Question
In: Accounting
Transactions for the month of June were: Pur
Transactions for the month of June were:
Purchases Sales
June 1 (balance) 3,200 @ $3.20 June 2 2,400 @ $5.50
3 8,800 @ 3.10 6 6,400 @ 5.50
7 4,800 @ 3.30 9 4,000 @ 5.50
15 7,200 @ 3.40 10 1,600 @ 6.00
22 2,000 @ 3.50 18 5,600 @ 6.00
25 800 @ 6.00
Assuming that perpetual inventory records are kept in dollars, the ending inventory on a LIFO basis is?
1) 16440
2) 16640
3)17160
4)17880
Solutions
ekkarill92 answered 1 year agoRelated Solutions
1. Transactions for the month of June were: Purchases&
1. Transactions for the month of June
were:
Purchases
Sales
June
1
(balance) 3,200@
$3.20
June 2 2,400 @ $5.50
3
8,800 @
3.10
6 6,400 @ 5.50
7
4,800 @
3.30
9 4,000 @ 5.50
15
7,200 @
3.40
10 1,600 @ 6.00
22
2,000 @
3.50
18 5,600 @ 6.00
25 800
@ 6.00
16. Assuming
that perpetual inventory records are kept in units only, the ending
inventory...
Transactions for the month of July were: Purchase
Transactions for the month of July were:
Purchases
Sales
July 1 (balance) 3,200 @ $3.20 July 2 2,400 @ $5.50
3 8,800 @
3.10
6 6,400 @ 5.50
7 4,800 @
3.30
9 4,000 @ 5.50
15 7,200 @
3.40
10 1,600 @ 6.00
22 2,000 @
3.50
18 5,600 @ 6.00
25 800 @
6.00
Assuming that perpetual inventory records are kept in dollars,
the ending inventory on a FIFO basis is
The following are transactions for Chandler Fashions for the month of June. June 2 Purchased 3,000 items...
The following are transactions for Chandler Fashions for the
month of June.
June
2 Purchased
3,000 items of inventory under terms 1/10, n/60 and FOB shipping
point from Flower Manufacturing. The merchandise had a
cost of $12,000
June
7 Returned
defective merchandise to Flower Manufacturing with invoice price of
$4,000.
June
8 Paid
the freight charges on the purchase from Flower Manufacturing
in cash for $200.
June
9 Sold
merchandise to Trendy Store on account for $10,000 with terms 2/15,
n/60 FOB shipping point.
Cost
of the...
Transactions for the Concord Company, which provides welding services, for the month of June are presented...
Transactions for the Concord Company, which provides welding
services, for the month of June are presented below.
June 1
Concord invests $4,690 cash
in exchange for shares of common stock in a small welding
business.
2
Purchases equipment on
account for $1,610.
3
$730 cash is paid to landlord
for June rent.
12
Bills P. Leonard $500 after
completing welding work done on account.
Journalize the transactions. (Credit account titles are
automatically indented when the amount is entered. Do not...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June
2018 for the Stridewell Corporation. The company owns and operates
a retail shoe store.
1.Issued 140,000 shares of common stock in exchange for $700,000
cash.
2.Purchased furniture and fixtures at a cost of $113,750.
$45,500 was paid in cash and a note payable was signed for the
balance owed.
3.Purchased inventory on account at a cost of $280,000. The
company uses the perpetual inventory system.
4.Credit sales for the month totaled...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June
2018 for the Stridewell Corporation. The company owns and operates
a retail shoe store.
Issued 125,000 shares of common stock in exchange for $625,000
cash.
Purchased furniture and fixtures at a cost of $102,500. $41,000
was paid in cash and a note payable was signed for the balance
owed.
Purchased inventory on account at a cost of $250,000. The
company uses the perpetual inventory system.
Credit sales for the month totaled...
Park Company's perpetual inventory records indicate the following transactions in the month of June:
Alternative Inventory MethodsPark Company's perpetual inventory records indicate the
following transactions in the month of June:UnitsCost/UnitInventory, June 1200$3.20Purchases: June 32003.50 June 172503.60 June 243003.65Sales: June 6300 June 21200 June 27150Required:1.Compute the cost of goods sold for June and the inventory at
the end of June using each of the following cost flow assumptions:
If required, round your answers to the nearest dollar.FIFOCost of Goods Sold$ fill in the blank 1Ending Inventory$ fill in the blank 2LIFO (Round your intermediate calculations and final answers to
the nearest cent.)Cost of...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June
2021 for the Stridewell Corporation. The company owns and operates
a retail shoe store.
Issued 95,000 shares of common stock in exchange for $475,000
cash.
Purchased office equipment at a cost of $83,750. $33,500 was
paid in cash and a note payable was signed for the balance
owed.
Purchased inventory on account at a cost of $190,000. The
company uses the perpetual inventory system.
Credit sales for the month totaled $323,000....
The following transactions occurred during the month of June 2016 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June
2016 for the Stridewell Corporation. The company owns and operates
a retail shoe store.
1.
Issued 100,000 shares of common
stock in exchange for $500,000 cash.
2.
Purchased furniture and fixtures at a cost of $100,000. $40,000
was paid in cash and a note payable was signed for the balance
owed.
3.
Purchased inventory on account at a cost of $200,000. The
company uses the perpetual inventory system.
4.
Credit sales...
Part 1 Journalize the following transactions for the month of June for Quixote Company using the...
Part 1
Journalize the following
transactions for the month of June for Quixote Company
using the following list of
Accounts and Account numbers.
Record all entries to the
nearest cent.
(26 points)
Accounts
Cash
#110
Accounts Receivable
#112
Merchandise Inventory
#115
Estimated Returns Inventory
#116
Store Supplies
#117
Prepaid Insurance
#119
Store Equipment
#120
Accumulated Depreciation - Store Equipment
#121
Accounts Payable
#210
Salaries Payable
#211
Customer Refunds Payable
#212
Larkin, Capital
#310
Larkin, Drawing
#311
Sales
#410
Cost of...
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