Sheridan Company had the following transactions for the month of June:PurchasesSalesJune 1(balance) 3290@ $3.00June 22400@ $5.4038700 @2.9066450@5.4074730@3.10.93910@5.40157100@3.20101690@8.00221990 @ 3.302522185550@8.00760 @8.00Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is$15655.$15150.O $16359.O $14974.

Perpetual inventory system:Perpetual inventory The system refers to the computerized system of…

Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990@ 3.30 18 5550@ 8.00 25 760@ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is

Sheridan Company had the following transactions for the month of June: Purchases Sales June 1 (balance) 3290@ $3.00 June 2 2400@ $5.40 3 8700 @ 2.90 6 6450@ 5.40 7 4730@ 3.10 9 3910@ 5.40 15 7100@ 3.20 10 1690@ 8.00 22 1990@ 3.30 18 5550@ 8.00 25 760@ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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Transactions for the month of June were: Purchases Sales (balance) 1,200 @ $3.20 3,300 @ 3.10 1,800 @ 3.30 2,700 @ 3.40 750 @ 3.50 June 1 June 2 900 @ $5.50 2,400 @ 5.50 1,500 @ 5.50 600 @ 6.00 3 7 15 10 2,100 @ 6.00 300 @ 6.00 22 18 25 12. Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is a. $6,165. b. $6,240. c. $6,435. d. $6,705. 13. Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is a. $6,144. b. $6,357. c. $6,435. d. $6,483.
MYD company’s record of transactions concerning part VF5 for the month of September was as follow (dalam Rp. 000.000) : Purchases Sales Sept 1 Balance on hand 600@Rp. 6 Sept 3 500@Rp. 10 Sept 4 1.500@Rp. 6.08 Sept 9 1.300@Rp. 10 Sept 8 800@Rp. 6.4 Sept 11 600@Rp. 11 Sept 13 1.200@Rp. 6.5 Sept 23 1.200@Rp. 11 Sept 21 700@Rp. 6.6 Sept 27 900@Rp. 12 Sept 29 500@Rp. 6.79 Instruction: Assuming that periodic inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost Assuming that perpetual inventory records are kept, compute the inventory at Sept 30 using: (i) First-in, First-out (FIFO) (ii) Average-cost In an inflationary record, which inventory method will show the highest net income?
2.17) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 12/1-12/9 12/10 12/11-12/17 12/18 12/19-12/31 Average $840.00 Purchase $230.00 X Number of Days $975.00 x $1,205.00 x $1,205.00 x $365.00 X $365.00 x Total → 9 1 7 1 13. 31 Sum of Balances
Novak Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 708 @ $5.00 April 3 590 @ $10.00 4 1,770 @ 5.09 9 1,652 @ 10.00 8 944 @ 5.38 11 708 @ 11.00 13 1,416 @ 5.48 23 1,416 @ 11.00 21 826 @ 5.68 27 1,062 @ 12.00 29 590 @ 5.87 5,428 6,254 Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit $ per unit LINK TO TEXT Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.) LIFO $ Average-cost $
From the following information regarding the year to 31 August 20X6, what is the accounts payable payment period? You should calculate the ratio using purchases as the denominator. $ Sales 43,000 Cost of sales 32,500 Opening inventory 6,000 Closing inventory 3,800 Trade accounts payable at 31 August 20X6 4,750 A 40 days B 50 days C 53 days D 57 days
2.14) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 3/1-3/10 3/11 3/12-3/21 3/22 3/23-3/30 Average → $165.00 Purchase $72.00 X Number of Days $215.00 x $287.00 x $287.00 x $122.00 x $122.00 x Total → 10 1 10 1 8 30 Sum of Balances $2,150.00 $287.00 $2,870.00 $122.00 $976.00
Bonita Company’s record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 780 @ $ 6.00 April 3 650 @ $ 10.00 4 1,950 @ 6.08 9 1,820 @ 10.00 8 1,040 @ 6.40 11 780 @ 11.00 13 1,560 @ 6.50 23 1,560 @ 11.00 21 910 @ 6.60 27 1,170 @ 12.00 29 650 @ 6.79 5,980 6,890 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO
View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700@ 2.90 6. 6430 @ 5.70 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answer
2.16) Find the average daily balance (new purchases included) Dates Payment End of Day Balance 4/1-4/5 4/6 4/7-4/22 4/23 4/24-4/30 Average $380.00 Purchase $110.00 Po X $300.00 x $410.00 x $410.00 X $30.00 X $30.00 x Total Number of Days v 5 1 16 1 7 30 Sum of Balances $1,500.00 $410.00 $6,560.00 $30.00 $210.00
14. Find the average daily balance (new purchases included). Dates Payment # of days Sum of Balances Purchase End-of-Day Balance 2/1-2/5 $600 X 5 2/6 $221.00 821.00 2/7-2/14 821.00 8 2/15 $725.00 98.00 1 2/16-2/28 96.00 X 13 TOTAL AVERAGE DAILY BALANCE %24 x ×
A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.50 May 3 240@ $8.00 4 1,390 @ $5.40 6 1,080 @ $8.00 8 800 @ $5.60 12 900 @ $8.50 14 700 @ $5.70 18 450 @ $8.50 22 1,250 @ $5.80 25 1,400 @ $9.00 29 560 @ $5.85 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory +A $
1. A record of transactions for the month of September was as follows: Purchases Sales May 1 400 @ $4.20 May 3 300 @ $7.00 4 1,300 @ $4.10 6 1,000 @ 7.00 8 800 @ $4.30 12 900 @ 7.50 14 700 @ $4.40 18 400 @ 7.50 22 1,200 @ $4.50 25 1,400 @ 8.00 Instructions Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO and at FIFO? Calculate Gross Profit under both LIFO & FIFO.