Question:Financial Account - 23-69 Sheridan Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis. Quantit Cost per Item Estimated Selling No. y Unit Price Cost to Complete and Sell 1320 1,300 $4.00 $5.63 $2.00 1333 1,000 3.38 4.25 1.25 1426 900 5.63 6.25 1.75 1437 1,100 4.50 4.00 1.69 1510 800 2.81 4.06 1.75 1522 600 3.75 4.88 1.00 1573 3,100 2.25 3.13 1.50 1623 1,100 5.88 7.50 1.88 From the information above, determine the amount of Sheridan Company inventory The amount of Sheridan Company's inventory $

Match the following statements to the appropriate terms!

Journal entries and T accounts?

Exercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…

View Policies Current Attempt in Progress Vaughn Manufacturing uses the perpetual inventory and the gross method. On March 1, it purchased $74000 of inventory, terms 2/10, n/30.bn March 3, Vaughn returned goods that cost $9000. On March 9, Vaughn paid the supplier. On March 9, Vaughn should credit O purchase discounts for $1300. O purchase discounts for $1480. O inventory for $1300. O inventory for $1480. Save for Later Attempts: 0 of 2 used Submit Answer

Please answer 16-18

Accounting for Cash Discounts Illustration An entity purchases inventory with a list price of P10,000 on account under credit terms of 20%, 10%, 2/10, n/30 Required: Prepare the journal entries using a. Gross method b. Net method

Question 18 and 19: Presented below is information related to Carnation with, Incorporated: Cost P 250,000 898,500 60,000 18,000 Retail P 390,000 1,460,000 80,000 Inventory, January 1, 2015 Purchases Purchase returns Purchase discounts Sales (net of 2% discounts) Sales returns 0- -0- -0- 80,000 1,234,800 95,550 -0- Freight-in 18. Assuming that Camation, Inc, uses the average retail inventory method, how much would be the cost of its ending inventory at December 31, 2015? 19. Assuming that Carnation, Inc. uses the FIFO retail inventory method, how much would be the cost of its ending inventory at December 31, 20157

Date Account Titles and Explanation Debit Credit Apr. 20, 2020 Cash 7,440 Unearned Sales Revenue Unearned Service Revenue May 15, 2020 Unearned Sales Revenue 6,093.36 Unearned Service Revenue 1,346.64 Sales Revenue Service Revenue (To record sales) Cost of Goods Sold 4,580 Apr. 17, 2020 Apr. 20, 2020 Inventory May 15, 2020 Sep. 1, 2020 (To record cost of goods sold) Sep. 25, 2020

Problem 11-4 (IAA) Gross Company provided the following purchases and sales for the month of March: 000 Units Unit cost March 1 Beginning 6 Purchase 14 Purchase 25 Purchase March 9 Sale 31 Sale 270 1,000 3,000 6,000 250 280 210 4,000 2,000 8,000 Required: COs of Assuming the entity used perpetual system, compute ending inventory and cost of goods sold under: 1. FIFO て.て 3,030, 00 2. Moving average 4 to O0 50 323 257.50 1,01000