Question
In: Accounting
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1...
Metlock Company sells one product. Presented below is
information for January for Metlock Company.
| Jan. 1 | Inventory | 101 | units at $4 each | ||
| 4 | Sale | 80 | units at $8 each | ||
| 11 | Purchase | 144 | units at $6 each | ||
| 13 | Sale | 111 | units at $9 each | ||
| 20 | Purchase | 156 | units at $7 each | ||
| 27 | Sale | 100 | units at $11 each |
Metlock uses the FIFO cost flow assumption. All purchases and sales
are on account.
-Compute gross profit using the perpetual system
-Assume Metlock uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1...
Metlock Company sells one product. Presented below is
information for January for Metlock Company.
Jan. 1
Inventory
110
units at $5 each
4
Sale
87
units at $8 each
11
Purchase
156
units at $6 each
13
Sale
126
units at $9 each
20
Purchase
155
units at $6 each
27
Sale
99
units at $10 each
Metlock uses the FIFO cost flow assumption. All purchases and sales
are on account.
(a)
Assume Metlock uses a periodic system. Prepare all...
Metlock Company sells one product. Presented below is information for January for Metlock Company. Jan. 1...
Metlock Company sells one product. Presented below is
information for January for Metlock Company.
Jan. 1 Inventory 110 units at $5 each
Jan. 4 Sale 87 units at $8 each
Jan. 11 Purchase 156 units at $6 each
Jan. 13 Sale 126 units at $9 each
Jan. 20 Purchase 155 units at $6 each
Jan.27 Sale 99 units at $10 each
Metlock uses the FIFO cost flow assumption. All purchases and
sales are on account.
1. Assume Metlock uses a...
Exercise 8-9 Metlock Company sells one product. Presented below is information for January for Metlock Company....
Exercise 8-9 Metlock Company sells one product. Presented below
is information for January for Metlock Company. Jan. 1 Inventory
107 units at $5 each 4 Sale 84 units at $8 each 11 Purchase 146
units at $6 each 13 Sale 118 units at $9 each 20 Purchase 153 units
at $7 each 27 Sale 89 units at $10 each Metlock uses the FIFO cost
flow assumption. All purchases and sales are on account.
A) Compute gross profit using the periodic...
Novak Company sells one product. Presented below is information for January for Novak Company. Jan. 1...
Novak Company sells one product. Presented below is information
for January for Novak Company.
Jan. 1
Inventory
125
units at $4 each
4
Sale
104
units at $8 each
11
Purchase
158
units at $6 each
13
Sale
130
units at $9 each
20
Purchase
149
units at $6 each
27
Sale
87
units at $11 each
Novak uses the FIFO cost flow assumption. All purchases and sales
are on account.
Assume Novak uses a periodic system. Prepare all necessary...
Riverbed Company sells one product. Presented below is information for January for Riverbed Company. Jan. 1...
Riverbed Company sells one product. Presented below is
information for January for Riverbed Company. Jan. 1 Inventory 103
units at $5 each 4 Sale 82 units at $8 each 11 Purchase 135 units
at $7 each 13 Sale 102 units at $9 each 20 Purchase 167 units at $7
each 27 Sale 108 units at $11 each Riverbed uses the FIFO cost flow
assumption. All purchases and sales are on account. Assume Riverbed
uses a periodic system. Prepare all necessary...
Blossom Company sells one product. Presented below is information for January for Blossom Company. Jan. 1...
Blossom Company sells one product. Presented below is
information for January for Blossom Company.
Jan. 1
Inventory
123
units at $5 each
4
Sale
98
units at $8 each
11
Purchase
136
units at $6 each
13
Sale
103
units at $9 each
20
Purchase
169
units at $7 each
27
Sale
108
units at $11 each
Blossom uses the FIFO cost flow assumption. All purchases and sales
are on account.
(a)
Assume Blossom uses a periodic system. Prepare all...
Larkspur Company sells one product. Presented below is information for January for Larkspur Company. Jan. 1...
Larkspur Company sells one product. Presented below is
information for January for Larkspur Company. Jan. 1 Inventory 118
units at $5 each 4 Sale 93 units at $8 each 11 Purchase 165 units
at $6 each 13 Sale 136 units at $9 each 20 Purchase 163 units at $7
each 27 Sale 104 units at $11 each Larkspur uses the FIFO cost flow
assumption. All purchases and sales are on account.
1. Assume Larkspur uses a periodic system. Prepare all...
Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1...
Kingbird Company sells one product. Presented below is
information for January for Kingbird Company.
Jan. 1
Inventory
121
units at $4 each
4
Sale
100
units at $8 each
11
Purchase
159
units at $6 each
13
Sale
126
units at $9 each
20
Purchase
175
units at $7 each
27
Sale
114
units at $11 each
Kingbird uses the FIFO cost flow assumption. All purchases and
sales are on account.
Assume Kingbird uses a perpetual system. Prepare all necessary...
Ivanhoe Company sells one product. Presented below is information for January for Ivanhoe Company. Jan. 1...
Ivanhoe Company sells one product. Presented below is
information for January for Ivanhoe Company.
Jan. 1
Inventory
125
units at $4 each
4
Sale
104
units at $8 each
11
Purchase
158
units at $6 each
13
Sale
130
units at $9 each
20
Purchase
149
units at $6 each
27
Sale
87
units at $11 each
Ivanhoe uses the FIFO cost flow assumption. All purchases and sales
are on account.
1. Assume Ivanhoe uses a periodic system. Prepare all...
Sunland Company sells one product. Presented below is information for January for Sunland Company. Jan. 1...
Sunland Company sells one product. Presented below is
information for January for Sunland Company.
Jan. 1
Inventory
113
units at $4 each
4
Sale
92
units at $8 each
11
Purchase
141
units at $6 each
13
Sale
112
units at $9 each
20
Purchase
154
units at $7 each
27
Sale
93
units at $11 each
Sunland uses the FIFO cost flow assumption. All purchases and sales
are on account.
Compute gross profit using the perpetual system.
Gross profit...
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