REI sells snowboards. Assume the following information relates to REI's purchases of snowboards during September. During the samemonth, 110 snowboards were sold.DateSept. 1Sept. 12Sept. 19Sept. 26DateExplanation UnitsInventoryPurchasesSept. 5Sept. 16Sept. 29PurchasesPurchasesTotalsSaleSaleSaleTotalsUnits8485413110455823Additional data regarding the company's sales of snowboards are provided below. Assume that REI uses a perpetual inventory system.139Unit Cost$107110111112Total Cost$1,3914,9506,4382,576$15,355 Calculate the weighted-average unit cost. (Round answers to 3 decimal places, e.g. 5.125.)September 1September 5 $September 12September 16$$$September 19 $September 26 $(a2)September 29 $eTextbook and Media107.000The ending inventory $107.000109.700109.700110.957111.246111.246Compute ending inventory at September 30 using FIFO, LIFO, and moving-average. (Round answers to O decimal places, e.g. 125.)FIFOAttempts: 1 of 6 usedLIFOAVERAGE-COST

Answer to Question (a1):- Weighted Average Unit Cost Sep-01 107.000 Sep-05 107.000 Sep-12…

Answered: REI sells snowboards. Assume the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 6EB: Blue Barns purchased 888 gallons of paint at $19 per gallon from a supplier on June 3. Terms of the...

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Pepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit sales for the company are 2/10, n/30.) Mar. Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is P12,200). 4 6 Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated March 3, termsny30. Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is 6 P8,100). Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from 11 Defore Industries. 12 Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note payable. Received cash payment from Jennifer Nelson for the March 4 sale less the discount (Invoice No. 954). 14 16 Received a P200 credit memorandum from Defore Industries for unsatisfactory merchandise Pepper purchased on March 11 and later returned. Received cash payment from Dennie Hoskins for the March 6 sale less the discount 16 (Invoice No. 955). Purchased…
31. A, VAT-registered, made the following purchases during the month of January 2018 Goods for sale, inclusive of VAT Supplies, exclusive of VAT Office air conditioner, total invoice amount Home appliances for residence, gross of VAT Repair of store, total invoice amount evidenced by ordinary receipt of the contractor 224,000 20,000 56,000 17,600 4,400 Creditable input taxes are: a. 26,400 b. 29,400 c. 24,000 d. 32,400
I Analyze and make journal entries for the following transactions of Dada's Mart owned and operated by Diana . 2020 1 Cash purchases from Macro, P75,000 plus 12% VAT. 5 Purchased goods from Yssa's Fruit Farm for P 67,200, VAT included.Terms: 2/10, n/30. 8 Returned defective goods to Yssa's Fruit Farm, P 5,000, VAT excluded. 10 Bought equipment for office use from Jhamas Marketing, P 35,000 plus VAT. Term: n/60. 15 Paid in full the account to Yssa's Fruit Farms. 20 Purchased goods from Colette Grocery, P33,600, VAT included. Term: 2/10, n/30. 24 Returned defective goods to Colette Grocery, P 5,600, VAT included. 30 Made a full payment to Colette Grocery Jan
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The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer sells and installs home and business security systems. Jan. 3 Feb. 10 13 Mar. 12 14 Apr. 3 May 11 13 July 12 Aug. 1 Oct. 5 15 Loaned $18,000 cash to Trina Gelhaus, receiving a 90-day, 8% note. Sold merchandise on account to Bradford & Co., $24,000. The cost of the goods sold was $14,400. Sold merchandise on account to Dry Creek Co., $60,000. The cost of goods sold was $54,000. Accepted a 60-day, 7% note for $24,000 from Bradford & Co. on account. Accepted a 60-day, 9% note for $60,000 from Dry Creek Co. on account. Received the interest due from Trina Gelhaus and a new 120-day, 9% note as a renewal of the loan of January 3. (Record both the debit and the credit to the notes receivable account.) Received from Bradford & Co. the amount due on the note of March 12. Dry Creek Co. dishonored its note dated March 14. Received from Dry Creek Co. the amount owed on the…
"Candy Andy” opened a candy shop in St. Lawrence Market. Andy purchases the candy in bulk (wholesale), and resells the merchandise to generate a profit using periodic system. During the months of May and June, the following transactions occurred. Please do the journal entries using periodic system: : May 10 Andy purchased $400 of Skittles from Wrigley Company, terms 2/10, n/30, FOB shipping point. 11 The correct company paid $35 dollars of shipping costs to DHL in cash. 12 Expired Skittles worth $20 were returned to Wrigley Company for full credit. 20 Andy paid Wrigley Company in full June 15 Andy sold all the remaining Skittles for a total price of $950 cash. 15 A customer had their Skittles shipped to them, with freight terms of FOB shipping point. The shipping costs to Purolator were $15. 17 Andy gave a customer a $50 cash sales allowance for unsatisfactory…
Record the following transactions for adcok 1.on April 12 sold$11000 of merchandise to milton inc ..term 2/10,n/30 2.on April 15 Milton returned $2000 of merchandise 3.on April 22 Milton paid for the merchandise
Bramble sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bramble's purchases of WhiteOut snowboards during September. During the same month, 123 WhiteOut snowboards were sold at $167 each. Bramble uses a periodic inventory system.
Rapoo Inc. sells gift certificates. One-half of the gift certificates outstanding on January 1 unredeemed as of yearend expired during the year. The Unearned Revenue from Gift Certificates account increased to P210,000 at yearend. The gross profit rate based on cost is 25%. Information on gift certificates is shown below: How much of the gift certificates sold during the year was redeemed? How much is the net income for the year arising from the gift certificates?
Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable Note the following: o All amounts given are pre-tax values. o Discounts are determined on pre-tax amounts. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321. terms 2/10, n/30. July 4. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque # 42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice #321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)
Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. Sep. 8 Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Birdy discovers 10 of the birdhouses are damaged from the Sept 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 10 of the birdhouses from the Sept 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per birdhouse. Sep. 18 Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts.
2. Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Birdy Birdhouses purchases 55 birdhouses at $14 each with cash. Birdy Birdhouses purchases 80 birdhouses at $19 each on credit. Terms of the purchase are 4/10, n/30, invoice date September 8. Birdy discovers 12 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 8 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per birdhouse. Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. Sep. 10 Sep. 18

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