purchased supplies for 1100 in june first inventory of supplies was 359 in june thirty record the adjustment for the amount of supplies used
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- Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Date Transaction Per Unit Total of Units Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912.500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1.500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30.000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and…
- Number of Units Date Transaction Cost Apr. 1 Beginning inventory Apr.20 Purchase 480 $2.0 35e 2.68 Dunbar sold 590 unts of inentory during the month Endng inventory assuning welhted average cost would be decimal pisces and final enswer to the neerest doller amount)Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Number Date Transaction of Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first- out method and the periodic inventory system. Merchandise inventory, March 31 Cost of merchandise sold 2. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first- out method…a company inventory records report the following in november of the current year begining november 1 4 units at 8.00 purchase november 2 11 units at 10.00 purchase november 12 7 units at 12.00 on november 8 it sold 13 units for 38 each using the lifo perpetual invenotry method what was the amount recored in the cost of goods sold accounts for the 13 units sold
- Periodic Inventory by Three Methods The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Merchandise inventory, March 31 $fill in the blank 1 Cost of…Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $38 Feb. 17 Purchase 9 units at $39 Jul. 21 Purchase 9 units at $42 Nov. 23 Purchase 16 units at $43 There are 15 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to two decimals and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method. 352 X b. Determine the inventory cost by the last-in, first-out method. 304 X c. Determine the inventory cost by the weighted average cost method. $ 356 X FeedbackJuly 1 Inventory 100 units @ $15.00 each, July 4 Sale 80 units @ 19.00 each, july 11 purchase 150 units @ $16.30 each, july 13 Sale 120 units @ $18.80 each, July 20 Purchase 160 units @ $16.10 each, July 27 Sale 100 units @ $20.60 each. Assume Periodic system. Prepare all journal entries needed, including the end-of-month adjusting entry to record cost of goods sold. A physical count indicates that the ending inventory for july is 110 units. July 4 Accounts Receivable 1520 Sales revenue 1520 July 11 Purchases 2445 accounts payable 2445 july 13 Accounts receivalbe 2256 sales revenue 2256 july 20 purcahses 2576 accounts payable 2576 July 27 accounts receivalbe 2060 sales revenue 2060 July 31 (there are 3 boxes) plz help with July 31 journal entries (3 lines in total)
- Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 1. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the first-in, first-out method and the periodic inventory system. Inventory, March 31 $fill in the blank 1 Cost of goods sold $fill in the blank 2 2. Determine the inventory on March 31 and the cost of goods…Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 1,010 units @ $126 Feb. 17 Purchase 1,390 units @ $128 July 21 Purchase 1,665 units @ $129 Nov. 23 Purchase 1,150 units @ $131 There are 1,225 units of the item in the physical inventory at December 31. The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. $4 c. Determine the inventory cost by the weighted average cost method. Do not round intermediate calculation and round final answer to the nearest whole dollar.Show Me How Calculator Print Item LIFO Perpetual Inventory The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31 are as follows: Date Transaction Numberof Units Per Unit Total Jan. 1 Inventory 7,500 $75.00 $562,500 10 Purchase 22,500 85.00 1,912,500 28 Sale 11,250 150.00 1,687,500 30 Sale 3,750 150.00 562,500 Feb. 5 Sale 1,500 150.00 225,000 10 Purchase 54,000 87.50 4,725,000 16 Sale 27,000 160.00 4,320,000 28 Sale 25,500 160.00 4,080,000 Mar. 5 Purchase 45,000 89.50 4,027,500 14 Sale 30,000 160.00 4,800,000 25 Purchase 7,500 90.00 675,000 30 Sale 26,250 160.00 4,200,000 Required: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in…