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Required information [The following information applies to the questions displayed below.] Chipolo sells a coin-sized tracking...
Required information [The following information applies to the questions displayed below.] Chipolo sells a coin-sized tracking tag that attaches to keys, wallets, and other personal items. Chipolo began January with an inventory of 200 tags purchased from its supplier in November last year at a cost of $12 per tag, plus 100 tags purchased in December last year at a cost of $15 per tag. Chipolo sells the tags at a price of $30 per tag, on account with terms n/30, FOB destination. Chipolo uses a perpetual inventory system to account for the following transactions. Jan. 8 Chipolo gave 250 tags to a courier company (FedEx) to deliver to customers. Jan. 9 FedEx confirmed that all 250 tags were delivered today to customers. Jan. 11 Chipolo ordered 350 tags from its supplier. The supplier was out of stock but promised to send them to Chipolo as soon as possible. Chipolo agreed to a cost of $21 per tag, n/30. Jan. 17 Chipolo received cash payment from customers for 125 of the tags delivered 8 days earlier. Jan. 21 The 350 tags ordered on January 11 were shipped to and received by Chipolo today. Jan. 23 Chipolo gave 375 tags to FedEx, which were delivered “same day” to customers. Jan. 31 Chipolo counted its inventory and determined 20 tags were on hand. Chipolo made a “book-to-physical adjustment” to account for the missing 5 tags. Required: Assume Chipolo uses FIFO in its perpetual inventory system. Prepare the journal entry for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
[The following information applies to the questions displayed below.] Chipolo sells a coin-sized tracking tag that...
[The following information applies to the questions displayed
below.] Chipolo sells a coin-sized tracking tag that attaches to
keys, wallets, and other personal items. Chipolo began January with
an inventory of 200 tags purchased from its supplier in November
last year at a cost of $12 per tag, plus 100 tags purchased in
December last year at a cost of $15 per tag. Chipolo sells the tags
at a price of $30 per tag, on account with terms n/30, FOB...
Required information [The following information applies to the questions displayed below.] Henna Co. produces and sells...
Required information [The following information applies to the
questions displayed below.] Henna Co. produces and sells two
products, T and O. It manufactures these products in separate
factories and markets them through different channels. They have no
shared costs. This year, the company sold 50,000 units of each
product. Sales and costs for each product follow. Product T Product
O Sales $ 2,000,000 $ 2,000,000 Variable costs 1,600,000 250,000
Contribution margin 400,000 1,750,000 Fixed costs 125,000 1,475,000
Income before taxes...
Required information [The following information applies to the questions displayed below.] O’Brien Company manufactures and sells...
Required information
[The following information applies to the questions
displayed below.]
O’Brien Company manufactures and sells one product. The
following information pertains to each of the company’s first three
years of operations:
Variable costs per unit:
Manufacturing:
Direct materials
$
30
Direct labor
$
15
Variable manufacturing overhead
$
4
Variable selling and administrative
$
2
Fixed costs per year:
Fixed manufacturing overhead
$
500,000
Fixed selling and administrative expenses
$
100,000
During its first year of operations, O’Brien produced...
Required information [The following information applies to the questions displayed below.] O’Brien Company manufactures and sells...
Required information
[The following information applies to the questions
displayed below.]
O’Brien Company manufactures and sells one product. The
following information pertains to each of the company’s first three
years of operations:
Variable costs per unit:
Manufacturing:
Direct materials
$
29
Direct labor
$
14
Variable manufacturing overhead
$
4
Variable selling and administrative
$
2
Fixed costs per year:
Fixed manufacturing overhead
$
580,000
Fixed selling and administrative expenses
$
100,000
During its first year of operations, O’Brien produced...
Required information [The following information applies to the questions displayed below.] O’Brien Company manufactures and sells...
Required information
[The following information applies to the questions
displayed below.]
O’Brien Company manufactures and sells one product. The
following information pertains to each of the company’s first three
years of operations:
Variable costs per unit:
Manufacturing:
Direct materials
$
29
Direct labor
$
16
Variable manufacturing overhead
$
3
Variable selling and administrative
$
2
Fixed costs per year:
Fixed manufacturing overhead
$
580,000
Fixed selling and administrative expenses
$
150,000
During its first year of operations, O’Brien produced...
Required information [The following information applies to the questions displayed below.] O’Brien Company manufactures and sells...
Required information
[The following information applies to the questions
displayed below.]
O’Brien Company manufactures and sells one product. The
following information pertains to each of the company’s first three
years of operations:
Variable costs per unit:
Manufacturing:
Direct materials
$
28
Direct labor
$
16
Variable manufacturing overhead
$
6
Variable selling and administrative
$
2
Fixed costs per year:
Fixed manufacturing overhead
$
510,000
Fixed selling and administrative expenses
$
200,000
During its first year of operations, O’Brien produced...
Required information [The following information applies to the questions displayed below.] O’Brien Company manufactures and sells...
Required information [The following information applies to the
questions displayed below.] O’Brien Company manufactures and sells
one product. The following information pertains to each of the
company’s first three years of operations: Variable costs per unit:
Manufacturing: Direct materials $ 29 Direct labor $ 18 Variable
manufacturing overhead $ 4 Variable selling and administrative $ 3
Fixed costs per year: Fixed manufacturing overhead $ 560,000 Fixed
selling and administrative expenses $ 180,000 During its first year
of operations, O’Brien produced...
Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...
Required information
[The following information applies to the questions displayed
below.]
Pastina Company sells various types of pasta to grocery chains as
private label brands. The company's fiscal year-end is December 31.
The unadjusted trial balance as of December 31, 2018, appears
below.
Account Title
Debits
Credits
Cash
30,000
Accounts receivable
40,000
Supplies
1,500
Inventory
60,000
Note receivable
20,000
Interest receivable
0
Prepaid rent
2,000
Prepaid insurance
0
Office equipment
80,000
Accumulated depreciation—office equipment
30,000
Accounts payable
31,000
Salaries...
Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...
Required information
[The following information applies to the questions displayed
below.]
Pastina Company sells various types of pasta to grocery chains as
private label brands. The company's fiscal year-end is December 31.
The unadjusted trial balance as of December 31, 2018, appears
below.
Account Title
Debits
Credits
Cash
30,000
Accounts receivable
40,000
Supplies
1,500
Inventory
60,000
Note receivable
20,000
Interest receivable
0
Prepaid rent
2,000
Prepaid insurance
0
Office equipment
80,000
Accumulated depreciation—office equipment
30,000
Accounts payable
31,000
Salaries...
Required information [The following information applies to the questions displayed below.] Pastina Company sells various types...
Required information
[The following information applies to the questions displayed
below.]
Pastina Company sells various types of pasta to grocery chains as
private label brands. The company's fiscal year-end is December 31.
The unadjusted trial balance as of December 31, 2018, appears
below.
Account Title
Debits
Credits
Cash
30,000
Accounts receivable
40,000
Supplies
1,500
Inventory
60,000
Note receivable
20,000
Interest receivable
0
Prepaid rent
2,000
Prepaid insurance
0
Office equipment
80,000
Accumulated depreciation—office equipment
30,000
Accounts payable
31,000
Salaries...
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