Samson, Inc had the foliowing balances and transactions dunng 2025Boginning Merchandise InventoryMarch 10Juno 10October 3015 units at $01Sold 12 unitsPurchased 45 units at 07Sold 30 unitsWhat is the balance of the company's Merchandise Inventory, an disclosod in the December 31, 2025 batance hoet an per the periodic FIFOventory costing metho

Name: Samson, Inc had the foliowing balances and transactions dunng 2025Bog
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Description: Samson, Inc had the foliowing balances and transactions dunng 2025Boginning Merchandise InventoryMarch 10Juno 10October 3015 units at $01Sold 12 unitsPurchased 45 units at 07Sold 30 unitsWhat is the balance of the company's Merchandise Inventory, an

Units available for sale = 15 + 45 = 60 units Units sold = 12 + 39 = 51 units Units in ending…

Business

Accounting

Samson Inc had the folowing balances and tanactions dung 202s Beginning Merchandise Iventory March 10 Juno 10 Dctober 30 15 units at s0 Sold 12 urte Purchased 45 units at S0 Sold 30 units Vhat is the balance of the company's Merchandise Inventory, as disciosed in the December 31, 2025 balance hoet a the periotic FFOinventory coting mehot

Samson Inc had the folowing balances and tanactions dung 202s Beginning Merchandise Iventory March 10 Juno 10 Dctober 30 15 units at s0 Sold 12 urte Purchased 45 units at S0 Sold 30 units Vhat is the balance of the company's Merchandise Inventory, as disciosed in the December 31, 2025 balance hoet a the periotic FFOinventory coting mehot

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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LIFO Perpetual Inventory The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30 are as follows: Number Date Transaction Per Unit Total of Units Apr. 3 Inventory 48 $225 $10,800 8 Purchase 96 270 25,920 11 Sale 64 750 48,000 30 Sale 40 750 30,000 May 8 Purchase 80 300 24,000 10 Sale 48 750 36,000 19 Sale 24 750 18,000 28 Purchase 80 330 26,400 June 5 Sale 48 790 37,920 16 Sale 64 790 50,560 21 Purchase 144 360 51,840 28 Sale 72 790 56,880 Required: 1. Record the inventory, purchases, and cost of merchandise 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 inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Merchandise Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.
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Use the information in the table below to answer the questions that follow. Аpril 1 Inventory 100 units @ $40 Sale 60 units 10 Purchase 40 units $42 15 Sale 50units Purchase 60 units $45 Assuming the business maintains a perpetual inventory system, calculate the cost of merchandise sold on April 5 as well as ending inventory as of April 30th, using FIFO, Enter as whole numbers! Do not use decimals or dollar signs. COMS April 5h $ COMS April 15th $ Ending Inventory April 30th $ 20
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Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units at $7 Sale 390 units 13 Purchase 410 units at $8 25 Sale 340 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) the inventory on March 31. a. Cost of merchandise sold on March 25 2,720 X b. Inventory on March 31 980
ed ook Print GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) eferences Graw Hill July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee…
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12 The following information is provided for the sales of. 2021 merchandise item in al of Jan the first purchased Sold 700 units. Jan I Rep Purchased 900 units 610 600g Dan 3 purchased Can y sold 1000 units Jan 5 Sold 50 units. and Gana 400 units & la 12 Record in the prepetual invertory sheet for the above transaction clearly show the inventory balance users fifo method of pricing merchandise issuance TTTTTTANOO
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