Jayson Products uses a perpetual inventory system. At year-end, the Inventory account had a balance of...

Jayson Products uses a perpetual inventory system. At year-end, the Inventory account had a balance of $280,000, but a complete year-end physical inventory indicated goods on hand costing only $273,000. Jayson should:

Expert Solution

Jayson Products uses a perpetual inventory system. At year-end, the Inventory account had a balance of $280,000, but a complete year-end physical inventory indicated goods on hand costing only $273,000. Jayson should:

Reduce the balance in its Inventory control account and inventory subsidiary ledger by $7,000.(280000 - 273000 )

.

written down to $273000, and $7000 as record as loss on income statement in current period.

* the perpetual inventory system keeps track of inventory balances continuously, with updates made automatically whenever a inventory is purchased or sold. Purchases and sales returns are immediately recorded in the inventory account..

.

ekkarill92 answered 2 years ago

At the end of last year, Helen's, Inc. (uses a perpetual inventory system) had merchandise costing...

At the end of last year, Helen's, Inc. (uses a perpetual inventory system) had merchandise costing $115,000 in inventory. During January of the current year, the company purchased merchandise costing $35,000, and sold merchandise which it had purchased at a total cost of $55,000. Based on the foregoing information, the amount of costs transferred from the Inventory account to the Cost of Goods Sold account during January was:

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning...

Ranns Supply uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of $6,900,000. Ranns engaged in the following transactions during the year. Purchased merchandise inventory for $9,700,000. Generated net sales of $25,000,000. Recorded inventory shrinkage of $10,000 after taking a physical inventory at year-end. Reported gross profit for the year of $15,000,000 in its income statement. a. At what amount was Cost of Goods Sold reported in the company's year-end income statement? b. At...

a company uses the perpetual inventory system purchased inventory for $970,000 on account with terms of...

a company uses the perpetual inventory system purchased inventory for $970,000 on account with terms of 3/7, n/20 which of the following records the payment made 15 days after the date of invoice

Harrison Company has a July 31 fiscal year end and uses a perpetual inventory system. The...

Harrison Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Harrison Company show the following data: 2021 2020 2019 Income statement: Sales $350,000 $330,000 $310,000 Cost of goods sold 245,000 235,000 225,000 Operating expenses 76,000 76,000 76,000 Balance sheet: Merchandise inventory 55,000 45,000 35,000 After its July 31, 2021, year end, Harrison discovered two errors: 1. At July 31, 2020, Harrison had $10,000 of goods held on consignment at another company that...

Crane Company has a July 31 fiscal year end and uses a perpetual inventory system. The...

Crane Company has a July 31 fiscal year end and uses a perpetual inventory system. The records of Crane Company show the following data: 2021 2020 2019 Income statement: Sales $350,000 $325,000 $360,000 Cost of goods sold 247,000 228,000 273,000 Operating expenses 70,000 70,000 70,000 Balance sheet: Merchandise inventory 52,000 44,000 35,000 After its July 31, 2021, year end, Crane discovered two errors: 1. At July 31, 2020, Crane had $10,000 of goods held on consignment at another company that...

Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month...

Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of March. Beginning Inventory - 150 units at $81 March 7 Sold 70 units March 11 Purchase 200 units at $85 March 12 Sold 220 units If the company uses the FIFO inventory costing method, the amount of ending inventory reported on the balance sheet is:

Emmett Inc. uses a perpetual inventory system and had the following activity for a single inventory...

Emmett Inc. uses a perpetual inventory system and had the following activity for a single inventory item: 1. Calculate the value of COGS, Ending Inventory and Gross profit under FIFO and Moving Average. (round unit cost to two digits) Units Unit Cost 1-Jan inventory 510 100.00 Purchases 5-Jan 275 110.00 10-Jan 175 114.00 15-Jan 100 116.00 20-Jan 125 118.00 Sales 12-Jan 525 135.00 18-Jan 405 140.00 22-Jan 200 142.00

Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for...

Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 175 $12.00 5/5 Purchase 200 $10.50 5/10 Sales 300 $25 5/15 Purchase 200 $13.00 5/20 Sales 250 $28 5/25 Purchase 150 $13.50 Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.

Tama Inc. uses a perpetual inventory system and had the following activity for a single inventory...

Tama Inc. uses a perpetual inventory system and had the following activity for a single inventory item: Units Unit Cost Total Cost May 1, inventory 140 $2.50 $350 Purchases: May 5 200 3.50 700 May 10 140 4.50 630 May 15 160 5.50 880 Sales: May 11 250 May 19 150 Using the perpetual system, determine the ending inventory and cost of goods sold under weighted-average method (round unit cost...

ernabe, Inc. uses the perpetual inventory system. On September 1, 2019, the inventory account in Bernabe,...

ernabe, Inc. uses the perpetual inventory system. On September 1, 2019, the inventory account in Bernabe, Inc.'s general ledger has a balance of $50,000 (assume normal balance). On September 19, 2019, Bernabe purchases $200,000 worth of merchandise with credit terms 1/10, net 30. On September 21, 2019, Bernabe returns $10,000 worth of defective merchandise. On September 24, 2019, Bernabe sells inventory having a cost of $11,000 for a selling price of $22,000. Title of the goods transferred to the buyer...

Question