Marigold Inc. uses LIFO inventory costing. At January 1, 2025, inventory was $211,649 at both cost and market value. At December 31, 2025, the inventory was $287,776 at cost and $269,210 at market value. Prepare the necessary December 31 entry under (a) the cost-of-goods-sold method and (b) the loss method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation (a) (b) Cost of Goods Sold Allowance to Reduce Inventory to Market Inventory Loss Debit 18566 18566 Credit 18566

Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080.

Riverbed Company had the following account balances at year-end: Cost of Goods Sold $62,380, Inventory $14,410, Utilities Expense $32,500, Sales Revenue $126,790, Sales Discounts $1,170, and Sales Returns and Allowances $1,700. A physical count of inventory determines that merchandise inventory on hand is $12,360. They use the perpetual inventory system. (a) Prepare the adjusting entry necessary as a result of the physical count. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b) Prepare closing entries. (List all debit entries before credit entries. Credit account titles are automatically…

Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $268,000. Purchases of merchandise on account during the year totaled $850,000. Merchandise costing $903,000 was sold on account for $1,430,000. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 3 Record the merchandise purchased on account for $850,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

wer the following independent questions and show computations supporting your answers. 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 2. Assume that the company uses the average cost method. The value of the ending inventory on Decemb $. 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is

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The following details taken from the books of DiDi Sdn Bhd for the year ending 31 December 2020.   DiDi Sdn Bhd Statement Profit or Loss for the year ending 31 December 2020 (extract)   RM RM Gross profit   44,700 Add : Discount received 410   Profit on sale of van 620       1,030     45,730 Less: Expenses     Motor expenses 1,940   Wages 17,200   General expenses 830   Bad debts 520   Increase in allowance for doubtful debts 200   Depreciation : van 1,800       22,490     23,240   Statement of Financial Position as at 31 December   2019   2020     RM RM RM RM Non-current Assets         Vans at cost   15,400   8,200 less Depreciation   (5,300)   (3,100)     10,100   5,100 Current Assets         Inventory 18,600   24,000   Trade accounts receivables less provision*…

Nittany Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1: Inventory, December 31, prior year For the current year: Purchase, March 21 Purchase, August 1 Inventory, December 31, current year Ending inventory Cost of goods sold FIFO Units 1,960 LIFO 5,100 2,950 4,030 Required: Compute ending inventory and cost of goods sold for the current year under FIFO, LIFO, and average cost inventory costing methods. Note: Round "Average cost per unit" to 2 decimal places and final answers to nearest whole dollar amount. Unit Cost $5 Average Cost 7 8

Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022. Ending inventory per       Insurance expense   $ 11,150    perpetual records   $ 31,180   Rent expense   21,280 Ending inventory actually       Salaries and wages expense   55,630    on hand   30,480   Sales discounts   11,090 Cost of goods sold   218,770   Sales returns and allowances   15,740 Freight-out   7,290   Sales revenue   404,680     Prepare the necessary adjusting entry for inventory.

Vermont Resources, which uses the FIFO inventory costing method, has the following account balances at August 31, 2025, prior to releasing the financial statements for the year: $ Merchandise Inventory, ending Cost of Goods Sold Net Sales Revenue 14,800 67,000 118.000 Date Aug. 31 Requirement 1. Prepare any adjusting journal entry required from the given information. (Record debits first, then credits. Select the explanation on the last line of the journal entry. For situations that do not require an entry, make sure to select "No entry required" in the first cell in the "Accounts" column and leave all other cells blank.) Accounts and Explanation X Debit Credit C Requirements 1. 2. Vermont has determined that the current replacement cost (current market value) of the August 31, 2025, ending merchandise inventory is $12,500. Read the requirements. Prepare any adjusting journal entry required from the information given. What value would Vermont report on the balance sheet at August 31,…