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 (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.
xxxxxxxxxx xxx transactions
xxxx xx Merchandise xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxx Payable—xxxxxxxx Co.
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file2.xls preview (39 words)
|Merchandise Inventory, April x||xxxxxxxxx||xxxxxxxx|
|Purchases (net) xxxxx 1—xx||1,200,000||xxxxxxxxx|
|Merchandise Available for xxxx||xxxxxxxxxxx||xxxxxxxxxx|
|xxxxx of xxxx to sale xxxxxxx||60.00%|
|xxxxx for April (net)xx||xxxxxxxxx|
|Merchandise xxxxxxxxxx xxxxx xxx xx xxxxxx xxxxx||$275,000|
|Merchandise xxxxxxxxxx xxxxx xxx at estimated xxxx ($275,000 × 60%)||$165,000|
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