 b. Inventory on October 31 Check My Work Previous Next 6:38 AM 45°F 11/13/202131. Apply the Retail Inventory Method to calculate the cot of ending invery Cost Beginning inventory Net purchanes Sales Ratail $20.224 $31600 59.508 97000 .00Date Transaction Number of Units Unit Cost & 1 Beginning inventory 400 $10 8/3 Purchase No. 1 600 $10 85 Sale No. 1 500 817 Sale No. 2 200 8/11 Purchase No. 2 800 $12 8/17 Sale No. 3 1900 8/19 Purchase No. 3 1500 $11 8/21 Sale No. 4 I 800 8/28 Sale No. 5 500 8/29 Purchase No. 4 900 $10 8/30 Ending inventory Required: Determine the amount of the ending inventory and cost of goods sold under of the following methods assuming the periodic inventory system. Method Weighted-average b FIFO S each Inventory Cost of Goods Sold $ $