1. Prepare the Inventory Stock Record and gross profit for theSprinkler Heads for Craig's Design and Landscaping on the followingComplete the Inventory Record using the FIFO (first-in first out) method for SprinklerHeads using the Sales and Purchase information below:Date2-Sep6-Sep8-Sep13-Sep14-SepType of TransactionPurchasePurchaseSalePurchaseSaleQuantity87101512Purchase/Sales Price2022502550$$$$$2. Craig has some questions regarding reporting and recordinginventory. Answer the following questions on the Questions sheet.Be sure to answer in complete sentences, using proper grammar and sentence structure. Inventory Record: Sprinkler HeadsFIFOPurchasesUnitDate Quantity Cost Total Cost Quantity CostSept. 2681314Cost of Goods SoldUnitTotalsNote: Not all cells will have data. Use cells as needed.Total CostInventory on HandQuantity Unit CostTotal CostCalculate the Gross Profit and Gross Profit % on the Sales for the Sprinkler Heads for the month of September:

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Description: 1. Prepare the Inventory Stock Record and gross profit for theSprinkler Heads for Craig's Design and Landscaping on the followingComplete the Inventory Record using the FIFO (first-in first out) method for SprinklerHeads using the Sales and Purchase

Periodic inventory system means where day to day in or out of goods is not recorded and value of…

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1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following Complete the Inventory Record using the FIFO (first-in first out) method for Sprinkler Heads using the Sales and Purchase information below: Date 2-Sep 6-Sep 8-Sep 13-Sep 14-Sep Type of Transaction Purchase Purchase Sale Purchase Sale Quantity 8 7 10 15 12 Purchase/Sales Price 20 22 50 25 50 $ $ $ $ $ 2. Craig has some questions regarding reporting and recording nventory. Answer the following questions on the Questions sheet. e sure to answer in complete sentences, using proper grammar and sentence structure.

1. Prepare the Inventory Stock Record and gross profit for the Sprinkler Heads for Craig's Design and Landscaping on the following Complete the Inventory Record using the FIFO (first-in first out) method for Sprinkler Heads using the Sales and Purchase information below: Date 2-Sep 6-Sep 8-Sep 13-Sep 14-Sep Type of Transaction Purchase Purchase Sale Purchase Sale Quantity 8 7 10 15 12 Purchase/Sales Price 20 22 50 25 50 $ $ $ $ $ 2. Craig has some questions regarding reporting and recording nventory. Answer the following questions on the Questions sheet. e sure to answer in complete sentences, using proper grammar and sentence structure.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 6E: Perpetual inventory using FIFO Assume that the business in Exercise 6-5 maintains a perpetual...

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Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for B76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for last-in, first-out (LIFO).
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Perpetual inventory using FIFO Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.
Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
ventory record for each of the 60 types of products the company keeps in stock. The following Perptual Imentory Raco Frecutive Suites, Inc., uses a perpetual inventory, systém. This system includes a perpetual in- pROnLNAN transactions show the purchases and sales of a particular desk chair (product code DC-7) during pl Imentory Ruco September: Balance on hand, 50 units, cost $60 each .., Sept. 1 Sept. Sept. 8 Sept. 9 Sept. 20 Sept. 25 Sept. 30 Sale, 5 units, sales price $110 each ...$3,000 4 Purchase, 20 unita, cost $65 each ...1,300 Sale, 35 units, sales price $100 each.. 3,500 2,00 ...6,000 Purchase, 40 units, cost $65 each Sale, 60 units, sales price $100 each.. 2.800 Purchase, 40 units, cost $70 each 550
Listed below are selected examples of transactions related to the purchase and sale of inventory from the perspective of the seller or the buyer as indicated. Assume a perpetual inventory system is in use. 1. N 2. 3. 4. 5. 6. 7. 8. 9. 10. 3. For each of the above transactions, indicate (a) the basic type (asset, liability, revenue, or expense) of each account to be debited and credited; (b) the specific name(s) of the account(s) to debit and credit (for example, Inventory); and (c) whether each account is increased (+) or decreased (-) and by what amount. The first one has been done for you as an example. (Enter specific debited account items in alphabetical order. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) 4. (a) Item Basic Type of Account 1. Asset 2. 5. 6. 7. 8. Buyer: Purchase of $2,940 of inventory for cash. Buyer: Return of $630 of inventory to seller for credit on account. Buyer: Purchase of $3,360 of inventory on…
Required:a. Complete a subsidiary ledger record for the computer using each of the three inventory valuation methods listed below 1. Average cost.2. FIFO.3. LIFO. Your inventory records should show both purchases of this product, the sale on Mar 31, and the balance on hand on Mar 31, 2020. b. Which of the three cost flow assumptions will result in reporting the lowest net income for the current year? Explain
EAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Beginning inventory, purchases, and sales for an inventory item are as follows: Sept. 1 Beginning Inventory 22 units @ $12 5 Sale 12 units 17 Purchase 21 units @ $13 30 Sale 19 units Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the cost of the merchandise sold for the September 30 sale ar (b) the inventory on September 30. a. Cost of merchandise sold 391 b. Inventory, September 30 %$4 537 Previous Next 3:3 5/9/
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $200 to the vendor. The journal entry to record these returns would be:
The journal entry to record the return of inventory purchased on credit under a periodic inventory system is a. Dr Accounts Payable; Cr Purchase Returns and Allowances b. Dr Purchase Returns and Allowances; Cr Accounts Payable c. Dr Accounts Payable; Cr Inventory d. Dr Inventory; Cr Accounts Payable