Answer:
The journal entry for the issuance of the stock is shown below:
Explanation:
Land A/c....................................................................................Dr $236,000
Building A/c...............................................................................Dr $378,000
Common Stock A/c..................................................................................Cr $192,000
Paid in Capital in excess of par value of Common stock A/c.......Cr $422,000
Working Note:
Common Stock = Number of shares × Rate per share
= 24,000 × $8
= $192,000
Paid in Capital in excess of par value of Common stock = (Land + Building) - Common Stock
= ($236,000 + $378,000) - $192,000
= $614,000 - $192,000
=$422,000
Answer:
Cost of Goods sold is $29
Explanation:
Under the perpetual LIFO or Last In First Out method of inventory valuation, we value the Cost of Goods Sold based on the price of the most recently purchased inventory before sale. Thus the units of closing inventory contains the inventory that was purchased first.
The cost of goods sold under LIFO will be,
Beginning Inventory (9* 3) = 27
Feb purchases (4 * 5) = 20
Oct sales (4 * 5 + 3 * 3) = (29)
Dec purchases (5 * 6) = 30
Ending Inventory = 48
So, the cost of goods sold under perpetual LIFO will comprise of the most recently purchased inventory before sale. The most recently purchased inventory before October sale was of February purchases. Thus, out of the 7 units sold, 4 will comprise of the February purchases and the remaining, 3 units, will be from the beginning inventory.
The cost of goods sold is,
COGS = 4 * 5 + 3 * 3
COGS = 29
Answer:
$44,100
Explanation:
Larry Bar
Investment in Cash - Receptionist's salary+Sales of custom frame = Cash account balance
Investment in Cash $40,800
Paid $2,000 Receptionist's salary $2,000
Sales of custom frame $5,300
Hence:
$40,800-$2,000+$5,300
=$44,100
Cash account balance will be $44,100
Answer:
COGS= $535,000
Explanation:
Giving the following information:
Finished Goods Inventory, January 1= 36,000
Finished Goods Inventory, December 31= 41,000
Cost of goods manufactured for the period= $540,000
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 36,000 + 540,000 - 41,000
COGS= $535,000