Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan, 1 Beginning inventory Jan. 10 Sold Mar. 7 Man. 15 Sold July 28 Purchased. Purchased Oct. 3 Purchased Oct. 5 Sold 130 units @s 7.10 -5 60 units @115.00 310 units @1 6.40 120 units @115.60 560 units @1 6.20 510 units @1 6.10 600 units @315.60 Assume that Car Armour specifically sold the following units Jen 10: 60 units from beginning inventory Mar. 15 30 units from begioning inventory, and 90 units from the Parch? chose Oct. 51 215 units from the July 28 purchase, and 475 units from the October 3 purchase 923.00 936.00 1,984.00 1,372.00 3,472.00 3,111.00 10,764.00 Ending inventory Cost of goods sold Calculate cost to be assigned to ending inventory and cost of goods soid (Round your final answers to 2 decimal places.)

Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan, 1 Beginning inventory Jan. 10 Sold Mar. 7 Man. 15 Sold July 28 Purchased. Purchased Oct. 3 Purchased Oct. 5 Sold 130 units @s 7.10 -5 60 units @115.00 310 units @1 6.40 120 units @115.60 560 units @1 6.20 510 units @1 6.10 600 units @315.60 Assume that Car Armour specifically sold the following units Jen 10: 60 units from beginning inventory Mar. 15 30 units from begioning inventory, and 90 units from the Parch? chose Oct. 51 215 units from the July 28 purchase, and 475 units from the October 3 purchase 923.00 936.00 1,984.00 1,372.00 3,472.00 3,111.00 10,764.00 Ending inventory Cost of goods sold Calculate cost to be assigned to ending inventory and cost of goods soid (Round your final answers to 2 decimal places.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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On April 5, a customer returns 20 bicycles with a sales price of $250 per bike to Barrio Bikes. Each bike cost Barrio Bikes $100. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses A. the perpetual inventory system B. the periodic inventory system
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December.
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year when Jessie sold 500 units of inventory. Using the FIFO method, calculate Jessies inventory on December 31 and its cost of goods sold for December. RE7-11 Using the information from RE7-10, calculate Jessie Storess inventory on December 31 and its cost of goods sold for December using the LIFO method.
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses: A. the perpetual inventory system B. the periodic inventory system
Recording Sale and Purchase Transactions Alpharack Company sells a line of tennis equipment to retailers. Alpharack uses the perpetual inventory system and engaged in the following transactions during April 2019, its first month of operations: a. On April 2, Alpharack purchased, on credit, 360 Wilbur T-100 tennis rackets with credit terms of 2/10, n/30. The rackets were purchased at a cost of S30 each. Alpharack paid Barker Trucking $195 to transport the tennis rackets from the manufacturer to Alpharacks warehouse, shipping terms were F.O.B. shipping point, and the items were shipped on April 2. b. On April 3, Alpharack purchased, for cash, 115 packs of tennis balls for $10 per pack. c. On April 4, Alpharack purchased tennis clothing, on credit, from Designer Tennis Wear. The cost of the clothing was $8,250. Credit terms were 2/10, n/25. d. On April 10, Alpharack paid for the purchase of the tennis rackets in Transaction a. e. On April 15, Alpharack determined that $325 of the tennis clothing was defective. Alpharack returned the defective merchandise to Designer Tennis Wear. f. On April 20, Alpharack sold 1 18 tennis rackets at $90 each, 92 packs of tennis balls at $12 per pack, and $5,380 of tennis clothing. All sales were for cash. The cost of the merchandise sold was $7,580 and no sales returns are expected. g. On April 23, customers returned $860 of the merchandise purchased on April 20. The cost of the merchandise returned was $450. h. On April 25, Alpharack sold another 55 tennis rackets, on credit, for $90 each and 15 packs of tennis balls at $12 per pack, for cash. The cost of the merchandise sold was $1,800. i. On April 29, Alpharack paid Designer Tennis Wear for the clothing purchased on April 4 minus the return on April 15. j. On April 30, Alpharack purchased 20 tennis bags, on credit, from Bag Designs for $320. The bags were shipped F.O.B. destination and arrived at Alpharack on May 3. Required: 1. Prepare the journal entries to record the sale and purchase transactions for Alpharack during April 2019. 2. Assuming operating expenses of $8,500 and income taxes of $1,180, prepare Alpharacks income statement for April 2019.
