Please don't give image format QuesQuestQuestQuesQuesData tableDate ItemNov. 1Nov. 6Nov. 8Nov. 17.Nov. 30BalanceSalePurchaseSaleSalePrintQuantity8 $212Unit Cost72123Done75IRequirements1. Prepare Putter's Paradise's perpetual inventory record for the puttersassuming Putter's Paradise uses the LIFO inventory costing method. Thenidentify the cost of ending inventory and cost of goods sold for the month.2. Joumalize Putter's Paradise's inventory transactions using the LIFOinventory costing method. (Assume purchases and sales are madeon account.)PrintDoneXSUGE Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $120. Company records indicate thefollowing for a particular line of Putter's Paradise's putters:(Click the icon to view the records.)Read the requirements.Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balancesafter each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost ofinventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)Inventory on HandUnitCost8 $ 72 $Date QuantityNov. 1Nov. 6Purchases:UnitCostTotalCostCost of Goods SoldUnitCostQuantityTotalCostQuantityTotalCost576

LIFO Method -This is the method of inventory valuation. Under this method inventory purchased latest…

Data table Date Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Item Balance Sale Purchase Sale Sale Quantity Unit Cost 8 $ 72 2 12 12 3 75 Requirements Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Joumalize Putter's Paradise's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) 1. Print Done

Data table Date Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Item Balance Sale Purchase Sale Sale Quantity Unit Cost 8 $ 72 2 12 12 3 75 Requirements Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Joumalize Putter's Paradise's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) 1. Print Done

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 3E: Beginning inventory, purchases, and sales data for portable game players are as follows: The...

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Golf Haven Superstore carries an inventory of putters and other golf clubs. The sales price of each putter is $144. Company records indicate the following for a particular line of Golf Haven Superstore's putters View the records. Read the requirements. Requirement 1. Prepare Golf Haven Superstore's perpetual inventory record for the putters assuming Golf Haven Supersto Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar. Then identify the cost Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the Date Jun. 1 Jun 6 Jun 8 Quantity 12 Purchases Unit Cost 75 Total Cost 900 Cost of Goods Sold Unit Cost Quantity Total Cost 2 $ 72 $ 144 Inventory on Hand Unit Quantity Cost 8 $ 65 6 72 S 72 S Total Cost 576 432 450 Records Date Jun. 1 Jun. 6 Jun. 8…
RMPW makes and sells premium Ultimate Ale and related products.All purchases and sales are made On credit . RMPW uses the perpetual inventory system. They also use the 3-way match to verify invoices and record purchases. Analyze the events below and complete the requirements. 1. June 15: Shipped and billed (sold) 50 cases of ale to Eagles bar for $500. Prepare invoice number 200. The ale cost RMPW $300. 2. July 17: Received $2,000 from Longhorn (customer) for goods that were delivered and billed the prior month. 3. July 31: Received invoice for $1000 from TD Hops for raw materials that have been received and ordered. RMPw performed the 3 way match. (Assume RMPW records purchases when they perform the 3way match) Requirements: for each event identify A) account (s) debited B) account (s) credited C) the special journal used to record the event D) any subsidiary ledgers updated from the event.
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Golf Haven carries an inventory of putters and other golf clubs. Golf Haven uses the FIFO method and a perpetual inventory system. The sales price of each putter is $128. Company records indicate the following for a particular line of Golf Haven’s putters: A)Prepare a perpetual inventory record for the putters. Then determine the amounts Golf Haven should report for ending inventory and cost of goods sold using the FIFO method. B)Journalize Golf Haven’s inventory transactions using the FIFO method.
Using the following accounts, record journal entries using the periodic inventory system for the following purchase transactions of Apex Industries. Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances Accounts Payable Merchandise Inventory Sales Cash Purchases Sales Returns and Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. DR CR Returned 5 defective computers for a full refund from the manufacturer on November 10. DR CR Paid account in full from the November 6 purchase on November 22. DR CR
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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: 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 $30 each. Alpharack paid Barker Trucking $195 to transport the tennis rackets from the manufacturer to Alpharack's warehouse, shipping terms were F.O.B. shipping point, and the items were shipped on April 2. On April 3, Alpharack purchased, for cash, 115 packs of tennis balls for $10 per pack. 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. On April 10, Alpharack paid for the purchase of the tennis rackets in Transaction a. On April 15, Alpharack determined that $325 of the tennis clothing was defective. Alpharack returned the…
A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May. Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Show any calculations. Printing the problem information is permitted but only for personal use during the exam. a) Use the FIFO (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1).b) Prepare the journal entries to record sales transactions on May 7 and 19. All sales were on account c) If the retailer uses a periodic inventory and Average cost method to value its inventory and cost of goods sold. Calculate the cost of goods sold for the month of May. Instructions: Write you answers by…
Here are some possible relevant accounts for the journal entries that follow: Cash Merchandise Inventory Interest Expense Accounts Payable Accounts Receivable Interest Income Sales Short-Term Notes Payable PLEASE NOTE: You will enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345). Follow the textbook format for the order of accounts in the journal entries. Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. Record the journal entries to recognize the initial purchase, the conversion, and the payment On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. DR CR On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a…
Record journal entries for the following transactions for Captain Harry Outfitters using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Captain Harry Outfitters purchased 100 tents for $15,000 on account. 2. Captain Harry Outfitters purchased 10 display cases for $4,100 on account. 3. Captain Harry Outfitters purchased 50 rain ponchos for $800 cash. 4. Captain Harry Outfitters purchased 25 cartons of price tags for $255 for cash. 5. Captain Harry Outfitters paid for shipping costs for the purchase in transaction 1. Cost is $410. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5.
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Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.