Question

In: Accounting

ABC Company has provided the following information from their records: &nb

ABC Company has provided the following information from their records:

Purchases Sales

Units Unit Cost Units Selling Price/Unit

Mar 1 Beginning inventory 100 $50

3 Purchase 60 $60

4 Sales 70 $100

10 Purchase 200 $70

16 Sales 80 $110

19 Sales 80 $110

25 Sales 50 $110

30 Purchase 40 $75

Using the inventory and sales data above, to complete the below inventory schedule under FIFO method and prepare the journal entries to record the sales on March 4. All sales are made on credit.

Inventory Schedule - FIFO
	PURCHASES			COST OF GOODS SOLD			BALANCE
Date	Units	Cost	Total	Units	Cost	Total	Units	Cost	Total

Expert Solution

Hi...

Inventory Schedule - FIFO
	Purchase			Cost of Goods Sold			Balance
Date	Units	Cost	Total	Units	Cost	Total	Units	Cost	Total
Mar. 1	100	50	5,000				100	50	5,000
Mar. 3	60	60	3,600				60	60	3,600
Mar. 4				70	50	3,500	30	50	1,500
							60	60	3,600
Mar. 10	200	70	14,000				30	50	1,500
							60	60	3,600
							200	70	14,000
Mar. 16				30	50	1,500	10	60	600
				50	60	3,000	200	70	14,000
Mar. 19				10	60	600	130	70	9,100
				70	70	4,900
Mar. 25				50	70	3,500	80	70	5,600
Mar. 30	40	75	3,000				80	70	5,600
							40	75	3,000
Mar. 31	400		25,600	280		17,000	120		8,600

Journal Entry for Sale

Date Particulars Debit Credit

Mar. 4 Account Receivable $7,000

Sales Revenue $ 7,000

Cost of Goods Sold $ 3,500

Inventory $ 3,500

ekkarill92 answered 5 months ago

LaBBC Company has provided the following information from their records: &

LaBBC Company has provided the following information from their records: Purchases Sales Units Unit Cost Units Selling Price/Unit Mar 1 Beginning inventory 100 $50 3 Purchase 60 $60 4 Sales 70 $100 10 Purchase 200 $70 16 Sales 80 $110 19 Sales 80 $110 25 Sales 50 $110 30 Purchase 40 $75 Using the inventory and sales data above, to complete the below inventory schedule under average cost method and prepare the journal...

Kingbird Company, a manufacturer of small tools, provided the following information from its accounting records for...

Kingbird Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical count of goods in Kingbird’s plant, at cost, on December 31, 2020) $1,419,220 Accounts payable at December 31, 2020 1,295,400 Net sales (sales less sales returns) 8,926,300 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...

Sunland Company, a manufacturer of small tools, provided the following information from its accounting records for...

Sunland Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2020. Inventory at December 31, 2020 (based on physical count of goods in Sunland’s plant, at cost, on December 31, 2020) $1,467,950 Accounts payable at December 31, 2020 1,182,000 Net sales (sales less sales returns) 7,990,400 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...

Culver Company, a manufacturer of small tools, provided the following information from its accounting records for...

Culver Company, a manufacturer of small tools, provided the following information from its accounting records for the year ended December 31, 2017. Inventory at December 31, 2017 (based on physical count of goods in Culver’s plant, at cost, on December 31, 2017) $1,594,780 Accounts payable at December 31, 2017 1,165,100 Net sales (sales less sales returns) 8,629,100 Additional information is as follows. 1. Included in the physical count were tools billed to a customer f.o.b. shipping point on December 31,...

Abc trading provided following information :- 1. Prepare a Cash Flow Statement from the following information...

Abc trading provided following information :- 1. Prepare a Cash Flow Statement from the following information for the year ended 30 June 2021. 2. Prepare a Statement in accordance with AASB 107 reconciling net cash flows from operating activities to operating profit after income tax. Borrowed from NAB Bank $22,500 Cash at the beginning of the year $100,050 Cash received from Accounts Receivable $136,000 Cash received from sale of equipment $10,000 Cash paid for operating expenses $36,300 Cash sales $80,500...

The following information is available from ABC co.'s inventory records for March 2020. # of units...

The following information is available from ABC co.'s inventory records for March 2020. # of units unit costs unit price March 1, 2020 2,000 $10 Purchases on 3/5 3,000 11 Sales on 3/10 4,000 $20 Purchase on 3/15 6,000 12 Sales on 3/25 5,000 $20 Instructions: Compute the costs of goods sold for March 2020 using the following methods. a) FIFO with perpetual inventory. b) Weighted average. (Periodic system). c) Moving average. (Perpetual system). d) LIFO with periodic inventory. e)...

The following information was collected from the inventory records of a company for the month of...

The following information was collected from the inventory records of a company for the month of March, 2010. During March the company sold 90 units of its product at $25 per unit. Date Units Unit Cost Total Cost Beginning inventory March 1 15 $10.00 $150 Purchase March 5 35 $12.00 $420 Purchase March 10 70 $14.00 $980 Purchase March 17 25 $15.00 $375 Determine cost of goods sold under LIFO for the month of March. answer choices: 1285, 640, 1130,...

Problem 3 The following information is provided from the Forza Corporation’s accounting records. 1) Issued...

Problem 3 The following information is provided from the Forza Corporation’s accounting records. 1) Issued 10,000 shares of $1 par common stock at $25 a share. 2) In order to prevent a hostile takeover the company reacquired 7,500 shares for $20 per share as treasury stock. 3) The hostile takeover did not succeed, and the company reissued 5,500 of the treasury shares of $21 per share. 4) The remaining treasury shares were reissued for $22 per share and an...

Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the...

Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost $494,140 Purchases of direct materials 378,090 Freight-in on materials 7,360 Factory supplies used 18,320 Factory utilities 54,930 Commissions paid 78,322 Factory supervision and indirect labor 162,420 Advertising 146,890 Materials handling 15,960 Work-in-process inventory, January 1 204,880 Work-in-process inventory, December 31 118,460 Direct materials inventory, January 1 39,100 Direct materials inventory, December 31 35,400 Finished goods inventory, January 1...

Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the...

Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May: Direct labor cost $10,500 Purchases of raw materials 15,000 Supplies used 675 Factory insurance 350 Commissions paid 2,500 Factory supervision 2,225 Advertising 800 Material handing 3,750 Materials inventory, May 1 3,475 Work-in-process inventory, May 1 12,500 Finished goods inventory, May 1 6,685 Materials inventory, May 31 9,500 Work-in-process inventory, May 31 14,250 Finished goods inventory, May 31 4,250 Required: 1. Prepare...