Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: *Chart Attached* $_______________ B): On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $313,900 and sales amounted to $611,400. Gross margin on sales was 69%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). $

Universal Suppliers had sales of $477,000 in the month of June. Use the retail method to estimate the value of the inventory (in $) as of June 30 given the following financial information: Chart Attached $_______________ B): On July 1, the total inventory for Save-Mor Merchandisers was $614,100. Net purchases during the month were $313,900 and sales amounted to $611,400. Gross margin on sales was 69%. Estimate the cost value of the inventory as of July 31 using the gross profit method (in $). $

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.10C

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View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700@ 2.90 6. 6430 @ 5.70 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answer
PROBLEM 10: The purchases journal of YYY Enterprises shows the following invoices: Invoice Invoice Date Number Amount Date FOB Term Received DECEMBER 2021 251 P20,000 23-Dec Destination 24-Dec 252 24,000 23-Dec Destination 29-Dec 253 16,000 26-Dec Shipping point 30-Dec 254 18,000 26-Dec Shipping point 5-Jan 255 27,000 2-Jan Destination 31-Dec 256 21,000 31-Dec Destination 4-Jan 257 2,000 27-Dec Shipping point 21-Dec 258 50,000 8-Jan Shipping point 2-Jan 259 12,000 22-Dec Destination 28-Dec 260 22,000 28-Dec Destination 27-Dec JANUARY 2022 261 P30,000 28-Dec Destination 4-Jan 262 24,000 29-Dec Destination 28-Dec 263 15,000 30-Dec Shipping point 31-Dec 264 6,500 2-Jan Shipping point 5-Jan 265 8,500 28-Dec Shipping point 4-Jan 266 19,000 30-Dec Destination 6-Jan How much of these invoices must be reported as part of inventory?
VVIICH UI the TVWO TmetiTIOUS UC you pTeter affa wiry: P8-4 (LO3) EXCEL (Compute FIFO, LIFO, and Average-Cost) Hull Company's record of transactions concerning part X for the month of April was as follows. Purchases Sales April 1 (balance on hand) 100 @ $5.00 April 5 300 400 @ 5.10 12 200 11 300 @ 5.30 27 800 18 200 @ 5.35 28 150 26 600 @ 5.60 30 200 @ 5.80 Instructions (a) Compute the inventory at April 30 on each of the following bases. Assume that perpetual inventory records are kept in units only. Carry unit costs to the nearest cent. (1) First-in, first-out (FIFO). (2) Last-in, first-out (LIFO). (3) Average-cost.
laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acer
Spot rate A$1.00 = £0.37 Date Event Order £300,000 of inventory Purchase takes place as inventory shipped to Fujitsu Ltd | A$1.00 = £0.41 (FOB) End of financial year Inventory arrives at warehouse Payment of £300,000 to supplier 15 March 2019 11 May 2019 30 June 2019 A$1.00 = £0.43 02 July 2019 14 August 2019 A$1.00 = £0.42 A$1.00 = £0.39 Required: a) Prepare appropriate journal entries for each relevant event. nearest dollar). Show your working. b) What is a qualifying asset? Provide two (2) examples. (Round amounts to the
PERIODIC registered for VAT AND us ES the Bpeterel inventory styskem. The following transachons fook place during CC Stores is mach Sales of merchan dise, Rsiso C VAT included) cash. The cost picce was R2500C ercluding vAT) 2020 JOurnalize The ABOVE TRANSACHION BANK SALES VAT OUTPUT COST OF SALES INVENTORt
8 After clicking the Sales Dollars field in the PivotTable shown below, which of the following will open the Value Field Settings dialog box? Year A 1 2 3 Row Labels 4 January 5 February 6 March 7 April 8 May June 10 July 11 August 12 September 13 October 14 November 15 December 16 Grand Total 17 (All) B Sales Dollars $122,890 $113,055 $132,655 $99,370 $105,270 $43,485 $38,480 $103,170 $159,960 $201,950 $213,940 $232,425 $1,566,650 с
PROBLEM 10: The purchases joumal of YYY Enterprises shows the following invoices: Invoice Invoice Date Number FOB Term Amount DECEMBER 2021 251 Date Received Destination Destination Shipping point Shipping point Destination P20,000 23-Dec 24-Dec 252 24,000 16,000 18,000 27,000 21,000 2,000 50,000 12,000 22,000 23-Dec 29-Dec 253 254 255 26-Dec 30-Dec 26-Dec 2-Jan 31-Dec 5-Jan 31-Dec 256 Destination 4-Jan 257 27-Dec Shipping point Shipping point Destination 21-Dec 258 8-Jan 2-Jan 259 22-Dec 28-Dec 28-Dec 27-Dec 260 Destination JANUARY 2022 261 P30,000 28-Dec Destination 4-Jan 262 24,000 15,000 6,500 8,500 19,000 29-Dec Destination 28-Dec 263 30-Dec Shipping point Shipping point Shipping point Destination 31-Dec 264 265 266 2-Jan 5-Jan 28-Dec 30-Dec 4-Jan 6-Jan 11. How much of these invoices must be reported as part of inventory?
Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: In addition, the following price indexes are available: Required: Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places.
Question 33 of 50 -/ 1 View Policies Current Attempt in Progress Transactions for the month of June were: Purchases Sales June 1 (balance) 3130 @ $3.00 June 2 2300 @ $5.70 8700 @ 2.90 6. 6430 @ 5.70 7 4710 @ 3.10 9. 4080 @ 5.70 15 7150 @ 3.20 10 1600 @ 7.00 22 2060 @ 3.30 18 5620 @ 7.00 25 790 @ 7.00 Assuming that perpetual inventory records are kept in units only, the ending inventory on an average-cost basis, rounded to the nearest dollar, is (Round average cost per unit to 2 decimal places, e.g. 1.48.) O $15347. O $15086. O $14547. O $15467. Save for Later Attempts: 0 of 2 used Submit Answer II
Question 18 and 19: Presented below is information related to Carnation with, Incorporated: Cost P 250,000 898,500 60,000 18,000 Retail P 390,000 1,460,000 80,000 Inventory, January 1, 2015 Purchases Purchase returns Purchase discounts Sales (net of 2% discounts) Sales returns 0- -0- -0- 80,000 1,234,800 95,550 -0- Freight-in 18. Assuming that Camation, Inc, uses the average retail inventory method, how much would be the cost of its ending inventory at December 31, 2015? 19. Assuming that Carnation, Inc. uses the FIFO retail inventory method, how much would be the cost of its ending inventory at December 31, 20157
14. Find the average daily balance (new purchases included). Dates Payment # of days Sum of Balances Purchase End-of-Day Balance 2/1-2/5 $600 X 5 2/6 $221.00 821.00 2/7-2/14 821.00 8 2/15 $725.00 98.00 1 2/16-2/28 96.00 X 13 TOTAL AVERAGE DAILY BALANCE %24 x ×