Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $31,000 in inventory. During the quarter the company purchases $8,050 of new inventory from a vendor, returned $800 of inventory to the vendor, and took advantage of discounts from the vendor of $210, At the end of the quarter the balance in inventory is $27,000. What is the cost of goods sold? Multiple Choice

The Comet Company, Inc. uses the perpetual inventory system. Their credit terms are 2/10, n/30. They sell one product at a price of $500 and it costs Comet $300. Requirement: Prepare journal entries for the Comet Company, Inc. for the transactions listed below. On May 1, Comet sold 10 items of merchandise inventory to J. Miller on account. On May 2, Comet collected $23,520 cash from customer sales on credit in the prior month, all within the discount period. On May 3, Comet sold 5 items of merchandise to S. Wendell on account. On May 9, Comet receives payment from S. Wendell on the May 3 sale. On May 12, Comet receives payment from J. Miller on the May 1 sale. On May 14, S. Wendell returns one of the items purchased on May 3 for a cash refund because it was defective.

You have the following information for Swifty Inc. Swifty Inc. uses the periodic method of accounting for its inventory transactions. March March March 1 Beginning inventory 2,200 liters at a cost of 70¢ per liter. 3 Purchased 2,500 liters at a cost of 74¢ per liter. Sold 2,300 liters for $1.05 per liter. Purchased 4,000 liters at a cost of 81¢ per liter. Purchased 2,300 liters at a cost of 89¢ per liter. Sold 5,200 liters for $1.25 per liter. (a1) 5 March 10 March March 30 20 Calculate the value of ending inventory that would be reported on the balance sheet, under each of the following cost flow assumptions. (Round answers to 2 decimal places, e.g. 125.50.) (1) Specific identification method assuming: (i) The March 5 sale consisted of 1,000 liters from the March 1 beginning inventory and 1,300 liters from the March 3 purchase; and (ii) The March 30 sale consisted of the following number of units sold from beginning inventory and each purchase: 450 liters from March 1; 550 liters from…

Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that cost $210 each. During August, the company purchased 310 units at $210 each, returned 6 units for credit, and sold 410 units at $ 360 each. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record purchase of inventory) (To record purchase return of inventory) (To record sales)

Use the information below to answer the following question. The following lots of a particular commodity were available for sale during the year: Beginning inventory First purchase Second purchase Third purchase 10 units at $30 25 units at $32 30 units at $34 10 units at The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the amount of inventory at the end of the year according to the LIFO method? a. $620 b. $655 c. $690 id. $659

Cost of Goods Sold and the Periodic System Kanzu Company uses the periodic inventory system. Kanzu started the period with $10,000 in inventory. The Company purchased an additional $25,000 of merchandise, and returned $1,000 for a full credit. A physical count of inventory at the end of the period revealed that there was an ending inventory balance of $8,000 What was Kanzu's cost of goods sold during the period?

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?

Suppose The Style Fashions, a specialty retailer, had these records for evening gowns during 2018: (Click the icon to view inventory data.) Assume that The Style sold 120 gowns during 2018 and uses the LIFO method to account for inventory. The Style's income tax rate is 35%. Read the requirements. Requirement 1. Compute The Style's cost of goods sold for evening gowns in 2018. Unit price Total Units From beginning inventory From purchase in February From purchase in June From purchase in December LIFO cost of goods sold Requirement 2. Compute what cost of goods sold would have been if The Style had purchased enough inventory in December-at $1,325 per evening gown-to keep year-end inventory at the same level it was at the beginning of the year. Cost of goods sold without LIFO liquidation 18 $ 23 52 27 Units 950 1,225 1,275 1,325 $ 17,100 28,175 66,300 35,775 147,350 Unit price Total

Ma3. Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $48,000 in inventory. During the quarter the   company purchases $10,600 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from   the vendor of $380. At the end of the quarter the balance in inventory is $35,500. What is the cost of goods sold?

Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Estimating sales returns On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns.