Transactions for the month of June were:PurchasesSalesJune 1(balance) 3180 @ $3.30June 22350 @ $5.4038820 @3.2066380 @5.4074900 @3.4093920 @5.40157180 @3.50101540 @8.00221960 @3.60185610 @8.0025760 @8.00Assuming that periodic inventory records are kept in units only, the ending inventory on a LIFO basis is

Total units available for sale = 3,180 + 8,820 + 4,900 + 7,180 + 1,960 Total units available for…

Transactions for the month of June were: Purchases Sales June 1 (balance) 3180 @ $3.30 June 2 2350 @ $5.40 3 8820 @ 3.20 6 6380 @ 5.40 7 4900 @ 3.40 3920 @ 5.40 15 7180 @ 3.50 10 1540 @ 8.00 22 1960 @ 3.60 18 5610 @ 8.00 25 760 @ 8.00 Assuming that periodic inventory records are kept in units only, the ending inventory on a LIFO basis is

Transactions for the month of June were: Purchases Sales June 1 (balance) 3180 @ $3.30 June 2 2350 @ $5.40 3 8820 @ 3.20 6 6380 @ 5.40 7 4900 @ 3.40 3920 @ 5.40 15 7180 @ 3.50 10 1540 @ 8.00 22 1960 @ 3.60 18 5610 @ 8.00 25 760 @ 8.00 Assuming that periodic inventory records are kept in units only, the ending inventory on a LIFO basis is

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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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
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
2.19) Find the average daily balance (new purchases included) Payment End of Day Balance Dates 1/1-1/19 1/20 1/21-1/22 1/23 1/24-1/31 $250.00 Average → Purchase $50.00 X Number of Days $225.00 x $275.00 x $275.00 x $25.00 x $25.00 x Total → 19 1 2 1 8 31 Sum of Balances I If the finance charge is 1.75% of the average daily balance, what is the finance charge is problem 2.19? Finance charge →
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
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 25 22 18 5550@ 8.00 760 @ 8.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is $15655. $15150. O $16359. O $14974.
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 ×
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.
Blossom Company had the following transactions for the month of June. Purchases Sales June 1 (balance) 3130 @ $3.30 June 2 2430 @ $5.40 3 8700 @ 3.20 6 6410@ 5.40 7 4820@ 3.40 9 3930 @ 5.40 15 7280@ 3.50 10 1530 @ 7.00 22 22 1900@ 3.60 18 5530 @ 7.00 25 850@ 7.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $16409. $16609. $18215. $17495.
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?
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
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.
Study the following data. Transactions for the month of June were: Purchases Sales June 1 (balance) 800 @ $3.20 June 2 600 @ $5.50 3 2,200 @ 3.10 6. 1,600 @ 5.50 7 1,200 @ 3.3O 1,000 @ 5.50 15 1,800 @ 3.40 10 400 @ 6.00 22 500 @ 3.50 18 1,400 @ 6.00 25 200 @ 6.00 Assuming that perpetual inventory records are kept in dollars, the ending inventory on a FIFO basis is $