Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed. (How to get the inventory, ending? Required information[The following information applies to the questions displayed below.]Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the followingtransactions during the month:Sold 9 shovels on account at a selling price of $10 per unit.January 2January 16 Sold 12 shovels on account at a selling price of $10 per unit.January 18 Bought 4 shovels on account at a cost of $5 per unit.January 19 Sold 12 shovels on account at a selling price of $10 per unit.January 24 Bought 12 shovels on account at a cost of $5 per unit.January 31 Counted inventory and determined that 15 units were on hand. Required:1. Prepare the journal entries that would be recorded using a periodic inventory system. (If no entry is required for atransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet12346>Record the end of period adjustment to determine the amount of cost of goodssold, including any "book-to-physical" adjustment that might be needed.Note: Enter debits before credits.DateGeneral JournalDebitCreditJanuary 31Cost of Goods Sold180Inventory, Ending-175Record entryClear entryView general journal

The adjustment entry is to be made under periodic inventory system at year end to record cost of…

Answered: Record the end of period adjustment to…

Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed. (How to get the inventory, ending?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
! Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following transactions during the month: January 2 January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $5 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $5 per unit. January 31 Counted inventory and determined that 15 units were on hand. Sold 9 shovels on account at a selling price of $10 per unit.
[The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 30 shovels, for a total cost of $90. The company had the following transactions during the month: January 2 Sold 7 shovels on account at a selling price of $10 per unit. January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $3 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $3 per unit. January 31 Counted inventory and determined that 13 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Do not give answer in image
Sigfusson Supplies reported beginning inventory of 100 units, for a total cost of $2,000. The company had the following transactions during the month:Jan. 6 Sold 20 units on account at a selling price of $30 per unit.9 Bought 10 units on account at a cost of $20 per unit.11 Sold 10 units on account at a selling price of $35 per unit.19 Sold 20 units on account at a selling price of $40 per unit.27 Bought 10 units on account at a cost of $20 per unit.31 Counted inventory and determined that 60 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any “book-to-physical” adjustment that might be needed.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkage
Home Hardware reported beginning inventory of 20 shovels, for a total cost of $100. The companyhad the following transactions during the month:Jan. 2 Sold 4 shovels on account at a selling price of $10 per unit.16 Sold 10 shovels on account at a selling price of $10 per unit.18 Bought 5 shovels on account at a cost of $5 per unit.19 Sold 10 shovels on account at a selling price of $10 per unit.24 Bought 10 shovels on account at a cost of $5 per unit.31 Counted inventory and determined that 10 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system, including any “book-to-physical” adjustment that might be needed.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if you were unable to determine the dollar amount of shrinkage.
Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The companyhad the following transactions during the month:Jan. 3 Sold 20 units on account at a selling price of $15 per unit.6 Bought 30 units on account at a cost of $10 per unit.16 Sold 30 units on account at a selling price of $15 per unit.19 Sold 20 units on account at a selling price of $20 per unit.26 Bought 10 units on account at a cost of $10 per unit.31 Counted inventory and determined that 160 units were on hand.Required:1. Prepare the journal entries that would be recorded using a periodic inventory system.2. Prepare the journal entries that would be recorded using a perpetual inventory system,including any “book-to-physical” adjustment that might be needed.TIP: Adjust for shrinkage by decreasing Inventory and increasing Cost of Goods Sold.3. What is the dollar amount of shrinkage that you were able to determine in (a) requirement 1,and (b) requirement 2? Enter CD (cannot determine) if…
I Required information [The following information applies to the questions displayed below.] Frigid Supplies reported beginning inventory of 200 units, for a total cost of $2,000. The company had the following transactions during the month: January 3 Sold 20 units on account at a selling price of $15 per unit. January 6 Bought 30 units on account at a cost of $10 per unit. January 16 Sold 30 units on account at a selling price of $15 per unit. January 19 Sold 20 units on account at a selling price of $20 per unit. January 26 Bought 10 units on account at a cost of $10 per unit. January 31 Counted inventory and determined that 160 units were on hand. 3-a. What is the dollar amount of shrinkage that you were able to determine in periodic inventory system? 3-b. What is the dollar amount of shrinkage that you were able to determine in perpetual inventory system? Periodic inventory system Perpetual inventory system Amount of shrinkage
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance.
Kangaroo Jim Company reported beginning inventory of 460 units at a per unit cost of $10. It had the following purchase and sales transactions during the year: January 14 Sold 380 units at unit sales price of $30 on account. April 9 Purchased 370 additional units at a per unit cost of $10 on account. September 2 Sold 320 units at a sales price of $35 on account. December 31 Counted inventory and determined 130 units were still on hand. Required: Record each transaction, assuming that Kangaroo Jim Company uses a periodic inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Kangaroo Jim Company reported beginning inventory of 100 units at a per unit cost of $25. It hadthe following purchase and sales transactions during the year:Jan. 14 Sold 25 units at unit sales price of $45 on account.Apr. 9 Purchased 15 additional units at a per unit cost of $25 on account.Sept. 2 Sold 50 units at a sales price of $50 on account.Dec. 31 Counted inventory and determined 40 units were still on hand.Required:Record each transaction, assuming that Kangaroo Jim Company uses (a) a perpetual inventorysystem and (b) a periodic inventory system.
Sims company reports beginning raw materials inventory of $900 and ending raw materials inventory of $1,100. Assume the company purchased $5,200 of raw materials and used $5,000 of raw materials during the year. Compute raw materials inventory turnover and the number of days' sales in raw materials inventory. Complete this question by entering your answers in the tabs below. Raw Materials Days Sales In Raw Materials Inventory Inventory turnover Compute the number of days' sales in raw materials inventory. Numerator: Days' Sales In Raw Materials Inventory. 1 Denominator: 1