LA Fashion uses the periodic inventory system. Record the journal entries required for the following three transactions (question 2.3 - 2.5): On 1 April 2021, Carin purchased 75 containers of shirts for $54,000 cash and also paid $500 transportation costs in cash related to this purchase. Record the journal entry for LA Fashion: [ Select ] 54,000

Required information Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each.   Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost   QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.

can you please check to see if i did the journal entries correctly?   The following inventory transactions occurred at Zapata, Inc., which uses a perpetual inventory system:   October 2 Purchased 50 units of inventory from a supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zapata received the inventory on October 3rd. October 4 Returned 5 units of inventory from the October 2nd transaction to the supplier. October 6 Sold 15 of the units purchased on October 2nd for $50 each to customers for cash. October 7   October 10 Accepted a return of one unit of inventory from an October 6th customer for a cash refund. Established a petty cash fund for $300. October 11   October 15 October 28 Paid the supplier for one-half of the inventory purchased on October 2nd, net of any returns. Used $20 out of petty cash to pay for stamps (postage expense). Purchased 10 units of…

A Swoosh Sports outlet store began December 2021 with 47 pairs of running shoes that cost the store $34 each. The sale price of these shoes was $63. During December, the store completed these inventory transactions: (Click the icon to view the inventory transactions.) Read the requirements. Requirement 1. The preceding data are taken from the store's perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer. Swoosh Sports uses FIFO This is apparent from the flow of costs out of inventory. For example, the December 13 sale shows unit cost of $34, which came from the beginning inventory FIFO, and only FIFO, works. Requirement 2. Determine the store's cost of goods sold for December. Also compute gross The cost of goods sold is $ 3,110 The gross profit for December is $ 2,539 Requirement 3. What is the cost of the store's December 31 inventory of running shoes? The cost of the company's inventory at December 31 is 2106 Data table Dec 2 Dec 9…

Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.    Purchases on December 7 10 units @ $ 6.00 cost Purchases on December 14 20 units @ $12.00 cost Purchases on December 21 15 units @ $14.00 cost     Required:Monson sells 15 units for $20 each on December 15. Monson uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory when costs are assigned based on LIFO

Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each.   Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost   QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Sant Summa is a retailer that purchases merchandise inventory from Lee Co.  Sant Summa record inventory purchases using the gross method and the perpetual inventory system.  Sant Summa started the month of July with $2,000 in inventory. Required:  Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information.                                     2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point.      (Inventory cost Lee $4,000)               3-Jul Paid $350 for shipping charges for the May 2 purchase.             4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co.            (inventory cost to Lee of $170)               13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts.         (Lee…

On April5, a customer returns 20 bicycles witha sales price of $250 per bike to Barrio Bikes.  Each bike cost Barrio Bikes $100.  The customer had yet to pay on their account .  The bikes are in sellable condition.  Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system

What is The inventory, turnover ratio and days to sell inventory ratio? (a) Larkspur Hands Ltd. is a retailer specializing in hand care products. The company donates twenty percent of its profits to local charities. Larkspur Hands uses the periodic inventory system and the following limited information relates to Larkspur Hands Ltd. `s inventory transactions during the month of May: Units sold were priced at $63.00. Calculate Larkspur Hands' cost of goods sold, gross margin, and ending inventory for the month of May using FIFO. Cost of goods sold $ Gross margin $ Ending inventory $

Required information Use the following information for the Quick Study below. (Algo) (15-18) [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 29 units for $45 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 QS 5-15A (Algo) Perpetual: Assigning costs with FIFO LO P3 Required: Determine the costs assigned to the December 31 ending inventory based on the FIFO method. Date December 7 December 14 Total December 14 December 15 Totals Total December 15 December 21 19 units @ $18.00 cost 35 units @ $27.00 cost 29 units @ $32.00 cost Goods Purchased Number of Cost Per Units Unit Perpetual FIFO: Goods Purchased 19 at $ 18.00 = $ 342.00 35 at $ 27.00 = $ 945.00 29 at $ 32.00 = $ 928.00 Cost of Goods Sold Number of Units Sold Cost Per Cost of Goods Unit…