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Question
Submitted by Canvas on Sun, 2012-07-01 21:03
due on Fri, 2012-07-06 15:00
answered 2 time(s)
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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.

Answer
Submitted by Asma on Wed, 2012-07-04 12:29
teacher rated 374 times
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price: $40.00

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Solution - Easy to understand

body preview (15 words)

xxxxxx xxxx attached file xxx xxx me know if need xxxxxxx xxxx or xxxxxxxxxxxxxxxxxxxx

file1.docx preview (760 words)

xxx xxxxxxxxx xxxx selected xxxx xxxxx the transactions completed xx Calworks Company during xxxxx of the current year:

xxxx xx xxxxxxxxx merchandise on xxxxxxx xxxx xxxxxxxx xxxx list xxxxx $42,000, trade discount xxxx xxxxx xxx xxxxxxxxxxxx xxxxx xxxx

xx xxxx merchandise for cash, xxxxxxxx xxx xxxx xx the xxxxxxxxxxx xxxx xxx xxxxxxxx

5. Purchased merchandise xx xxxxxxx from xxxxxxxx xxxx $21,300, terms xxx xxxxxxxx point, xxxxx n/30 xxxx xxxxxxx freight xx $600 xxxxx xx xxx invoice.

6. xxxxxxxx xxxxxx of merchandise purchased xx April x xxxx Prescott xxx

xxx Sold merchandise on account to xxxxx Co., xxxx price xxxxxxx trade xxxxxxxx 20%, terms 1/10, n/30. The xxxx of xxxxxxxxxxx sold was $4,500.

13. Paid Prescott Co. on xxxxxxx xxx purchase xx xxxxx 3, xxxx xxxxxx xx xxxxx 6 and xxxxxxxxx

xxx xxxx merchandise xx xxxxx $60,000. xxx xxxx xx xxx xxxxxxxxxxx xxxx xxx xxxxxxxx

xxx Paid xxxxxxxx xxx xx xxxxxxx for the purchase of xxxxx 5, less xxxxxxxxx

xxx Received xxxx on account xxxx sale of April 11 xx xxxxx xxxx less discount.

24. Sold merchandise on account to Alma xxx $9,200, terms 1/10, xxxxx The cost xx xxxxxxxxxxx xxxx xxx $5,500.

xxx xxxx VISA service xxx of $1,800.

xxx xxxxxxxx xxxxxxxxxxx xxxxxxxx xx Alma xxx from xxxx on xxxxx xxx xxxxxxx xxx xxxx xx returned merchandise xxx $720.

xxxxxxxxxxxxxxxx

xxxxxxxxxx xxx transactions

xxxx xx Merchandise xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

xxxxxxxx Payable—xxxxxxxx Co.

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file2.xls preview (39 words)

xxxxxx

xxxxxxxxxxxxxx
Costxxxxxx
Merchandise Inventory, April x xxxxxxxxxxxxxxxx
Purchases (net) xxxxx 1—xx 1,200,000 xxxxxxxxx
Merchandise Available for xxxx xxxxxxxxxxxxxxxxxxxx
xxxxx of xxxx to sale xxxxxx60.00%
xxxxx for April (net)xxxxxxxxx
Merchandise xxxxxxxxxx xxxxx xxx xx xxxxxx xxxxx $275,000
Merchandise xxxxxxxxxx xxxxx xxx at estimated xxxx ($275,000 × 60%) $165,000

Sheet2

x

xxxxxx

x


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Answer
Submitted by neel on Tue, 2012-07-03 15:15
teacher rated 551 times
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Answer rating (rated one time)

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Answer-100% correct solution

body preview (3 words)

HERE x xxxxxxxxxxxxxxxxx

file1.xlsx preview (224 words)

xxxxxx

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Solution 1
3-Aprxxxxxxxxxxxxxxxx
Presctt xxx xxxxx
xxxxx xxxx18200
Sale 18200
4-Aprxxxxxxxxx
Merchandise xxxxx
5-AprMerchandise xxxxx
Freightxxx
xxxxxxxx Co. 21900
xxxxx xxxxxxx Co. 6000
Merchandise xxxxxxxxxx
11-Apr Logan Co. 6800
Sale xxxx
xxxxxxxxxx4500
xxxxxxxxxxx xxxx
13-AprPrescott Co.xxxxx
xxxxxxxxxxx
xxxx18816
14-Apr VISA60000
Sale60000
xxxxxx xxxxxxxxx
Merchandise36000
xxxxxx xxxxxxxx xxx21900
Discount xxx
Cash21474
xxxxxx Cash 6732
xxxxxxxx68
xxxxx Co.6800
24-Aprxxxx Co. 9200
xxxx9200
xxxxxxCOGS xxxx
Merchandise 5500
28-Apr VISA xxxxxxx Feexxxx
Cash xxxx
30-AprSales xxxxxx1200
Alma xxx 1200
30-Apr Merchandise 720
xxxxxxxxxxx720
Solution 2
FIFO
Unitsxxxxx xxxxCost COGS Total
xxx Inventoryxxxxxxxxxx xxxxx
Salexxx xx xxxx 2250
xxxxxxx xx xxxxxx
xxxxxxxxxxx 78 xxxxx 33450
Sale 30 xx xxxx31200
xxxx170 xxxxxxx17940
xxxxxxx 230 78xxxxx
xxxxxxxxxxx xx xxxxx41940
Sale230 xx1794024000
Sale 60xxxxxx 19200
Balance 240 8019200
LIFO
Unitsxxxxx xxxxCost COGSTotal
Beg xxxxxxxxxxxx75xxxxx 11250
xxxx 120 xx 9000 2250
xxxxxxx30 752250
Purchasexxx7831200 33450
xxxx200 xx 1560017850
xxxxxxx3075 xxxx
xxx 7815600 xxxxx
xxxxxxxx xxx 80xxxxx 41850
Sale xxxxx23200 18650
Balance 30 75 2250
xxx 7815600
xxxxxxxxxxxx
Solution 3
FIFO
Units xxxx CostCost
xxxxxxx xxxxxxxxx27 120 3240
xxx xxxxxxxxx xx1387452
xxxPurchasesxxxxx9828
xxx Purchases 36 165xxxx
Lessxxxxxxx xx156 2184
xxxxClosing 36xxx 5940
xxxxx Sold xx xxx xxxx
Units Soldxx xxxxxxx
xxxxx xxxx49 xxx xxxx
COGS 130 xxxxx
LIFO
xxxxx Unit xxxx Cost
xxxxxxx Inventory xxxxx3240
Addxxxxxxxxx xxxxxxxxx
xxxxxxxxxxxx 631569828
xxx Purchases xxxxx 5940
xxxx xxxxxxx27 120 3240
xxxxClosing 23xxx3174
Units Sold 36 165 5940
Units Sold xxxxx 9828
xxxxx Sold31 138 4278
xxxx 130 20046
xxxxxxx xxxx Method
xxxxx Unit xxxxCost
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