The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 3: Cash Beginning inventory Common stock Retained earnings $ 19,300 19,740 (210 @ $94) 15,600 23,440 The following five transactions occurred in Year 3: 1. First purchase (cash): 125 units @ $96 2. Second purchase (cash): 205 units @ $104 3. Sales (all cash): 365 units @ $187 4. Paid $13,700 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average co flow. Compute the income tax expense for each method. b-1. Use a vertical model to show the Year 3 income statement under FIFO, LIFO, and weighted average. (Hint. Record the events under an accounting equation before preparing the statements.) b-2. Use a vertical model to show the Year 3 balance sheet under FIFO, LIFO, and weighted average. (Hint. Record the events under

The accounting records of Wall's China Shop reflected the following balances as of January 1, Year 2 Cash Beginning inventory Common stock Retained earnings $ 17,600 14,260 (155 units @ $92) 14,700 17,160 The following five transactions occurred in Year 2 1. First purchase (cash): 120 units @ $94 2. Second purchase (cash): 205 units @ $102 3. Sales (all cash): 425 units @ $197 4. Paid $15,000 cash for salaries expenses 5. Paid cash for income tax at the rate of 40 percent of income before taxes Required a. Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow. (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method. b. Record the above transactions in general journal form and post to T-accounts assuming each of the cost flows listed. Assume perpetual inventory system is used. 1. FIFO 2 LIFO 3. Weighted Average c. Use a vertical model to show the Year 2 income statement, balance sheet, and statement of cash flows…

Inventory purchased on credit in the periodic system, select one?

answer step by step

A company reported the following balances in some selected accounts: Inventory, 1 March $4,000, Transportation-in $200, Inventory, 31 March $6,000, Purchases $16,000, Purchase Returns and Allowances $500, Purchase discounts $700, Sales $35,000, Sales discounts $1,500.   The Cost of Goods Sold for the period is:   Group of answer choices $13,000 $16,000 $12,600 $13,400

The records of Heese Stores provided the following data for the year: Cost Retail (Base inventory) Inventory, January 1 $150,000 $ 250,000 Net purchases 830,800 1,318,000

Carr Corporation has provided the following information for its most recent month of operation: sales $8,300; beginning inventory $1,150; ending inventory $2,150 and gross profit $5,450. How much were Carr's inventory purchases during the period? Multiple Choice O $9,450. $5,450. $3,850. $6,150.

The accounting records of Larkspur Electronics show the following data. Beginning inventory 3,000 units at $4 Purchases 9,000 units at $8 Sales 9,500 units at $10

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