chandise vertory of $456,000 in January and $530,500 in February. Assume Thiel pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February ( a input field is not used in the table leave the input field empty, do not enter a zero) Cash Payments Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec-Dec. 31 Accounts Payable, paid in Jan. Jan-Jan merchandise inventory purchases paid in Jan. Jan-Jan merchandise inventory purchases paid in Feb. Feb-Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory January January February February

chandise vertory of $456,000 in January and $530,500 in February. Assume Thiel pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February ( a input field is not used in the table leave the input field empty, do not enter a zero) Cash Payments Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec-Dec. 31 Accounts Payable, paid in Jan. Jan-Jan merchandise inventory purchases paid in Jan. Jan-Jan merchandise inventory purchases paid in Feb. Feb-Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory January January February February

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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Nash Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 11 18 26 30 Sales 210 @ $5.20 510 @ 5.30 410 @ 5.50 April 5 27 5.60 28 310 @ 710 @ 5.80 310 @ 6.00 12 410 310 1,020 150 If the perpetual inventory record is kept in dollars, and costs are computed at the time of each withdrawal, what amount would be shown as ending inventory under (1) FIFO, (2) LIFO and (3) Average-cost? (Round average cost per unit to 4 decimal places, e.g. 2.7621 and final answers to 0 decimal places, e.g. 6,548.) Make a simple formula to find the FIFO, LIFO, & Average-Cost (nothing complicated)
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Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing sales transactions Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month.
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