Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported In

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Seemore Lens Company Slc Sells Contact Lenses Fob Destination For The Year Ended December 31 The Company Reported In 1 (48.02 KiB) Viewed 40 times

Seemore Lens Company Slc Sells Contact Lenses Fob Destination For The Year Ended December 31 The Company Reported In 2 (45.2 KiB) Viewed 40 times

Seemore Lens Company Slc Sells Contact Lenses Fob Destination For The Year Ended December 31 The Company Reported In 3 (37.43 KiB) Viewed 40 times

Seemore Lens Company Slc Sells Contact Lenses Fob Destination For The Year Ended December 31 The Company Reported In 4 (33.03 KiB) Viewed 40 times

Seemore Lens Company (SLC) sells contact lenses FOB destination. For the year ended December 31, the company reported Inventory of $73,000 and Cost of Goods Sold of $426,000. a. Included in Inventory (and Accounts Payable) are $10,600 of lenses SLC is holding on consignment. b. Included in SLC's Inventory balance are $5,300 of office supplies held in SLC's warehouse. c. Excluded from SLC's Inventory balance are $8,300 of lenses in the warehouse, ready to send to customers on January 2. SLC reported these lenses as sold on December 31, at a price of $15,600. d. Included in SLC's Inventory balance are $3,150 of lenses that were damaged in December and will be scrapped in January, with zero realizable value. Required: For each item, (a)-(d), prepare the journal entry to correct the balances presently reported. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 5 To record the elimination of $8,300 cost of goods sold in December for a sale to be made in January. Note: Enter debits before credits. Transaction General Journal Debit Credit c-1. < Prev Next > 2 of 7
Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January, Sales totaled 270 units. Beginning Inventory Date January 1 January 15 Units 220 480 Unit Cost $ 85 95 Purchase Total Cost $ 18,700 45, 600 23,000 Purchase January 24 200 115 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number and cost of goods available for sale. Number of Goods Available for Sale units Cost of Goods Available for Sale Frequired Required 2 >
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the number of units in ending inventory. Ending Inventory units < Required 1 Required 3 >
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. Cost of Goods Cost of Ending Inventory Sold FIFO LIFO Weighted Average Cost < Required 2 BEN