Question
In: Accounting
Cougar Corporation bought inventory on account on August 23rd. Cougar paid its supplier for the inventory...
Cougar Corporation bought inventory on account on August 23rd. Cougar paid its supplier for the inventory on August 28th. Cougar sold the inventory on account on September 2nd and received payment from its customer on September 12th. On what date did Cougar record the inventory as an expense?
a)
August 28
b)
September 2
c)
August 23
d)
September 12
Solutions
Expert Solution
Inventory to be recognised as expense, when the revenue is recognised.
Here inventory is sold on September 2nd. Hence inventory to be recognised as expense on September 2
ekkarill92 answered 2 years agoRelated Solutions
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,000 units; cost $5.30 each.
8
Purchased 8,000 units for $5.50 each.
14
Sold 6,000 units for $12.00 each.
18
Purchased 6,000 units for $5.60 each.
25
Sold 7,000 units for $11.00 each.
28
Purchased 4,000 units for $5.80 each.
31
Inventory on hand—7,000 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—3,600 units; cost $6.90 each.
8
Purchased 18,000 units for $7.10 each.
14
Sold 14,400 units for $13.60 each.
18
Purchased 10,800 units for $7.20 each.
25
Sold 13,400 units for $12.60 each.
28
Purchased 5,600 units for $5.80 each.
31
Inventory on hand—10,200 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—3,800 units; cost $7.10 each.
8
Purchased 19,000 units for $7.30 each.
14
Sold 15,200 units for $13.80 each.
18
Purchased 11,400 units for $7.40 each.
25
Sold 14,200 units for $12.80 each.
28
Purchased 5,800 units for $5.80 each.
31
Inventory on hand—10,600 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,600 units; cost $5.90 each.
8
Purchased 13,000 units for $6.10 each.
14
Sold 10,400 units for $12.60 each.
18
Purchased 7,800 units for $6.20 each.
25
Sold 9,400 units for $11.60 each.
28
Purchased 4,600 units for $5.80 each.
31
Inventory on hand—8,200 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021: Aug.1
Inventory on hand—2,000 units; cost $5.30 each. 8 Purchased 8,000
units for $5.50 each. 14 Sold 6,000 units for $12.00 each. 18
Purchased 6,000 units for $5.60 each. 25 Sold 7,000 units for
$11.00 each. 28 Purchased 4,000 units for $5.80 each. 31 Inventory
on hand—7,000 units. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would
report...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August 2021: Aug.1
Inventory on hand—2,800 units; cost $6.90 each. 8 Purchased 14,000
units for $6.30 each. 14 Sold 11,200 units for $12.80 each. 18
Purchased 8,400 units for $5.80 each. 25 Sold 10,200 units for
$11.80 each. 28 Purchased 4,800 units for $5.80 each. 31 Inventory
on hand—8,600 units. 2. Using calculations based on a perpetual
inventory system, determine the inventory balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August...
Altira Corporation provides the following information related to
its merchandise inventory during the month of August
2021:
Aug.1
Inventory on hand—2,500 units; cost $5.80 each.
8
Purchased 12,500 units for $6.00 each.
14
Sold 10,000 units for $12.50 each.
18
Purchased 7,500 units for $6.10 each.
25
Sold 9,000 units for $11.50 each.
28
Purchased 4,500 units for $5.80 each.
31
Inventory on hand—8,000 units.
Required:
Using calculations based on a periodic inventory system, determine
the inventory balance Altira would...
Paid $4700 to creditors on account. Collected $12600 from customer billed on August 18. Paid $800...
Paid $4700 to creditors on account. Collected $12600 from
customer billed on August 18. Paid $800 for utilities during
August. What are the debits and credits for all three and how do
you know?
Altira Corporation provides the following information related to its merchandise inventory during the month of August 20...
Altira Corporation provides the
following information related to its merchandise inventory during
the month of August 2021: Aug.1 Inventory on hand—2,000 units; cost
$5.30 each. 8 Purchased 8,000 units for $5.50 each. 14 Sold 6,000
units for $12.00 each. 18 Purchased 6,000 units for $5.60 each. 25
Sold 7,000 units for $11.00 each. 28 Purchased 4,000 units for
$5.80 each. 31 Inventory on hand—7,000 units. 2. Using calculations
based on a perpetual inventory system, determine the inventory
balance Altira would...
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Altira Corporation provides the following information related to its merchandise inventory during the month of August 2021:
Aug.1
Inventory on hand—2,700 units; cost $6.80 each.
8
Purchased 13,500 units for $6.20 each.
14
Sold 10,800 units for $12.70 each.
18
Purchased 8,100 units for $5.60 each.
25
Sold 9,800 units for $11.70 each.
28
Purchased 4,700 units for $5.80 each.
31
Inventory on hand—8,400 units.
Required:1. Using calculations based on a perpetual inventory system, determine the inventory balance...
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