please answer this question I need a help on this please Question 2During January 2017, Ezy PC Ltd, a retailer of personal computers, began operations. Thetransactions for January were as shown below.Jan. 5S1013162225Required:A.methods:Purchased 8 computers @ $1300 each.Sold 3 computers @ $2500 each.Purchased 3 computers @ $1400 each.Sold one computer @ $2500.Sold 2 computers @ $2500 each.Purchased 4 computers @ $1500 each.Sold 2 computers $2600 each.Record the information on a perpetual inventory record using each of the following1. FIFO2 LIFO

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Description: please answer this question I need a help on this please Question 2During January 2017, Ezy PC Ltd, a retailer of personal computers, began operations. Thetransactions for January were as shown below.Jan. 5S1013162225Required:A.methods:Purchased 8 co

Inventory Valuation Method includes: FIFO method LIFO method Weighted average method FIFO method -…

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Question 2 During January 2017, Esy PC Ltd, a retailer of personal computers, began operations. The transactions for January were as shown below. Jan 5 8 10 13 16 22 25 Required: A methods: Purchased Scomputers @ $1300 each. Sold 3 computers @ $2500 each. Purchased 3 computers @ $1400 each. Sold one computer @ $2500. Sold 2 computers @ $2500 each. Purchased 4 computers @ $1500 each. Sold 2 computers @ $2600 each. Record the information on a perpetual inventory record using each of the following 1. FIFO 2 LIFO

Question 2 During January 2017, Esy PC Ltd, a retailer of personal computers, began operations. The transactions for January were as shown below. Jan 5 8 10 13 16 22 25 Required: A methods: Purchased Scomputers @ $1300 each. Sold 3 computers @ $2500 each. Purchased 3 computers @ $1400 each. Sold one computer @ $2500. Sold 2 computers @ $2500 each. Purchased 4 computers @ $1500 each. Sold 2 computers @ $2600 each. Record the information on a perpetual inventory record using each of the following 1. FIFO 2 LIFO

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2EA: Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250...

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Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17
Ariel Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a price of $400 per phone. Terms of the purchase are 3/5, n/30 with an invoice date of November 3. Ariel Enterprises pays in full for the phones on November 6. Create the journal entries for Ariel Enterprises for the following transactions. A. the initial purchase B. the subsequent payment on November 6
UNIVERSAL APPLIANCES uses a perpetual system The following are the recent merchandising transactions : 2017 Dec 17 Purchased 10 juicer machines from Westpoint on credit. Invoice price, $300 per unit, for a total of $3,000. The terms of purchase were 2/10, n/30. Dec 18 Sold two of these units for $450 each. Dec 27 Paid the account payable to Westpoint within te discount period. Required : Record journal entries assuming that UNIVERSAL APPLIANCES records purchases at : Net Cost Gross Invoice Price Assume that UNIVERSAL APPLIANCES did not pay within discount period. Record journal entries for making payment on Dec 29 at : Net Cost Method Gross Invoice Price Method
[The following information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations: Jan. 20 Purchased 400 units @ $ 8 = $ 3,200 Apr. 21 Purchased 200 units @ $ 10 = 2,000 July 25 Purchased 280 units @ $ 13 = 3,640 Sept. 19 Purchased 90 units @ $ 15 = 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. Requireda. Compute the amount of ending inventory The Shirt Shop would report on the balance sheet, assuming the following cost flow assumptions: (1) FIFO, (2) LIFO, and (3) weighted average. (Round intermediate calculations to 2 decimal places and final answers to nearest whole dollar amount.) b. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions.
Required Informatlon [The following Information applies to the questions displayed below.] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 50e units @ $ 7 = Purchased 3e0 units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = $3,500 2,700 January 20 April 21 July 25 September 19 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. c. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptlons. Difference in gross margin between the FIFO and LIFO cost flow assumptions
pogle Chrome updates, you'll need OS X 10.11 or later. This computer is using 08 X 10.10. octoring Enabled: Exam 1 (Chapters 1-4) Help Seve &Exit Submit The following Income statement Items appeared on the adjusted triel balance of Faxworthy Corporation for the year ended December 31, 2021 ($ In 000s): sales revenue, $22,000; cost of goods sold, $14,350; selling expense, $2,270; general and administrative expense, $1,170; dividend revenue from Investments, $170; Interest expense, $270. Income taxes heve not yet been accrued. The company's Income tax rate Is 25% on all Items of Income or loss. These revenue and expense Items appear In the company's Income statement every year. The company's controller, however, has asked for your help In determining the appropriate treatment of the following nonrecurring transactions that also occurred during 2021 ($ In 000s). All transactions are materlal In amount. 18 1. Investments were sold during the year at a loss of $270. Foxworthy also had an…
es Required information [The following information applies to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 Purchased 480 units @ $9- Purchased 200 units @ $11- Purchased 360 units @ $14- Purchased 170 units@ $16- September 19 During the year, The Shirt Shop sold 1,050 T-shirts for $25 each. $4,320 3,080 Required B b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions. Complete this question by entering your answers in the tabs below. 5,040 2,720 Required B GJ Required 8 GJ Required B GJ Required B T LIFO FIFO WA Acc FIFO View transaction list Required B T Required BT Acc LIFO Acc WA Record the above transactions in general Journal form. (If no entry is required for a…
2. Al Wardi marketing company purchases mobiles directly from manufacturers and sells it to small retailers. The following transactions occurred during 2020: January, 12th: 75 mobiles on hand @ RO 30 each March, 21st: 80 mobiles purchased @ RO 40 each. May, 14th: 120 mobiles purchased @ RO 50 each. July, 10th: 80 mobiles purchased @ RO 60 each. September 16th: 50 mobiles purchased @ RO 80 each During 2020 Al Wardi company sold 300 mobiles. Required: Compute the Cost of Inventory sold and the value of closing inventory during 2020 under the following cost inventory methods. (a). First in, first out (FIFO) (b). Last in, first out (LIFO) (c) Average cost method
EA10. LO 6.4Record the journal entries for the following sales transactions of Apache Industries. Nov. 7Sold 10 computers on credit for $870 per computer. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per computer to Apache is $560. Nov. 14The customer returned 2 computers for a full refund from Apache. Apache returns the computers to their inventory at full cost of $560 per computer. Nov. 21The customer paid their account in full from the November 7 sale.
Make a Sales journal entries for the following: EA11. L0 6.4 Record the journal entry or entries for each of the following sales transactions. Glow Industriessells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms ofthe sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrongcolor and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights,less the allowance. Check Figures:• May 9th entry should include a credit toInventory of $5,520• May 21st entry should include a credit toA/R for $9,100 I've attached the exa exercise below to support for your work ?
Directions: Show complete solutions. Take a picture of your solutions and paste in word. Submit the word file version to my email no later than 10:30am today. Thanks. Problem 1: Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020. Inventory at December 31, based on physical count – P1,750,000 Accounts payable at December 31 – P1,200,000 Net sales – P8,500,000 Additional information: Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier. Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020. Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020. Tools returned by…
Required information (The following information applies to the questions displayed below.) The Shirt Shop had the following transactions for T-shirts for Year 1, its first year of operations. January 20 April 21 July 25 September 19 Purchased 4800 units es 8 Purchased 200 units e $10 Purchased 280 units @ $13 Purchased 90 units @ $15 $3, 200 2, e00 3,640 1,350 During the year, The Shirt Shop sold 810 T-shirts for $20 each. b. Record the above transactions in general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.