← 220 Exam 2 Ch 5 Ch 6 Ch 8 Ch 9 Ch 11 Question 7 of 20 Bramble sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bramble's purchases of WhiteOut snowboards during September. During the same month, 123 WhiteOut snowboards were sold at $167 each. Bramble uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory $101 Purchases Purchases Purchases Totals 24 43 22 55 144 1 107 111 113 Total Cost $2,424 4,601 2,442 6,215 $15,682 -/7.5 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. SUPPORT

← 220 Exam 2 Ch 5 Ch 6 Ch 8 Ch 9 Ch 11 Question 7 of 20 Bramble sells a snowboard, WhiteOut, that is popular with snowboard enthusiasts. Presented below is information relating to Bramble's purchases of WhiteOut snowboards during September. During the same month, 123 WhiteOut snowboards were sold at $167 each. Bramble uses a periodic inventory system. Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 (a) Explanation Units Unit Cost Inventory $101 Purchases Purchases Purchases Totals 24 43 22 55 144 1 107 111 113 Total Cost $2,424 4,601 2,442 6,215 $15,682 -/7.5 Compute the ending inventory at September 30 and cost of goods sold using the FIFO and LIFO methods. SUPPORT

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 55E: Effects of FIFO and LIFO Sheepskin Company sells to colleges and universities a special paper that...

