Sales-related purchase related transactions, FIFO, LIFO costs under perpetual system, Periodic Inventory by methods, (see rest of problem for full title)
retail inventory method, Gross Profit method.
Okay, I provided a working papers template for this problem. The only thing I didn't include was a standard journal entry template. You will have to provide that for me to make all of the entries. This consists of about five small problems. Take a look at the attachments to get a feel for the assignment. If you need anymore information please feel free to contact me. The most important thing I expect is for the assignment to be into me on time. Please be accurate. Your services are appreciated. Have a great day.
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body preview (14 words)
Please xxxx xxxxxxxx file and xxx me xxxx if xxxx further xxxx or xxxxxxxxxxxxxxxxxxxx
file1.docx preview (899 words)
xxx following xxxx selected from xxxxx the xxxxxxxxxxxx completed xx xxxxxxxx Company during xxxxx xx xxx xxxxxxx xxxxx
xxxx xx Purchased merchandise on xxxxxxx xxxx xxxxxxxx Co., xxxx xxxxx $42,000, xxxxx discount 40%, terms FOB xxxxxxxxxxxx xxxxx xxxx
xx Sold merchandise for cash, xxxxxxxx The xxxx of xxx xxxxxxxxxxx sold was xxxxxxxx
5. xxxxxxxxx merchandise xx account from Stafford xxxx $21,300, xxxxx xxx xxxxxxxx point, 2/10, xxxx with xxxxxxx freight xx xxxx xxxxx xx xxx xxxxxxxx
xx xxxxxxxx $6,000 xx merchandise xxxxxxxxx on xxxxx 3 xxxx Prescott Co.
xxx xxxx xxxxxxxxxxx on xxxxxxx xx xxxxx Co., xxxx xxxxx $8,500, xxxxx discount 20%, xxxxx xxxxx n/30. The cost xx merchandise xxxx xxx $4,500.
13. xxxx xxxxxxxx Co. on account xxx purchase xx xxxxx 3, xxxx return of xxxxx
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file2.xls preview (49 words)
|Merchandise xxxxxxxxxx April 1||xxxxxxxx||xxxxxxxx|
|xxxxxxxxx xxxxx xxxxx 1—xxx||1,200,000||xxxxxxxxx|
|Merchandise xxxxxxxxx xxx xxxx||$1,380,000x||$2,300,000|
|Ratio of cost xx xxxx price:x||xxxxxx|
|xxxxx xxx xxxxx (net)||xxxxxxxxx|
|Merchandise inventory, xxxxx 30, xx retail xxxxx||$275,000|
|xxxxxxxxxxx inventory, April xxx xx estimated xxxx xxxxxxxxx × xxxxxx||$165,000|
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