FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Need help on figuring out what to put for account/explanation for the journal entry
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- Inventory Count, December 31 Inventory, January 1 3 at $1,040 9 at 5 at 240 6 at 6 at Model 1st 2nd 3rd 3 at $1,054 7 at 3 at $1,060 3 at $1,070 6 at 1 at C55 4 D11 639 645 666 6 at 675 11 F32 3 at 260 260 1 at 280 H29 305 3 at 310 3 at 316 4 at 317 К47 520 8 at 531 4 at 549 6 at 542 8. $33 4 at 222 4 at 232 - X74 4 at 35 б at 36 8 at 37 7 at 39 1. Determine the cost of the inventory on December 31 by the first-in, first-out method. Present data in columnar form, using the following headings: Model Quantity Unit Cost Total Cost If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. 2. Determine the cost of the inventory on December 31 by the last-in, first-out method, following the procedures indicated in (1). 3. Determine the cost of the inventory on December 31 by the weighted average cost method, using the columnar headings indicated in (1). Discuss which method…arrow_forwardhow is forcasting part of the bookkeeping processarrow_forwardThe answer given is in journal entry form, the question is asking for tabular summary form. Could this please be provided?arrow_forward
- What is the process of recording a transaction in the journal called? Group of answer choices journalizing posting charting ledgeringarrow_forwardThe Ledger Where are the opening balances located when posting the journal entries? When are they used? Explain and provide example please.arrow_forwardHow to make t account and journal entry. Please use only these numbers when answering the questions pleasearrow_forward
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