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30 Question 3 of 4 View Policies Current Attempt in Progress Date Sept. 1 Sept. 12 Sept. 19 Sept. 26 Pharoah Company sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Pharoah Company's purchases of EZslide snowboards during September. During the same month, 102 EZslide snowboards were sold. Pharoah Company uses a periodic inventory system. < Explanation Inventory Purchases Purchases Purchases Totals The ending inventory at September 30 Cost of goods sold $ S eTextbook and Media Save for Later 000 088 Units 14 52 60 24 150 Unit Cost $ $120 (a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to O decimal places, e.g. 125.) 123 FIFO 124 125 Total Cost $1,680 FIFO 6,396 7,440 3,000 $18,516 (b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. (Round average cost per…
C. Explain sômé ol lhe ais2 store. Explorer Scopes sells state-of-the-art relescopes to individuais and organizations interested in studying the solar systern At December 31 last year, the company's inventory amounted to $120,000. During the first week of January this year, the company made only one purchase and one sale. These transactions were as follows: PROBLEM 5.5 Çomparison of Inventory Systems LO 3, 4, 5 Sold one telescope costing S37,200 to Central State University for cash. $62,000. Purchased merchandise on account from Lunar Optics, $80,000. Terms, net 30 days. Jan. 2 Jan. 5 Instructions a. Prepare joumal entries to record these transactions. assuming that Explorer Scopes uses the perpetual inventory system. Use separate entries to record the sales revenue and the cost of goods sold for the sale on January 2. b. Compute the balance of the Inventory account on January 7. c. Prepare journal entries to record the two transactions, assuming that Explorer Scopes uses the periodic…
Question 1 Superfan retails one type of premium computer fans which it sells for $72.6 (GST Inclusive) per unit. The following events took place during the month of September 2021: September 8 Superfan purchased 100 fans at $38.5 (GST Inclusive) per unit in cash. September 15 SuperFan purchased 160 fans at $37.4 (GST Inclusive) per unit on credit. September 20 Superfan sold 330 fans to FansAreUs on credit. September 23 FansAreUs returned 30 fans sold on 20 September which were damaged and written off by SuperFan. September 30 Stocktake revealed 28 fans on hand. Additional information: 1. Superfan had 100 fans valued at $3,100 on hand on 1 September 2021. It uses the moving average cost flow assumption and the perpetual inventory method to account for its inventory movement. 2. The opening balance for the allowance for doubtful debts account was $250 credit on 1 September 2021. SuperFan assumes 2% of all monthly net credit sales to be irrecoverable. Required: Record September 2021…
HW6#17a: Use the following data to answer the Chapter 6 Comprehensive Review Question DEFROST Company sells snowmobiles using a periodic inventory system. January is their peak business season. Transactions for DEFROST during January 2018 include the following: DATE EVENT TRANSACTIONS 1-Jan Beginning Inventory 5-Jan|Purchases+ Freight 13-Jan Sold 18-Jan Sold 23-Jan Purchases + Freight| 25-Jan Sold 8 Snowmobiles at $2,000 each 5 Snowmobiles at $2,500 each 9 Snowmobiles at $3,000 each 3 Snowmobiles at $3,000 each 7 Snowmobiles at $2,600 each 3 Snowmobiles at $3,200 each 424 5 In-Class Exercises Reporting & Analyzing Inventory due at beginning of class on March 18
Question 8 of 13 0/1 Your answer is incorrect. Splish Brothers sells a snowboard, EZslide, that is popular with snowboard enthusiasts. The following is information relating to Splish Brothers's purchases of EZslide snowboards during September. During the same month, 107 EZslide snowboards were sold. Splish Brothers uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 13 $98 $ 1,274 Šept. 12 Purchases 44 101 4,444 Sept. 19 Purchases 52 102 5,304 Sept. 26 Purchases 20 103 2.060 Totals 129 $13,082 Compute the ending inventory at September 30 and the cost of goods sold using the FIFÓ, LIFÓ, and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.647 and final answers to 0 decimal places, e.g. 5,125.) FIFO LIFO Average-cost The ending inventory at September 30 2$ 2060 2$ 2266 $ 1274 Cost of goods sold 2060 2$ 2266 2$ 1274 eTextbook and Media Save for Later Attempts: unlimited Submit Answer
0 Exercise 6-16 Swifty's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Swifty's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold. Swifty's uses a perpetual inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 23 HK$814 HK$18,722 Sept. 12 Purchases 45 Sept. 19 Purchases. 20 Sept. 26 Purchases 44 Totals 132 Date Sept. 5 Sale Sept. 16 Sale Sept. 29 Sale Units Unit Price Total Cost 12 HK$1,672 HK$20,064 50 59 Totals 121 856 874 882 1,706 1,756 Ending Inventory FIFO 38,520 17,480 38,808 HK$113,530 Part 1 Compute ending inventory at September 30 using FIFO and moving- average cost. (Round per unit cost to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 125.) FIFO MOVING-AVERAGE COST HK$ Choose your answer here Part 4 85,300 103,604 HK$208,968 The ending inventory HKS Part 2 Compare ending inventory using a perpetual…
(a2) Dorothy's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Dorothy's purchases of Xpert snowboards during September is shown below. During the same month, 120 Xpert snowboards were sold. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 25 $66 $1,650 Sept. 12 Purchases 45 70 3,150 Sept. 19 Purchases 15 72 Sept. 26 Purchases 50 772 1,080 75 3,750 Totals 135 $9.630 Additional data regarding Dorothy's sales of Xpert snowboards are provided below. Assume that Dorothy's uses a perpetual inventory system. Date Units Unit Price Total Revenue Sept. 5 Sale 10 $190 $1,900 Sept. 16 Sale 50 190 9,500 Sept. 29 Sale 60 206 12,360 Totals 120 $23,760 X Your answer is incorrect. Compute ending inventory at September 30 using FIFO, LIFO, and moving-average cost. (Round average-cost per unit to 2 decimal places, eg. 12.50 and final answer to O decimal places, e.g. 1,250.) The ending inventory FIFO 4725 LIFO 5225 MOVING AVERAGE COST…
226 CHAPTER 5 Accounting for Merchandising Activities Mountain Mabel's is a simali general store located just outside of Yeilowstone National Park store uses a periodic inventory system. Every January 1. Mabel and her husband close the e and take a complete physical inventory while watching the Rose Parade on television. Las e the inventory amounted to $5.200; this year it totaled $3,800. During the current year, the bus ness recorded sales of S125.000 and purchases of $62,000. PROBLEM 5.4 The Periodic Inventory System LO 4, 5 Instructions n. Compute the cost of goods sold for the current year. b. Explain why a small business such as this might use the periodic inventory system. C. Explain some of the disadvantages of the periodic system to a larger business, such as a Sears store.
eBook Show Me How Caloulator Print Item Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. what is the amount of the gross profit? Check My Work Email Instructor Save and Exit All work saved. ch %23
SALES JOURNAL Futi Ishanyan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales. Aug. 1Sale No. 213 to Jeter Manufacturing Co., 1,300, plus sales tax. 3Sale No. 214 to Hassan Co., 2,600, plus sales tax. 7Sale No. 215 to Habrock, Inc., 1,700, plus sales tax. (Open a new account for this customer. Address is 125 Fishers Dr., Noblesville, IN 478708867.) 11Sale No. 216 to Seth Mowbray, 1,400, plus sales tax. 18Sale No. 217 to Hassan Co., 3,960, plus sales tax. 22Sale No. 218 to Jeter Manufacturing Co., 2,800, plus sales tax. 30Sale No. 219 to Seth Mowbray, 1,900, plus sales tax. Required 1. Record the transactions in the sales journal starting with page 8. Total and verify the column totals and rule the columns. 2. Post from the sales journal to the general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter.
23 please quickly thanks! calculations See the transactions in the picture presented. a. Record the journal entries of the transactions on Nov 6th. (Assuming the purchase is on credit) b. How much is the merchandise sold using perpetual LIFO method? (Show the calculations) C. How much is the gross profit in November? Nov 1 Inventory 140units at $25 Nov 6 Credit Sales 60 units at $30 (Selling price) Nov 14 Purchase 100 units at $22 Nov 19 Credit Sales 80 units at $30 (Selling price) Nov 25 Credit Sales 60 units at $30 (Selling price) Nov 30 Purchase 70 units at $20
View Policies Current Attempt in Progress Your accounts receivable clerk, Helen Adams, to whom you pay a salary of $1,540 per month, has just purchased a new Acura. You decide to test the accuracy of the accounts receivable balance of $85,700 as shown in the ledger. The following information is available for your first year in business. Collections from customers Merchandise purchased (1) (2) (3) Ending merchandise inventory (4) Goods are marked to sell at 40% above cost $196,400 321,300 98,550 Compute an estimate of the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account. The ending balance of accounts receivable from customers $ Apparent shortage