Question
In: Accounting
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December...
The Stilton Company has the following inventory and credit
purchases during the fiscal year ended December 31, 2017.
| Beginning | 556 units @ $93/unit | |||||
| Feb. 10 | 290 units @ $90/unit | |||||
| Aug. 21 | 170 units @ $103/unit | |||||
Stilton Company has two credit sales during the period. The units
have a selling price of $153 per unit.
| Sales | |
| Mar. 15 | 370 units |
| Sept. 10 | 275 units |
Stilton Company uses a perpetual inventory system.
Required:
1. Calculate the dollar value of cost of goods sold and ending
inventory using
Solutions
ekkarill92 answered 1 year agoRelated Solutions
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December...
The Stilton Company has the following inventory and credit
purchases during the fiscal year ended December 31, 2017. Beginning
514 units @ $87/unit Feb. 10 260 units @ $84/unit Aug. 21 140 units
@ $97/unit Stilton Company has two credit sales during the period.
The units have a selling price of $147 per unit. Sales Mar. 15 340
units Sept. 10 245 units Stilton Company uses a perpetual inventory
system. Required: 1. Calculate the dollar value of cost of goods...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December...
The Stilton Company has the following inventory and credit
purchases during the fiscal year ended December 31, 2020.
Beginning
521 units @ $88/unit
Feb. 10
265 units @ $85/unit
Aug. 21
145 units @ $98/unit
Stilton Company has two credit sales during the period. The units
have a selling price of $148 per unit.
Sales
Mar.
15
345 units
Sept.
10
250 units
Stilton Company uses a perpetual inventory system.
Required:
1. Calculate the dollar value of cost of goods...
The Stilton Company has the following inventory and credit purchases during the fiscal year ended December...
The Stilton Company has the following inventory and credit
purchases during the fiscal year ended December 31, 2020.
Beginning
640 units @ $75/unit
Feb. 10
350 units @ $72/unit
Aug. 21
230 units @ $85/unit
Stilton Company has two credit sales during the period. The units
have a selling price of $135.00 per unit.
Sales
Mar.
15
430 units
Sept.
10
335 units
Stilton Company uses a perpetual inventory system.
Required:
1. Calculate the dollar value of cost of goods...
The following transactions were completed by The Peeking Company during the current fiscal year ended December...
The following transactions were completed by The Peeking Company
during the current fiscal year ended December 31:
Mar.
30
Received 60% of the $24,000 balance owed by Geeking, Inc., and
wrote off the remainder as uncollectible.
June
29
Wrote off $6,500 balance owed by Seeking Inc., which has filed
bankruptcy.
Sept.
20
Reinstated the account of Leaking Co., which had been written off
in the preceding year as uncollectible. Journalized the receipt of
$12,500 cash in full payment of the...
The following transactions were completed by The Irvine Company during the current fiscal year ended December...
The following transactions were completed by The Irvine Company
during the current fiscal year ended December 31:
Feb.
8
Received 40% of the $18,000 balance
owed by DeCoy Co., a bankrupt business, and wrote off the remainder
as uncollectible.
May
27
Reinstated the account of Seth
Nelsen, which had been written off in the preceding year as
uncollectible. Journalized the receipt of $7,350 cash in full
payment of Seth’s account.
Aug.
13
Wrote off the $6,400 balance owed
by Kat...
An incorporation beginning inventory and purchases during the year ended December 31, 2016, were as follows:...
An incorporation beginning inventory and purchases during the
year ended December 31, 2016, were as follows:
DATE
INFO
UNIT
UNIT COST
TOTAL COST
JAN 1
INVENTORY
1200
$8.0
$9600
MAR 23
SOLD
450
APR 20
PURCHASE
500
$9.0
$4500
JUN 2
PURCHASE
800
$8.5
$6800
AUG 28
SOLD
1600
OCT 20
PURCHASE
2000
$8.3
$16600
NOV 8
PURCHASE
600
$8.6
$5160
NOV 16
SOLD
2350
TOTAL PURCHASES
5100
$42660
Determine the cost of inventory on December 31, 2016, using the...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31
Instructions The following transactions were completed by Irvine Company during the current fiscal year ended December 31: Feb. 8 Received 40% of the $ 17,000 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible.May 27 Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $ 7,405 cash in full payment of Seth's account.Aug. 13 Wrote off the $ 6,460 balance owed by Kat Tracks...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during
the current fiscal year ended December 31:
Jan.
29
Received 30% of the $18,900 balance
owed by Kovar Co., a bankrupt business, and wrote off the remainder
as uncollectible.
Apr.
18
Reinstated the account of Spencer
Clark, which had been written off in the preceding year as
uncollectible. Journalized the receipt of $7,265 cash in full
payment of Clark’s account.
Aug.
9
Wrote off the $6,410 balance owed
by Iron Horse...
The following transactions were completed by Daws Company during the current fiscal year ended December 31:...
The following transactions were completed by Daws Company during
the current fiscal year ended December 31:
Jan. 29 Received 40% of the $18,200 balance owed by
Kovar Co., a bankrupt business, and wrote off the remainder as
uncollectible.
Apr. 18 Reinstated the account of Spencer Clark, which had been
written off in the preceding year as uncollectible. Journalized the
receipt of $7,400 cash in full payment of Clark’s account.
Aug. 9 Wrote off the $6,465 balance owed by
Iron Horse...
The following transactions were completed by Irvine Company during the current fiscal year ended December 31:...
The following transactions were completed by Irvine Company
during the current fiscal year ended December 31:
Feb. 8 Received 40% of the $18,500 balance owed by DeCoy Co., a
bankrupt business, and wrote off the remainder as
uncollectible.
May 27 Reinstated the account of Seth Nelsen, which had been
written off in the preceding year as uncollectible. Journalized the
receipt of $7,430 cash in full payment of Seth’s account.
Aug. 13 Wrote off the $6,470 balance owed by Kat Tracks...
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