Determine the gross profit using the periodic inventory system and the LIFO inventory method, assuming that 16 units wer

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Determine the gross profit using the periodic inventory system and the LIFO inventory method, assuming that 16 units were sold at a sales price of $16.
a.$178
b.$198
c.$78
d.$88
The following three identical units of item ABC are purchased during July:
Assume that one unit is sold on July 30 for $66. Determine the gross profit for July and ending inventory on July 31 using the first-in, first out (FIFO) method.
a.Gross profit = $22; ending inventory = $88
b.Gross profit = $36; ending inventory = $102
c.Gross profit = $36; ending inventory = $88
d.Gross profit = $8; ending inventory = $74
Determine the cost of merchandise sold for the transaction on October 8 using the perpetual inventory system and the LIFO method.
a.$62
b.$72
c.$240
d.$96
Days' sales in inventory is computed as
a.Cost of Merchandise Sold ÷ Average Inventory.
b.Average Inventory ÷ Average Daily Cost of Merchandise Sold.
c.Sales ÷ Average Daily Cost of Merchandise Sold.
d.Sales ÷ 365 days.
Inventory turnover is computed as
a.Average Inventory ÷ Average Daily Cost of Merchandise Sold.
b.Average Inventory ÷ Sales.
c.Sales ÷ Cost of Merchandise Sold.
d.Cost of Merchandise Sold ÷ Average Inventory.
The ending inventory valuation using the FIFO cost flow method is made up of
a.the oldest purchases.
b.a weighted average of all purchases.
c.the most recent purchases.
d.None of these choices are correct.
When using the periodic FIFO inventory cost method, which of the following statements is correct?
a.The cost of merchandise on hand is made up of the most recent costs.
b.The physical count determines the inventory on hand.
c.The cost of merchandise sold is made up of the earliest purchases.
d.All of these choices are correct.
Paragon Tire Co.’s perpetual inventory records indicate that $2,938,400 of merchandise should be on hand on March 31, 20Y9. The physical inventory indicates that $2,879,900 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Paragon Tire Co. for the year ended March 31, 20Y9.

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Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 20Y3. Zell Company provides customers refunds and allowances for any damaged merchandise. At the end of the year, Zell Company estimates that customers will request refunds and allowances for 1.5% of sales. Assume that on February 3, 20Y4, Zell Company paid a customer a $5,000 cash refund for damaged merchandise.
Required:

Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 4 (45.85 KiB) Viewed 29 times

Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 5 (20.16 KiB) Viewed 29 times

(a) Journalize the adjusting entry on December 31, 20Y3, to record the expected customer refunds and allowances

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(b) Journalize the entry to record the cash refund. Refer to the chart of accounts for the exact wording of the account titles.

Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 7 (8.28 KiB) Viewed 29 times

On March 31, 20Y4, the balances of the accounts appearing in the ledger of Danns Furnishings Company, a furniture wholesaler, are as follows:
Journalize the closing entries. Refer to the chart of accounts for the exact wording of the account titles

Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 8 (33.64 KiB) Viewed 29 times

Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 9 (15.28 KiB) Viewed 29 times

The following were selected from among the transactions completed by Harrison Company during November of the current year:
Required:

Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 10 (49.22 KiB) Viewed 29 times

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Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 12 (22.47 KiB) Viewed 29 times

Determine The Gross Profit Using The Periodic Inventory System And The Lifo Inventory Method Assuming That 16 Units Wer 13 (14.01 KiB) Viewed 29 times

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ASSETS Paragon Tire Co. General Ledger 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 216 Salaries Pavable REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense

218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing

1 2 3 DATE Mar. 31 DESCRIPTION Adjusting Entries JOURNAL POST. REF. DEBIT Score: 6/25 CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY

ASSETS CHART OF ACCOUNTS Zell Company General Ledger 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense

LIABILITIES 210 Accounts Payable 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 536 Credit Card Expense 539 Miscellaneous Expense 710 Interest Expense

1 2 3 DATE Dec. 31 DESCRIPTION Adjusting Entries JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY

1 2 DATE DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY

ASSETS CHART OF ACCOUNTS Danns Furnishings Company General Ledger 110 Cash 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies 190 Building 191 Accumulated Depreciation-Building LIABILITIES 216 Salaries Payable 221 Notes Payable EQUITY 310 Kathy Melman, Capital 311 Kathy Melman, Drawing REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 523 Depreciation Expense 526 Salaries Expense 539 Selling Expenses 540 Administrative Expenses 710 Interest Expense

1 2 3 4 5 6 7 00 8 9 DATE DESCRIPTION Closing Entries JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY

ASSETS 110 Cash 121 Accounts Receivable-Quinn Co. 122 Accounts Receivable-Rabel Co. 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies CHART OF ACCOUNTS Harrison Company General Ledger 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense

LIABILITIES 211 Accounts Payable-Moonlight Co. 212 Accounts Payable-Papoose Creek Co. 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 221 Notes Payable EQUITY 310 Owner, Capital 311 Owner, Drawing 539 Miscellaneous Expense 710 Interest Expense

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 DATE Nov. 3 Nov. 4 Nov.5 Nov. 6 DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING EQUATION ASSETS LIABILITIES EQUITY

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32