he chart of accounts of Crane Company includes the following selected accounts. 112   Accounts Receivable   401   Sales Revenue 120   Inventory   412   Sales Returns and Allowances 126   Supplies   505   Cost of Goods Sold 157   Equipment   610   Advertising Expense 201   Accounts Payable         In July, the following transactions were completed. All purchases and sales were on account. The cost of all merchandise sold was 70% of the sales price. July 1   Purchased merchandise from Eby Company $8,240. 2   Received freight bill from Shaw Shipping on Eby purchase $360. 3   Made sales to Fort Company $1,970 and to Hefner Bros. $2,160. 5   Purchased merchandise from Getz Company $3,150. 8   Received credit on merchandise returned to Getz Company $340. 13   Purchased store supplies from Dayne Supply $740. 15   Purchased merchandise from Eby Company $3,660 and from Bosco Company $4,340. 16   Made sales to Aybar Company $3,750 and to Hefner Bros. $1,800. 18   Received bill for advertising from Welton Advertisements $580. 21   Sales were made to Fort Company $150 and to Duncan Company $3,380. 22   Granted allowance to Fort Company for merchandise damaged in shipment $50. 24   Purchased merchandise from Getz Company $3,040. 26   Purchased equipment from Dayne Supply $800. 28   Received freight bill from Shaw Shipping on Getz purchase of July 24, $310. 30   Sales were made to Aybar Company $5,080.

Based on the following data, determine the cost of merchandise sold for July: Increase in estimated returns inventory $22,000 Merchandise inventory, July 1 36,700 Merchandise inventory, July 31 70,500 Purchases 733,900 Purchases returns and allowances 25,000 Purchases discounts 14,700 Freight in 10,300

At the beginning of November, Yoshi Inc.’s inventory consists of 67 units with a cost per unit of $96. The following transactions occur during the month of November.   November   2   Purchase 75 units of inventory on account from Toad Inc. for $100 per unit, terms 1/10, n/30. November   3   Pay cash for freight charges related to the November 2 purchase, $150. November   9   Return 25 defective units from the November 2 purchase and receive credit. November   11   Pay Toad Inc. in full. November   16   Sell 100 units of inventory to customers on account, $12,300. [Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $3 per unit for freight less $1 per unit for the purchase discount, or $102 per unit.] November   20   Receive full payment from customers related to the sale on November 16. November   21   Purchase 53 units of inventory from Toad Inc. for $106 per unit, terms 3/10, n/30. November   24   Sell 65 units of inventory to…

Deala Ltd. (DL) is a retailer of office equipment. The company uses a periodic inventory system and on October 1 had 1,900 units of inventory with a total cost of $41,800. During the month of October, DL had the following inventory-related transactions: Date Oct. 9 12 17 25 Oct. 31 28 Explanation Purchase Purchases Sale Purchase: Cost of ending inventory Cost of goods sold Inventory Sale Purchases Cost of Goods Sold Units 5,100 $ Inventory 4.400 Date Account Titles and Explanation (5,100) 4,100 (6.300 Y Calculate ending inventory at October 31 and cost of goods sold for the month assuming that DL used (1) FIFO and (2) average cost. (Round average cost per unit to 2 decimal places, e.g. 50.25 and all other answers to the nearest whole dollar, e.g. 5,275.) FIFO Unit Cost/Price $23.00 93480 22.50 258100 38.00 22.80 38.00 Total Cost $117,300 99,000 Assuming the company uses FIFO, record the adjusting journal entry needed at the end of October to update the Inventory and Cost of Goods Sold…