Question
In: Accounting
ABC INC uses the periodic inventory system. ABC had the following translations related to merchandise during...
ABC INC uses the periodic inventory system. ABC had the following translations related to merchandise during the month of January 2020.
| Jan1 | Purchased on account 1000 copies of accounting books for resale for $100 per copy terms were 1/10, n/30 |
| 2 | Paid $5 per copy cash for shipping on Jan 1st purchase |
| 5 | Returned 100 copies of accounting books |
| 9 | paid for merchandise purchased on jan 1 |
| 17 | sold 500 copies on account for $160 per copy, terms were 1/10, n/30 |
| 25 | Customer returned 50 copies of accounting books sold on jan 17 |
| 30 | Received payment from customer for accounting books sold on jan 17 |
1. Prepare journal entires to record above transactions
2. On Jan 31st the company finds that the ending balance of inventory is $50,000 (Assume that the beginning balance of inventory was $30,000). Prepare a T account for inventory. What is the cost of goods sold for January
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—3,000 units;
cost $6.50 each.
8
Purchased 12,000 units for $5.70
each.
14
Sold 9,000 units for $12.20
each.
18
Purchased 7,000 units for $5.20
each.
25
Sold 8,000 units for $11.20
each.
31
Inventory on hand—5,000
units.
Required:
Determine the inventory balance Altira would report in its August
31, 2018, balance sheet and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available: Aug.1 Inventory on
hand—5,000 units; cost $7.90 each. 8 Purchased 22,000 units for
$6.70 each. 14 Sold 16,000 units for $13.20 each. 18 Purchased
12,000 units for $6.20 each. 25 Sold 15,000 units for $12.20 each.
31 Inventory on hand—8,000 units. Required: Determine the inventory
balance Altira would report in its August 31, 2018, balance sheet
and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—7,000 units;
cost $8.10 each.
8
Purchased 20,000 units for $6.50
each.
14
Sold 15,000 units for $13.00
each.
18
Purchased 11,000 units for $6.00
each.
25
Sold 14,000 units for $12.00
each.
31
Inventory on hand—9,000
units.
Required:
Determine the inventory balance Altira would report in its August
31, 2018, balance sheet and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—10,500 units; cost $8.40 each.
8
Purchased 29,000 units for $7.40 each.
14
Sold 20,500 units for $13.90 each.
18
Purchased 15,500 units for $6.90 each.
25
Sold 19,500 units for $12.90 each.
31
Inventory on hand—15,000 units.
Required:
Determine the inventory balance Altira would report in its August
31, 2018, balance sheet and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:
Aug.1
Inventory on hand—10,000 units; cost $8.00 each.
8
Purchased 26,000 units for $7.10 each.
14
Sold 19,000 units for $13.60 each.
18
Purchased 14,000 units for $6.60 each.
25
Sold 18,000 units for $12.60 each.
31
Inventory on hand—13,000 units.
Determine the inventory balance Altira would report in its
August 31, 2018, balance sheet and the...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during...
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available: Aug.1 Inventory on
hand—6,500 units; cost $7.90 each. 8 Purchased 24,000 units for
$6.90 each. 14 Sold 18,000 units for $13.40 each. 18 Purchased
13,000 units for $6.40 each. 25 Sold 17,000 units for $12.40 each.
31 Inventory on hand—8,500 units. Required: Determine the inventory
balance Altira would report in its August 31, 2018, balance sheet
and...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2017 is available:
Inventory cost flow methods; periodic systemAltira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2017 is available: Aug.1 Inventory on hand—6,500 units; cost
$7.90 each.8 Purchased 24,000 units for $6.9
each.14 Sold 18,000 units for $13.4 each.18 Purchased 13,000 units for $6.4
each.25 Sold 17,000 units for $12.4 each.31 Inventory on hand—8,500 units.Required:Determine the inventory balance Altira would report in its
August 31, 2017, balance sheet and the cost of goods sold it would
report in...
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2018 is available:
Altira Corporation uses a periodic inventory system. The
following information related to its merchandise inventory during
the month of August 2018 is available:Aug. 1 Inventory on hand - 10,500 units; cost $8.80 each8 Purchased 30,000 units for $7.50 each14 Sold 21,000 units for $14.00 each18 Purchased 16,000 units for $7.00 each25 Sold 20,000 units for $13.00 each31 Inventory on hand - 15,500 unitsRequired: Determine the inventory balance
Altira would report in it's August 31, 2018, balance sheet and the
cost...
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the
following activity during the current monthly period.
November 1: Beginning inventory 107 Units @ $10
November 5: Purchased 107 Units @ $26
November 8: Purchased 57 Units @ $25
November 16: Sold 154 Units @ $80
November 19: Purchased 50 Units @ $20
Using the weighted-average inventory method, the company's
ending inventory would be:
A company uses the periodic inventory system and had the following activity during the current monthly...
A company uses the periodic inventory system and had the
following activity during the current monthly period.
November 1: Beginning inventory 114 Units @ $30
November 5: Purchased 114 Units @ $26
November 8: Purchased 64 Units @ $30
November 16: Sold 182 Units @ $115
November 19: Purchased 85 Units @ $30
Using the weighted-average inventory method, the company's
ending inventory would be:
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