Required information[The following information applies to the questions displayed below.]Tree Seedlings has the following current-year purchases and sales for its only product.DateJanuary 1January 3February 14February 15June 30November 6November 19View transaction listJournal entry worksheet1ActivitiesBeginning inventorySalesPurchaseSalesPurchaseSalesPurchaseTotals2DateJanuary 03Record the sale of goods.Note: Enter debits before credits.Record entryUnits Acquired at Cost100 units138 unitsGeneral Journal150 unitsClear entry44 units432 units3 4 5 6 7 8 9@ $2 = $ 200@ $3@ $4Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment that the comperpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are offered.@ $5Debit==$ 414$ 600$ 220$1,434Units Sold at Retail86 units@ $8120 units@ $8@ $8Credit122 units328 unitsView general journal>

The journal keeps the record of the transactions on regular basis. The cost of goods sold is…

[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 100 units 138 units Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 150 units 44 units 432 units @ $2 = $ 200 @ $3 = $414 @ $4 = @$5 = $ 600 $ 220 $ 1,434 Units Sold at Retail 86 units @ $8 120 units @ $8 122 units @ $8 328 units Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment tha perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are o

[The following information applies to the questions displayed below.] Tree Seedlings has the following current-year purchases and sales for its only product. Units Acquired at Cost 100 units 138 units Date January 1 January 3 February 14 February 15 June 30 November 6 November 19 Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals 150 units 44 units 432 units @ $2 = $ 200 @ $3 = $414 @ $4 = @$5 = $ 600 $ 220 $ 1,434 Units Sold at Retail 86 units @ $8 120 units @ $8 122 units @ $8 328 units Record journal entries for Tree Seedlings' sales and purchases transactions. Assume for this assignment tha perpetual inventory system and LIFO. All sales and purchases are made on account, and no discounts are o

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 3.8C

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Directions: Read each problem and do what is required. Write your answer on the table provide. Take note that the perfect score in each item Is 20 points with a corresponding one-point deduction in every incorrect Activity 2: Problem Solving answer. I. A company had the following transactions during December: 12/1/2020 - Sold merchandise on credit for PHP5.000, terms 3/10, n/30. The items sold had a cost of PHP3,500. 12/2/2020 - Purchased merchandise for cash, PHP720. 12/4/2020 - Purchased merchandise on credit for PHP2,600, terms 1/20, n/30. 12/6/2020 - Issued a credit memorandum for PHP300 to a customer who returned merchandise purchased on November 29. The returned items had a cost of PHP210. 12/10/2020 - Received payment for merchandise sold on December 1. 12/14/2020 - Received a credit memorandum for the return of faulty merchandise purchased on December 4 for PHP600. 12/20/2020 - Paid freight charges of PHP200 for merchandise ordered last month (FOB shipping point). mal…
Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for Longmire Sons.
eBook Show Me HowSpreadsheetPrint Item Question Content Area Inventory Write-Down The following information is taken from Aden Company's records: Product Group Units Cost/Unit Market/Unit A 1 700 $1.10 $0.90 B 1 250 1.50 1.55 C 2 150 4.90 5.15 D 2 100 6.50 6.40 E 3 80 25.00 24.60 Required: What is the correct inventory value if the company applies the LCNRV rule to each of the following? Individual items Product A $fill in the blank 1 630 Product B fill in the blank 2 375 Product C fill in
Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210
[The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 Required: Hemming uses a perpetual inventory system. Required 1 Required 2 Required 3 Date January 1 January 10 March 14 Total March 14 March 15 Complete this question by entering your answers in the tabs below. Goods Purchased Units Acquired at Cost @ $11.60 240 units # of units 370 units Cost per unit 440 units 140 units 1,190 units Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. Perpetual FIFO: Cost of Goods Sold Cost per unit 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO. 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross profit…
Suppose the following:Beginning Inventory = 11257Ending Inventory= 12407Beginning Receivables = 6167Ending Receivables = 6879Beginning Payables = 8498Ending Payables = 8829Credit Sales = 93480Cost of Goods Sold = 72325Calculate the following (round final answers to 2 decimal places):Operating Cycle = daysCash Cycle = days
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Activities Beginning inventory Sales. Purchase Sales Purchase Sales Purchase Totals Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale Date January 1 March 14 July 30 October 26 Less: Equals: Activity Beginning Inventory Purchase Purchase Purchase b) Gross Margin using Specific Identification # of units 260 420 460 160 1,300 Units Acquired at Cost @$12.40 = @$17.40 = 260 units. 420 units 460 units 160 units 1,300 units Cost Per Unit $ 12.40 $17.40 $22.40 $ 27.40 3 @ $22.40 # of units sold @$27.40 Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 160 units from the October 26 purchase. Using the specific identification method, calculate the following. = 0…
Required Information [The following Information applies to the questions displayed below.] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 March 25 March 29 Perpetual FIFO Perpetual LIFO Date March 1 March 5 Average March 5 March 9 Activities Beginning inventory Purchase Sales Complete this question by entering your answers in the tabs below. March 18 Purchase Purchase Sales Totals Average March 18 HTT 3. Compute the cost assigned to ending Inventory using (a) FIFO. (b) LIFO. (c) weighted average, and (d) specific Identification. For specific Identification, units sold include 105 units from beginning inventory, 235 units from the March 5 purchase. 85 units from the March 18 purchase, and 125 units from the March 25 purchase. March 25 Average March 25 March 29 Totals Compute the cost assigned to ending inventory using weighted average. Note: Round your average cost per…
Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual Inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18. March 25 March 29 Total Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Date March 1 March 5 March 18 March 25 Complete this question by entering your answers in the tabs below. 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO. (c) weighted average, and (d) specific identification. For specific Identification, units sold include 130 units from beginning Inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Weighted Average # of units Goods Available for Sale Perpetual FIFO Perpetual LIFO Compute the cost assigned to ending inventory using specific identification. For specific identification, units sold…
Display Financial Statement What is the G/L account number for Inventory-Suspense (Heaven)? Please use the following: company code = US00, Ledger 0L = (Leading Ledger), Statement Version = G000, Statement Type = Normal (Actual – Actual), End Period = 8/ 2020, Comparison End Period = 1 /2016, currency = US00. Select one: A. 200500 B. 200532 C. 200200 D. 202422
Sales and purchase-related transactions using perpetual inventory system The following were selected from among the transactions completed by Babcock Company during November of the current year: Instructions Journalize the transactions.
Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale January 1 March 14 July 30 October 26 Less: Equals: Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Activity Beginning Inventory Purchase Purchase Purchase # of units b) Gross Margin using Specific Identification Sales 200 350 Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following. 450 100 1,100 $ 35,200✔ 14,075✔ $ 21,125 Cost Per Unit $ 450 units 100 units 1,100 units 10.00 $ 15.00 $ Units Acquired at Cost 200 units @ $10…