Problem 2 Cortez Corporation sells Item A as part of its product line. Information as to balances on hand, purchases, and sales of Item A are given in the following table for the first six months of 2020. January 1 balance, 400 units @ $2.00 Purchases: January 24: 1,600 units @ $3.00 June 11: 1,000 units @ $4.00 Sales: February 8: 800 units March 16: 700 units June 28: 1,200 units Required: Compute the ending inventory and cost of goods sold under each of the following inventory methods: (a) Perpetual FIFO (first-in, first-out). (b) Perpetual LIFO (last-in, first-out). (c) Perpetual moving average.

Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.

Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.

Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.

SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, JCs estimates that 2,000 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,000. Use accounts as illustrated in the chapter.

Accounting question

Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar-year 2018 follow. Problem Date Activity Units Acquired at Cost Total Units Sold at Retail Unit Inventory Jan. 1 Beg. Inventory 400 units @ $14 = Jan. 15 Sale Mar. 10 Purchase Apr. 1 Sale May 9 Purchase Sep. 22 Purchase Nov. 1 Sale Nov. 28 Purchase Totals 200 units @ $15 = 300 units @ $16 = 250 units @ $20= 100 units @ $21 = $5,600 - $3,000 - 200 units @ $30 200 units 400 units $5,000 200 units @ $30 $4,800 - 400 units $2,100 - 200 units 500 units 750 units 300 units @ $35 450 units 550 units 1,250 units $20,500 700 units 550 units Additional tracking data for specific identification: (1) January 15 sale-200 units @ $14, (2) April 1 sale-200 units @ $15, and (3) November 1 sale-200 units @ $14 and 100 units @ $20. 1. What is the Cost of Good Available for Sale? How many units available for sale? 2. Using the Periodic System, determine Cost of Goods Sold (COGS) and Ending Inventory…

Problem 6-6B (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of November, Yoshi Incorporated's inventory consists of 59 units with a cost per unit of $95. The following transactions occur during the month of November. November 2 Purchase 100 units of inventory on account from Toad Incorporated for $100 per unit, terms 2/10, n/30. November 3 Pay cash for freight charges related to the November 2 purchase, $300. November 9 Return 25 defective units from the November 2 purchase and receive credit. November 11 Pay Toad Incorporated in full. November 16 Sell 100 units of inyentory to customers/on account, $13,900. (Hint: The cost of units sold from the November 2 purchase includes $100 unit cost plus $4 per unit for freight less $2 per unit for the purchase discount, or $102 per unit.) November 20 Receive full payment from customers related to the…

Question:  Jones Company was formed on December 1, 2021. The following information is available from Jones's inventory record for Product X.                                                                                                                 Units          Unit Cost             January 1, 2022 (beginning inventory)                                           1,600              £18.00             Purchases:                   January 5, 2022                                                                      2,600              £20.00                   January 25, 2022                                                                    2,400              £21.00                   February 16, 2022                                                                   1,000              £22.00                   March 15, 2022                                                                      1,800              £23.00   A physical inventory on March 31, 2022, shows 2,500 units on…

Subject: acounting