Given the following information, what journal entry does Lil Wayne's company make to COGS if they use FIFO periodic inventory method and count 120 units at the end of the year inventory count? Use a positive for a debit, negative for a credit. Date Units Purchased  Cost per Unit  Beginning Inventory 80  $   4.20 3/31/2021 160  $   4.45 10/31/2021 100  $   4.90

Raya Khamis Alsadi Muscat Company uses the periodic inventory system to account for inventories. Information related to Muscat Company's inventory for the month of January 2020 is given as follows: Units Per unit price Total Balance, 1/1/20 200 OMR 5.00 Purchase, 1/15/2020 100 5.30 Purchase, 1/28/2020 100 5.50 The physical inventory count on January 31 shows 120 units are on hand. Using the FIFO method, what is the cost of goods sold? Select one: O a. OMR 1,424 Ob. None of the answers are correct Oc. OMR 520 O d. OMR 656 O e. OMR 600 Coull is S O

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A company that uses the perpetual inventory system purchases inventory for P65,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? O a debit to Merchandise Inventory for P1,300, a debit to Accounts Payable for P65,000 and a credit to Cash for P66,300 O a debit to Accounts payable for P65,000, a credit to Merchandise Inventory for P1.300, and a credit to Cash for P63,700 O a debit to Accounts Payable for P63,700, a debit to Merchandise Inventory for P1,300 and a credit to Cash for P65,000 a debit to Accounts payable for P65.000 and a credit to Cash for P65,000 and a debit to Merchandise Inventory for P1.300

Co.’s purchases and sales of a particular product during the year are shown below:Jan. 1 Beginning Inventory 1,500 units @ $ 10Jan. 18 Purchase 1,250 units @ $ 12Jan 20 Sold 1,500 units @ $ 20Jan. 25 Purchase 1,750 units @ $ 14Jan. 27 Sold 1,750 units @ $ 25Jan. 29 Purchase 500 units @ $ 15 Assuming that company uses perpetual inventory system, determine thecost of goods sold and compute the ending inventory as of Jan. 31 and make the journal entry for Jan. 27 transaction by usinginventory subsidiary ledger for LIFO cost flow assumption.

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The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 350 $ 977,150 6,448, 700 129, 350 5,595, 700 January 1 beginning inventory Purchases 4,138, 245 Purchase returns 62, 800 Sales Sales returns 49, 600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost

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Monomaniacs Inc. makes use of a perpetual inventory system for the goods it sells. During January 2021, the following transactions took place: Date January 2 January 5 January 9 January 18 January 24 January 30 Type of Transaction Beginning Inventory Purchase Sale Purchase Sale Purchase Number of Units 60 52 55 50 56 57 Amount Per Unit $55.00 $56.00 $105.00 $57.00 $105.00 $58.00 Required: Use the information above to produce a 9-column perpetual inventory. schedule of merchandise activity in January, 2022. When complete, circle or highlight the ending inventory, as well as the cost of goods sold for each of the two tables you will complete, based on the following perpetual methods: a) LIFO b) Moving Average