goods to a customer fob shipping point on January 30, 2014. Its year-end January 31st. Susie Q Company should include this inventory on its balance sheet as of January 31, 2024. True False

Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of 2016, the following information is available: Purchase returns and allowances $ 1,400 Inventory, 12/31/2016 11,900 Purchases 21,200 Inventory, 1/1/2016 10,800 Purchases discounts 600 Required: Prepare a schedule to compute Raynolde Company's cost of goods sold for 2016. RAYNOLDE COMPANY Cost of Goods Sold Schedule For the Year Ended December 31, 2016

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Question: Langley Inc. inventory records for a particular development program show the following at October 31, 2020: At October 31, ten of these programs are on hand. Langley uses the perpetual inventory system. 1. Journalize for Langley: a. Total October purchases in one summary entry. All purchases were on credit. b. Total October sales and cost of goods sold in two summary entries. The selling price was $500 per unit, and all sales were on credit. Langley uses the FIFO inventory method. (Please show the calculations/where the number is from) Ex: I didn't understand the part of the answer for the entry Cost of Goods Sold & Inventory 1,710. 2. Under FIFO, how much gross profit would Langley earn on these transactions? What is the FIFO cost of Langley’s ending inventory?