Purchased Inventory from John Mart @ $ 500 on 01/01/2020 Paid on 03/01/2020 @ 495 Prepae journal entry
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Purchased Inventory from John Mart @ $ 500 on 01/01/2020
Paid on 03/01/2020 @ 495
Prepae
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- Make accounting entries for following perpetual inventory transaction Nov3,2019 sold inventory on credit to kcg inc. $27,800 cost $9000 term 3/10, n/30Please help in editing the Income Statement for the period ended 31st October 2021 for the question attached to include the entry for The closing inventory = £ 320(Appendix 8.1) Inventory Write-Down The following are the inventories for the years 2019, 2020, and 2021 for Parry Company: Required: 1. Assume the inventory that existed at the end of each year was sold in the subsequent year. Prepare journal entries to record the lower of cost or net realizable value for each of the following alternatives: a. allowance method, periodic inventory system b. direct method, periodic inventory system 2. Next Level Refer to your answer for P8-2. How does the use of the periodic inventory system affect the write-down of inventory to the lower of cost or net realizable value?
- Perpetual versus Periodic Inventory Systems Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred: Required: 1. Assume that Howard uses a perpetual inventory system. Prepare the journal entries to record the January inventory transactions. 2. Assume that Howard uses a periodic inventory system. Prepare the journal entries to record the January inventory transactions. Be sure to include any adjusting entries necessary. 3. Next Level Howards CEO states that a perpetual inventory system would result in a better inventory valuation. Evaluate this statement and provide a discussion of the benefits of each type of inventory system.Inventory Write-Down The inventories of Berry Company for the years 2019 and 2020 are as follows: Berry uses a perpetual inventory system and the FIFO inventory cost flow assumption. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the necessary journal entries at the end of each year to record the correct inventory valuation if Berry uses the: a. direct method b. allowance method 2. Next Level Explain any differences in inventory valuation and income between the two methods.Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be 125,000. On December 31, 2019, the cost of inventory was 130,000, while the market value was only 128,000. The December 31, 2020, market value of inventory was 140,000, and the cost was only 135,000. Frost uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the journal entries at the end of 2019 and 2020 to record the lower of cost or net realizable value under the: a. allowance method b. direct method 2. Show the presentation of cost of goods sold and inventory of Frosts income statement and balance sheet for 2019 and 2020 under the: a. allowance method (assume the cost of goods sold prior to applying the lower of cost or net realizable value rule was 595,000 and 605,000 for 2019 and 2020, respectively) b. direct method
- ( Appendices 6A and 6B) Inventory Costing Methods Edwards Company began operations in February 2019. Edwards accounting records provide the following data for the remainder of 2019 for one of the items the company sells: Â Edwards uses a periodic inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 4. Prepare the journal entries to record these transactions assuming Edwards chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 6. CONCEPTUAL CONNECTION Refer to Problem 6-67B and compare your results. What are the differences? Be sure to explain why the differences occurred.Prepare the entries for transaction below and indicate what journal it is 1 august purchased inventory from John company for $24000 terms: 2/15, n/30 FOBWhich of the following items will be included in the inventory note?Itrading inventory of R58900 II trading inventory of R62490 III stationary on hand R60 IV Stationary expense A.i and ii B.ii and iv C.ii and iii D.All of the above
- Paul Corporation uses FIFO and reports the following inventory information: Cost NRV December 31, 2019 $312,000 $298,000 Required: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.Prepare the entries for transaction below and indicate what journal it is 9 August purchased inventory from khan co. For $9200, terms: 3/15, n/60Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description July 1 July 8 July 15 July 27 Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. Value 90 units @ $16 72 units Inventory Sale Purchase Sale 100 units @ $19 84 units a. Cost of goods sold on July 27 fill in the blank 1 of 2 b. Inventory on July 31 fill in the blank 2 of 2