Car Armour sells car wash cleaners. Car Armour uses a perpetual Inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased oct. 3 Purchased Oct. 5 sold Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). 130 units @s 7.20 - $ 60 units @$15.70- 320 units es 6.50 = 120 units @ $15.70 = 570 units @s 6.30- 520 units @s 6.20 710 units @ $15.70- Units Number of units sold Number units remaining in ending inventory 4 FIFO b Moving weighted average 2. Calculate the number of units sold and units remaining in ending inventory. 936.00 942.00 2,080.00 1,884.00 3,591.00 3,224.00 11,147.00 Cost 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending Inventory and to goods sold under: (Do not round the Intermediate calculations and round the final answers to…
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased Oct. 3 Purchased Oct. 5 Sold Total goods available for sale Required: 1. Calculate the total goods available for sale (in units and cost). Number of units sold Number units remaining in ending inventory 130 units @ $ 6.90 60 units @ $15.40 = 290 units @ $ 6.20 = 120 units @ $15.40 = 540 units @ $ 6.00 = 490 units @ $ 5.90 = 660 units @ $15.40 = a FIFO b. Moving weighted average Units $ 1,450 $ 2. Calculate the number of units sold and units remaining in ending inventory. Cost Ending Inventory 897.00 924.00 1,798.00 1,848.00 3,240.00 2,891.00 10,164.00 840 610 3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to goods sold under: (Do not round the intermediate…
Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular product in 2023 as follows: Jan. 1 Beginning inventory Jan. 10 Sold Mar. 7 Purchased Mar. 15 Sold July 28 Purchased i Oct. 3 Purchased Oct. 5 Sold 110 units @$ 7.80 se units @$16.30- 380 units @$ 7.10 - 130 units @$16.30- 630 units @$ 6.90 - 580 units @s 6.80 - 830 units @$16.30- Assume that Car Armour specifically sold the following units: Jan. 10: 80 units from beginning inventory Mar. 15: 20 units from beginning inventory, and 110 units from the March 7 purchase Oct. 5: 320 units from the July 28 purchase, and 510 units from the October 3 purchase. $ 858.00 1,304.00 2,698.00 2,119.00 4,347.00 3,944.00 13,529.00 Ending inventory Cost of goods sold Calculate cost to be assigned to ending inventory and cost of goods sold. (Round your final answers to 2 decimal places.)
Data for the next 6 questions: You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the…
The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct 1 Balance: 94 units costing $5 each. 3 Purchased 109 units from Arnold Brothers costing $7.50 each 4 Returned 29 of the units purchased on October 3. 9 Sold 84 units to Kitchen Club, invoice #210. 15 Purchased 209 units from Arnold Brothers costing $8.20 each. 18 Sold 168 units to Thorhild Co-op, invoice #211. 19 Paid for the October 3 purchase; cheque #101. 23 Paid for the October 15 purchase, cheque #102. 24 Sold 59 units to Boyle Grocery, invoice #212. 31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…
The Williams Company sells a product called Mix-Right for $15 each and uses a perpetual inventory system to account for its merchandise. The beginning balance of Mix-Rights and transactions during October 2020 were as follows: Oct 1 Balance: 94 units costing $5 each. 3 Purchased 109 units from Arnold Brothers costing $7.50 each 4 Returned 29 of the units purchased on October 3. 9 Sold 84 units to Kitchen Club, invoice #210. 15 Purchased 209 units from Arnold Brothers costing $8.20 each. 18 Sold 168 units to Thorhild Co-op, invoice #211. 19 Paid for the October 3 purchase; cheque #101. 23 Paid for the October 15 purchase, cheque #102. 24 Sold 59 units to Boyle Grocery, invoice #212. 31 Purchased 84 units from Arnold Brothers costing $8.00 each. Q: Journalize the October transactions in the sales, purchases, and cash disbursements journals. Assume all sales and purchases are on credit; terms 2/10, n/30. Under the assumption…
Record the following transactions in the general journal of Fitzroy Ltd using (a) perpetual inventory system, and (b) periodic inventory system. 1/10/2020 : Purchased 240 units for $220 each inclusive GST on credit. 3/10/2020 : Returned 12 units to the supplier. 7/10/2020 : Sold 50 units for $380 each plus GST on credit. 10/10/2020 : Customer returned 5 of the units, the returned units were sent back to inventory.