FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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(4726) IFRS vs. GAAP
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Use the following information for the Exercises below. (Algo)
Part 2 of 2
10.06
points
Mc
Graw
Hill
[The following information applies to the questions displayed below.]
January 1
January 3
February 14
February 15
June 30
November 6.
November 19
Totals
Activities
Beginning inventory
Tree Seedlings has the following current-year purchases and sales for its only product.
Date
Units Acquired at Cost Units Sold at Retail
170 units
Sales
Purchase
Sales
Purchase
Sales
Purchase
264 units
220 units
72 units
726 units
@ $2 = $ 340
@ $3 = $ 792
@$4 $880
@ $5=
114 units
190 units
@ $ 8
@ $ 8
164 units
@ $ 8
$ 360
$
468 units
2,372
Exercise 6-12 (Algo) Perpetual: Journalizing transactions LO P1
Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses
perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.
No
Date
D
W
#3
2
Answer is not complete.
General Journal
JUN
13
Debit
Credit
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Transcribed Image Text:arome File Edit View Inbox (270) - abigailof X History MACC101 Principles of A X Profiles Bookmarks Tab Window Help (4726) IFRS vs. GAAP x M Question 5 - Chapter x e iConnect - Home C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fw Chapter 6 Homework i Saved 5 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not ind Use the following information for the Exercises below. (Algo) Part 2 of 2 10.06 points Mc Graw Hill [The following information applies to the questions displayed below.] January 1 January 3 February 14 February 15 June 30 November 6. November 19 Totals Activities Beginning inventory Tree Seedlings has the following current-year purchases and sales for its only product. Date Units Acquired at Cost Units Sold at Retail 170 units Sales Purchase Sales Purchase Sales Purchase 264 units 220 units 72 units 726 units @ $2 = $ 340 @ $3 = $ 792 @$4 $880 @ $5= 114 units 190 units @ $ 8 @ $ 8 164 units @ $ 8 $ 360 $ 468 units 2,372 Exercise 6-12 (Algo) Perpetual: Journalizing transactions LO P1 Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the company uses perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered. No Date D W #3 2 Answer is not complete. General Journal JUN 13 Debit Credit < Prev 5 of 16 Next > tv♫ с 4 G Search or type URL % 5 R E A ☆ + < & 7 8 9 C
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ox (270) - abigailo
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Required information
Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3
[The following information applies to the questions displayed below.]
Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions
for March.
Units Sold at Retail
Activities
Beginning inventory
Purchase
Units Acquired at Cost
110 units $45 per unit
410 units @$50 per unit
140 units @$55 per unit
220 units @$57 per unit
430 units @$80 per unit
Totals
880 units
eBook
Ask
Print
Date
March 1
March 5
March 9
March 18
March 25
March 29
Sales
Purchase
Purchase
Sales
References
180 units @ $90 per unit
610 units
For specific identification, units sold include 60 units from beginning inventory, 370 units from the March 5 purchase, 50
units from the March 18 purchase, and 130 units from the March 25 purchase.
Problem 6-2AA (Algo) Part 3
3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification..
Note: Round your "average cost per unit" to 2 decimal places.
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Transcribed Image Text:e File Edit View History Bookmarks Profiles Tab Window Help G ox (270) - abigailo x MACC101 Principles of A X (4726) IFRS vs. GAAP x M Question 15 - Chapter X WiConnect-Home 1545 x M Qu ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... pter 6 Homework i 15 Saved Help Part 3 of 4 10.34 points Required information Problem 6-2AA (Algo) Periodic: Alternative cost flows LO P3 [The following information applies to the questions displayed below.] Warnerwoods Company uses a periodic inventory system. It entered into the following purchases and sales transactions for March. Units Sold at Retail Activities Beginning inventory Purchase Units Acquired at Cost 110 units $45 per unit 410 units @$50 per unit 140 units @$55 per unit 220 units @$57 per unit 430 units @$80 per unit Totals 880 units eBook Ask Print Date March 1 March 5 March 9 March 18 March 25 March 29 Sales Purchase Purchase Sales References 180 units @ $90 per unit 610 units For specific identification, units sold include 60 units from beginning inventory, 370 units from the March 5 purchase, 50 units from the March 18 purchase, and 130 units from the March 25 purchase. Problem 6-2AA (Algo) Part 3 3. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification.. Note: Round your "average cost per unit" to 2 decimal places. Mc Graw Hill 0 Lal Dariadia FICO 2 3 W < Prev 15 16 of 16 Next AN M 13 tv T с G Search or type URL 54 R % 5 6 Y ☆ & 27 8 獭 9 0
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