Question
In: Accounting
Buffalo Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts....
Buffalo Corporation uses a periodic inventory system and the
gross method of accounting for purchase discounts.
| (a) | On July 1, (1) Buffalo purchased $33,000 of inventory, terms 1/10, n/30, FOB shipping point. (2) Buffalo paid freight costs of $1,105. | |
| (b) | On July 3, Buffalo returned damaged goods and received credit of $3,300. | |
| (c) | On July 10, Buffalo paid for the goods. |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...
Cansela Corporation uses a periodic inventory system and the
LIFO method to value its inventory. The company began 2018 with
inventory of 5,600 units of its only product. The beginning
inventory balance of $75,600 consisted of the following
layers:
2,100 units at $11 per unit
=
$
23,100
3,500 units at $15 per unit
=
52,500
Beginning inventory
$
75,600
During the three years 2018–2020, the cost of inventory remained
constant at $17 per unit. Unit purchases and...
Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...
Cansela Corporation uses a periodic inventory system and the
LIFO method to value its inventory. The company began 2018 with
inventory of 6,100 units of its only product. The beginning
inventory balance of $87,200 consisted of the following layers:
2,600 units at $12 per unit = $ 31,200 3,500 units at $16 per unit
= 56,000 Beginning inventory $ 87,200 During the three years
2018–2020, the cost of inventory remained constant at $18 per unit.
Unit purchases and sales during...
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The...
Hazelton Corporation uses a periodic inventory system and the
LIFO method to value its inventory. The company began 2018 with
$84,100 in inventory of its only product. The beginning inventory
consisted of the following layers:
4,700 units at
$7 per unit
$
32,900
6,400 units at
$8 per unit
51,200
Total
$
84,100
During 2018, 6,700 units were purchased at $9 per unit and
during 2019, 8,400 units were purchased at $10 per unit. Sales, in
units, were 8,400 and...
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Adams Corporation uses a periodic inventory system and the
retail inventory method to estimate ending inventory and cost of
goods sold. The following data are available for the month of
September 2021:
Cost
Retail
Beginning inventory
$
20,200
$
39,800
Net purchases
10,100
?
Net markups
4,800
Net markdowns
1,800
Net sales
?
The company used the average cost flow method and estimated
inventory at the end of September to be $15,200.50. If the company
had used the LIFO cost...
Adams Corporation uses a periodic inventory system and the retail inventory method to estimate ending inventory...
Adams Corporation uses a periodic inventory system and the
retail inventory method to estimate ending inventory and cost of
goods sold. The following data are available for the month of
September 2021:
Cost
Retail
Beginning
inventory
23000
37000
Net
purchases
11500
?
Net
markups
4200
Net
markdowns
1200
Net
sales
?
The company used the average cost flow method and estimated
inventory at the end of September to be $19,607.50. If the company
had used the LIFO cost...
Capwell Corporation uses a periodic inventory system
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2011, its fiscal-year end, based on a physical count, was determined to be $326,000. Capwell's unadjusted trial balance also showed the following account balances: Purchases, $620,000; Accounts payable; $210,000; Accounts receivable, $225,000; Sales revenue, $840,000. The internal audit department discovered the following items:1. Goods valued at $32,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase.2. Purchases...
PART 1: The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method...
PART 1: The Churchill Corporation uses a
periodic inventory system and the LIFO inventory cost method for
its one product. Beginning inventory of 24,000 units consisted of
the following, listed in chronological order of acquisition:
14,000 units at a cost of $9.00 per unit = $126,000
10,000 units at a cost of $10.00 per unit = 100,000
During 2021, inventory quantity declined by 14,000 units. All units
purchased during 2021 cost $13.00 per unit.
Required:
Calculate the before-tax LIFO liquidation...
Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012,...
Inventory Costing Methods-Periodic Method Chen
Sales Corporation uses the periodic inventory system. On January 1,
2012, Chen had: 1,000 units of product A with a unit cost of $30
per unit. A summary of purchases and sales during 2012 follows:
Unit
Cost
Units
Purchased
Units
Sold
Feb.2
400
Apr.6
$32
1,800
July 10
1,600
Aug.9
36
800
Oct.23
800
Dec.30
39
1,200
Required
Assume that Chen uses the first-in, first-out method. Compute
the cost of goods sold for 2012 and...
Inventory Costing Methods-Periodic Method Chen Sales Corporation uses the periodic inventory system. On January 1, 2012,...
Inventory Costing Methods-Periodic Method Chen
Sales Corporation uses the periodic inventory system. On January 1,
2012, Chen had: 1,000 units of product A with a unit cost of $70
per unit. A summary of purchases and sales during 2012 follows:
Unit
Cost
Units
Purchased
Units
Sold
Feb.2
400
Apr.6
$72
1,800
July 10
1,600
Aug.9
76
800
Oct.23
800
Dec.30
79
1,200
Required
Assume that Chen uses the first-in, first-out method. Compute
the cost of goods sold for 2012 and...
Buffalo Industries uses a periodic inventory system. Its records show the following for the month of...
Buffalo Industries uses a periodic inventory system. Its records
show the following for the month of May, in which 68 units were
sold.
Date
Explanation
Units
Unit Cost
Total Cost
May 1
Inventory
35
$9
$315
15
Purchase
25
10
250
24
Purchase
40
11
440
Total
100
$1,005
(a)
Calculate the weighted-average unit cost. (Round
answer to 3 decimal places, e.g. 5.125.)
Weighted-average unit cost
$Enter the Weighted-average unit cost in dollars
Calculate the ending inventory at May 31...
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