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Mrac [35]
3 years ago
9

Beginning inventory, purchases, and sales data for dvd players are as follows: november 1 inventory 120 units at $39 10 sale 90

units 15 purchase 140 units at $40 20 sale 110 units 24 sale 45 units 30 purchase 160 units at $43 the business maintains a perpetual inventory system, costing by the first-in, first-out method.
a. determine the cost of the goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in exhibit 3. under fifo, if units are in inventory at two different costs, enter the units with the lower unit cost first in the cost of goods sold unit cost column and in the inventory unit cost column. cost of the goods sold schedule first-in, first-out method dvd players
Business
2 answers:
shtirl [24]3 years ago
6 0

Answer:

the cost of goods sold:

  • November 10 sale = $3,510
  • November 20 sale = $1,170 + $3,200 = $4,370
  • November 30 sale = $1,800

Explanation:

date                inventory                price           COGS               balance

Nov. 1        purchase 120 units      $39                                      $4,680

Nov. 10        sale 90 units             90 x $39 = $3,510                 $1,170

Nov. 15     purchase 140 units      $40                                       $6,770

Nov. 20        sale 110 units            30 x $39 = $1,170               $5,600

                                                      80 x $40 = $3,200             $2,400

Nov. 24        sale 45 units            45 x $40 = $1,800                 $600

Nov. 30    purchase 160 units      $43                                      $7,480

pashok25 [27]3 years ago
5 0

Answer:

<u>Part 1 Determine the cost of the goods sold for each sale</u>

November 10 :

90 units × $ 39 = $3,510

November 20 :

30 units × $ 39 = $1,170

80 units × $ 40 = $3,200

Total Cost         = $4,300

November 24 :

45 units × $ 40  = $1,800

<u>Part 2 The inventory balance after each sale</u>

November 10 :

30 units × $ 39 = $1,170

November 20 :

60 units × $ 40 = $2,400

November 24 :

15 units × $ 40  = $600

Explanation:

First in First Out Method is build on the premise that inventory bought in first will be the first to be sold.

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This information relates to Rice Co..
hodyreva [135]

Answer:

Rice Co.

Journal Entries:

April 5:

Debit Inventory $28,000

Credit Accounts Payable (Jax Company) $28,000

To record the purchase of goods, terms 2/10, n/30.

April 6:

Debit Freight-in Expense $700

Credit Cash Account $700

To record the payment of freight costs for goods purchased from Jax Company.

April 7:

Debit Equipment $30,000

Credit Accounts Payable $30,000

To record the purchase of equipment on account.

April 8:

Debit Accounts Payable (Jax Company) $3,600

Credit Inventory $3,600

To record the return of goods to Jax Company.

April 15:

Debit Accounts Payable (Jax Company) $24,400

Credit Cash Discount $488

Credit Cash Account 23,912

To record the full settlement on account.

Explanation:

Rice Co's journal entries are made on a daily basis as transactions occur.  They show the accounts to be debited and the ones to be credited in the general ledger.  Journal entries are the initial records of transactions made by the company in its accounting system.

3 0
3 years ago
ssume that Spacey Company uses a periodic inventory system and has these account balances: Purchases $404,000, Purchase Returns
tiny-mole [99]

Net purchases including Freight-in and cost of goods purchased were $3666,000.

calculation:-

Purchases $404,000

Purchase Returns and Allowances $13,000

Purchase Discounts of $9,000,

Freight-In $16,000.

Net purchases and cost of goods purchased = ( $404,000 - $13,000 -$9,000 -  $16,000.)

Freight-in is the cost incurred to ship finished goods to a distributor or retailer. Freight-in is considered a selling expense and is expensed when incurred.

Freight-out is the cost of delivering finished goods to a customer. The cost of freight charges paid to ship goods sold to customers is called freight-out, and it is paid by the seller, not by the purchaser.

The shipping cost is to be paid by the buyer of merchandise purchased when the terms are FOB shipping point. Freight-in is considered to be part of the cost of the merchandise and should be included in inventory if the merchandise has not been sold. It is a direct expense and is thus debited to the trading account.

Learn more about  Freight-In here:-brainly.com/question/24920251

#SPJ4

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stiv31 [10]

Answer:

accumulating?

Explanation:

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maw [93]

Answer:

i learnt that its one of the best things to earn money

6 0
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The we love books publishing company is this a publishing company, if so then how do I get to there web site
gayaneshka [121]

Answer:

www.welovebooks.net

Explanation:

You can simply type "We Love Books publishing company" in a search engine and it will show up as the second link. If not then you can just type the name of the website in the browser's search bar to take you straight to their web site which is www.welovebooks.net , They design and publish different books as well as magazines, product catalogues and corporate publications. The website also has a contact option so that you can contact them directly and make requests.

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