On December 31, Anup Enterprises completed a physical count of its inventory. Although the merchandise inventory account shows a balance of $200,000, the physical count comes to $210,000. Prepare the appropriate adjusting entry under the perpetual inventory system.View Solution: On December 31 Anup Enterprises completed a physical count of its

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Stanley Flooring Company’s perpetual inventory records indicate that $1,129,000 of mer-chandise should be on hand on December 31, 20Y1. The physical inventory indicates that $1,109,300 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Stanley Flooring Company for the year ended December 31, 20Y1. Assume that the inventory shrinkage is a normal amount.

The following purchase transactions occurred during the last few days of Whilczel Company's business year, which ends October 31, or in the first few days after that date. A periodic inventory system is used.   ·         An invoice for P6,000, terms FOB shipping point, was received and entered November 1. The invoice shows that the material was shipped October 29, but the receiving report indicates receipt of goods on November 3.   ·         An invoice for P2,700, terms FOB destination, was received and entered November 2. The receiving report indicates that the goods were received October 29.   ·         An invoice for P3,150, terms, FOB shipping point, was received October 15, but never entered. Attached to it is a receiving report indicating that the goods were received October 18. Across the face of the receiving report is the following notation: "Merchandise not of the same quality as ordered - returned for credit October 19".   ·         An invoice for P3,600 terms FOB shipping…

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Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units that cost $ 220 each. During August, the company purchased 255 units at $ 220 each, returned 4 units for credit, and sold 375 units at $ 340 each. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Satoor, Inc.Satoor, Inc., which uses a periodic inventory system, purchased merchandise from Taye Company on July 7 for $15,000. The credit terms were 1/10, n/30. The goods were shipped FOB shipping point on July 7. Satoor, Inc. received the merchandise on July 10 and paid the amount due on July 15.Refer to the information provided for Satoor, Inc. Who is responsible for payment of the transportation costs on the merchandise sold? a. seller b. split equally between the two companies c. buyer d. Cannot be determined from the information provided.

[The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 270 units from the January 30 purchase, 5 units from the January 20 purchase, and 10 units from beginning inventory. Date January 1 January 10 January 20 January 25 January 30 Assume the perpetual inventory system is used. Required: Activities Beginning inventory Sales Purchase Sales Purchase Totals Req 1 Req 2 to 4 Sales Cost of goods sold Gross profit Complete this question by entering your answers in the tabs below. Specific Identification $ LAKER COMPANY For Month Ended January 31 Weighted Average $ Units Acquired at Cost 185 units @ $11.00 = 5,600 100 units @ 1. Compute gross profit for the month of January for Laker Company for the four inventory methods. 2. Which method yields the highest gross profit? 3. Does gross profit using weighted average fall between that…