Black, Inc. is an auto parts retailer which uses a perpetual inventory system. The company records...

Black, Inc. is an auto parts retailer which uses a perpetual inventory system. The company records its purchases at net cost and sales at full invoice price. Prepare journal entries (no explanations needed) for the following transactions.

10/5: Black purchased 150 Charge-Up batteries on account from White Co.. The total invoice price is $40 per battery ($6,000 total); terms of 2/10,n/30.

10/7: Black returned 20 batteries which had been ordered in error. The amount is to be deducted from the balance due.

10/15: Black sent the balance due to White.

Expert Solution

Date	Account Titles	Debit	Credit
10/5	Inventory	$ 5,880
	Accounts Payable		$ 5,880

10/7	Accounts Payable	$ 784
	Inventory		$ 784

10/15	Accounts Payable	$ 5,096
	Cash		$ 5,096

ekkarill92 answered 2 years ago

Inventory Costing Methods—Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August...

Inventory Costing Methods—Perpetual Method Arrow Company is a retailer that uses the perpetual inventory system. August 1 Beginning inventory 80 units of Product A @ $1,600 total cost 5 Purchased 100 units of Product A @ $2,116 total cost 8 Purchased 200 units of Product A @ $4,416 total cost 11 Sold 170 units of Product A @ $4,800 total sale Calculate the inventory cost of item A on August 11 (after the sale) using (a) first-in, first-out, (b) last-in,...

A company that uses the PERPETUAL inventory system has the following records for 2017 Beginging inventory...

A company that uses the PERPETUAL inventory system has the following records for 2017 Beginging inventory Units Unit cost Purcahses: 120 $48 Febuary 8th 60 52 June 15th 70 54 22-Aug 55 57 Novemeber 29 45 61 Salkes: 30-Mar 145 20-Jul 90 December 15th 60 Please compute the cost of ending inventory and the cost of goods sold using the follow methods: Please also show all steps/work A) FIFO B) Weighted Average c) LIFO

The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system. Inventory:...

The inventory data of Bilal Inc. is provided below, The company uses perpetual inventory system. Inventory: 1st March = 200 units @ $4.00 (purchased) Purchases: 12th March = 500 units @ $4.50 (purchased) 15th March = 400 units @ $4.75 (purchased) 17th March = 828 units @ $5.00 (purchased) Sales: 20th March = 1928 units sold Instructions Under a perpetual inventory system, determine the cost of goods sold and ending inventory for the month of March under FIFO method

Malibu Boats Inc. uses a job order cost accounting system and keeps perpetual inventory records. The...

Malibu Boats Inc. uses a job order cost accounting system and keeps perpetual inventory records. The following transactions occurred in the first month of operations: Purchased raw materials on account, $230,000. 2. An analysis of the requisitions shows the following: Direct materials requisitioned during the month: Job 101 $26,000 Job 102 19,000 Job 103 31,000 $76,000 Factory labor costs incurred were $85,000 of which $71,000 pertained to factory wages payable and $14,000 pertained to employer payroll...

11) Rally Auto Supplies Company uses a perpetual inventory system. Journalize the following sales transactions for...

11) Rally Auto Supplies Company uses a perpetual inventory system. Journalize the following sales transactions for this company. Explanations are not required. June 10 Sold $14,800 of merchandise on account, n/30. Cost of goods is $6,200. June 14 Received a $900 sales return from the customer. Cost of the goods is $400. June 20 Rally Auto Supplies receives payment from the customer for the amount due from the June 10 sale.

Concord Limited uses a perpetual inventory system. The inventory records show the following data for its...

Concord Limited uses a perpetual inventory system. The inventory records show the following data for its first month of operations: Date Explanation Units Unit Cost Total Cost Balance in Units Aug. 2 Purchases 237 $73 $17,301 237 3 Purchases 475 97 46,075 712 10 Sales (300 ) 412 15 Purchases 894 122 109,068 1,306 25 Sales (330 ) 976 Calculate the cost of goods sold and ending inventory using the FIFO cost method. Cost of goods sold $enter a dollar...

The following inventory transactions occurred at Zinc, Inc., which uses a perpetual inventory system: October 2...

The following inventory transactions occurred at Zinc, Inc., which uses a perpetual inventory system: October 2 Purchased 50 units of inventory from supplier on credit. The goods cost $30 each and the credit terms were 2/10, n/30. The shipping costs were $100 under the terms FOB destination and Zinc received the inventory on October 3rd. October 4 Returned 5 units of inventory from the October 2nd transaction to to the supplier. October 6 Sold 15 of the units purchased on...

Windsor, Inc. is a retailer operating in Calgary, Alberta. Windsor, Inc. uses the perpetual inventory method....

Windsor, Inc. is a retailer operating in Calgary, Alberta. Windsor, Inc. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Windsor, Inc. for the month of January 2017. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 155 $20 Jan. 2 Purchase 95 22 Jan. 6 Sale 163 38 Jan. 9 Purchase 71 24 Jan. 10 Sale 51 43 Jan....

Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber Inc. uses the perpetual inventory method....

Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber Inc. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bieber Inc. for the month of January 2017. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 160 $20 Jan. 2 Purchase 100 22 Jan. 6 Sale 180 40 Jan. 9 Purchase 75 24 Jan. 10 Sale 50 45 Jan....

Tamarisk, Inc. is a retailer operating in Calgary, Alberta. Tamarisk, Inc. uses the perpetual inventory method....

Tamarisk, Inc. is a retailer operating in Calgary, Alberta. Tamarisk, Inc. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Tamarisk, Inc. for the month of January 2017. date description quantity unit cost or selling price Dec 31 ending inventory 174 20 Jan 2 purchase 98 22 Jan 6 sale 197 40 Jan 9 purchase 68 24 Jan 10 sale 50 45 Jan...

Question