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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 315 times
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price: $40.00

Answer rating (rated one time)

5

Solution - Easy to understand

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)

xxxxxx

xxxxxxxxxxxxx
xxxxRetail
Merchandise xxxxxxxxxx April 1 xxxxxxxx xxxxxxxx
xxxxxxxxx xxxxx xxxxx 1—xx1,200,000 xxxxxxxxx
Merchandise xxxxxxxxx xxx xxxx $1,380,000$2,300,000
Ratio of cost xx xxxx price:xxxxxx
xxxxx xxx xxxxx (net) xxxxxxxxx
Merchandise inventory, xxxxx 30, xx retail xxxxx $275,000
xxxxxxxxxxx inventory, April xxx xx estimated xxxx xxxxxxxxx × xxxx$165,000

Sheet2

xxxxxx

x


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Answer
Submitted by neel on Tue, 2012-07-03 15:15
teacher rated 531 times
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Answer rating (rated one time)

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Answer-100% correct solution

body preview (3 words)

HERE x GO...............

file1.xlsx preview (298 words)

Sheet1

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Solution 1
3-AprMerchandise xxxxx
xxxxxxx xxx xxxxx
xxxxx Cash18200
xxxx xxxxx
4-AprCOGSxxxxx
xxxxxxxxxxxxxxxx
xxxxxxxxxxxxxxxx 21300
xxxxxxxxxx
xxxxxxxx Co. 21900
6-Apr xxxxxxx Co.xxxx
Merchandise xxxxxx xxxx
xxxxxxxxxxx xxxxxxx
Salexxxx
xxxxxx xxxxxxxx
xxxxxxxxxxx 4500
13-Apr Prescott xxxxxxxx
xxxxxxxxxxx
Cash18816
xxxxxxVISA xxxxx
xxxx xxxxx
xxxxxxCOGS xxxxx
Merchandise 36000
15-Aprxxxxxxxx xxxxxxxx
xxxxxxxxxxx
Cash xxxxx
xxxxxxCash xxxx
Discount xx
Logan Co. xxxx
xxxxxxxxxx Co. 9200
xxxx 9200
24-Apr xxxxxxxx
xxxxxxxxxxx xxxx
xxxxxxxxxx xxxxxxx Fee xxxx
xxxx 1800
xxxxxx Sales xxxxxx1200
xxxx xxx 1200
30-Apr xxxxxxxxxxx720
xxxxxxxxxxx 720
Solution 2
FIFO
Unitsxxxxx Cost CostCOGS Total
xxx xxxxxxxxxxxxxx xxxxx 11250
Sale120xx9000 2250
xxxxxxx xxxx2250
xxxxxxxx400 xx 31200 33450
xxxxxx xx xxxx31200
xxxxxxx xx13260 17940
Balance230xx xxxxx
xxxxxxxx xxx 802400041940
Sale 230xx xxxxxxxxxx
Salexx xx xxxx 19200
xxxxxxx240 80 19200
xxxx
Units xxxxx CostxxxxxxxxTotal
xxx Inventory150xx 11250 11250
Sale xxx75 9000 xxxx
Balance xx 75 2250
xxxxxxxx 400xx 31200xxxxx
Sale200 xxxxxxx 17850
Balancexxxx xxxx
xxx78 1560017850
Purchasexxxxx2400041850
xxxx 290 80xxxxx 18650
Balance xx 75xxxx
xxx7815600
xx 80 80018650
xxxxxxxx x
FIFO
xxxxx xxxx CostCost
xxxxxxx Inventory27120 3240
Add Purchases54 xxx xxxx
xxx Purchasesxx1569828
xxxxxxxxxxxx xx xxx 5940
xxxxClosing14xxx xxxx
Less xxxxxxx 36xxx5940
Units Sold27 xxx xxxx
Units xxxx54138 7452
xxxxx Sold xxxxxxxxx
xxxxxxxxxxxx
xxxx
xxxxx Unit xxxx xxxx
xxxxxxx

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