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- ventory record for each of the 60 types of products the company keeps in stock. The following Perptual Imentory Raco Frecutive Suites, Inc., uses a perpetual inventory, systém. This system includes a perpetual in- pROnLNAN transactions show the purchases and sales of a particular desk chair (product code DC-7) during pl Imentory Ruco September: Balance on hand, 50 units, cost $60 each .., Sept. 1 Sept. Sept. 8 Sept. 9 Sept. 20 Sept. 25 Sept. 30 Sale, 5 units, sales price $110 each ...$3,000 4 Purchase, 20 unita, cost $65 each ...1,300 Sale, 35 units, sales price $100 each.. 3,500 2,00 ...6,000 Purchase, 40 units, cost $65 each Sale, 60 units, sales price $100 each.. 2.800 Purchase, 40 units, cost $70 each 550Using the information provided in RE8-4, prepare the journal entry to record the write-down of inventory for Paul Corporation assuming that it uses the allowance method instead of the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down if inventory.Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.
- 5. Inventory structures for inventory receipt process Refer to figure 2-30 in the text and the discussion about updating master files from transaction files. The discussion pertains to the record structures for a sales transaction. Prepare a diagram (similar to figure 2-30) that presents the record structure for the receipt of inventory items that had been ordered previously. Assume that a purchase order file exists and will be updated through information collected via a receiving report, ehich is the transaction record. Further, assume that a purchase was made on account, and the vendor AP record needs to be updated. Do not show the general ledger records in your diagram. Explain each step in the update process.Please refer to the picture below for information. Kindly show the complete solution using MS Excel or Table. Thank you so much. Question: Using Perpetual system and LIFO method, what is the amount of inventory as of December 31? a. P59,000 b. P57,000 c. P61,600 d. P60,210what would the journal entries be for the probelm p6-39 Accounting for inventory using the perpetual inventory system-FIFO
- Enumerate the data and their type that you can identify or infer from the following application areas. 1. Inventory System of XYZ Wholesale Corporation. The company keeps track of pertinent information regarding all the items in stock through its computerized inventory system. This system enables the company to determine in a few keystrokes and at any time the quantity or stock level or every item. It allows XYZ to set the reorder level and reorder quantity each time such that when the stock level falls below the critical level, the item is automatically reordered from its supplier. The preparation of the purchase order is also automated because the supplier and its address, the reorder quantity, the unit cost, and the description of the item are all available on the computer. When an item in stock is replenished (supplied) or diminished(sold), its inventory and its potential profit margin because the unit selling price aside from the unit acquisition cost of each item is also stored…Q-1: What is Perpetual and Periodic Inventory System? Explain the differences between both. Record all the transactional entries for the sales and purchases of inventory.A ezto.mheducation.com Logout Question 7 - Chapter 06: HmWrk (Part 01) - Connect Answered: [The following information applies to.. | bartleby Chapter 06: HmWrk (Part 01) i Save & Exit Saved Help Submit Check my work 7 Required information Part 2 of 3 [The following information applies to the questions displayed below.] A company reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. 1.25 points Inventory Quantity Unit Cost Unit NRV Furniture $ 86 $101 305 210 Electronics 51 410 eBook 2. Calculate ending inventory using the lower of cost and net realizable value. Hint Lower of Cost Ending Inventory Inventory Quantity and NRV per unit Print Furniture Electronics References Mc Graw Hill
- Which of the following accounts is unique to a merchandising entity that uses the periodic inventory system? Cost of Goods Sold Merchandise inventory Purchases Transportation iNThe Purchase Order and Shipment Receipt tables from an AIS are partially represented below. Refer to these tables for questions 5-6. Purchase Orders Shipping Receipts PO# Date Total Rec# Date PO# 578 5/1/2018 $987.65 922 5/3/2018 578 579 5/15/2018 $834.23 923 5/17/2018 579 580 5/18/2018 $562.11 924 5/31/2018 581 5. Assume all records for May 2018 are entered. A reconciliation between the PO and Shipping Receipt tables could help discover which of the following? A. A supplier sends an invoice, but payment is not made on time. B. A supplier fails to send goods for a purchase order. C. A supplier invoices for a greater quantity than the shipment. D. A supplier invoices at a higher price than negotiated in the PO. 6. When the invoice is received for PO# 578, what data should be matched before payment? A. The quantity from the PO to the quantity in the Shipping Receipts table. B. The quantity from the PO to the quantity on the invoice. C. The quantity from the Shipping Receipts table to the…The following information is taken from the records of WeBs Sdn Bhd. The company uses the perpetual inventory system. Date Description Units Unit Cost (RM) Dec1 Opening inventory 100 1 Dec 5 Sale 80 Dec 6 Purchase 200 Dec 12 Purchase 125 3 Dec 13 Sale 300 Dec 19 Purchase 350 2 Dec 29 Purchase 150 1 Dec 30 Sale 400 Required: (a) Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: (i) FIFO (ii) Weighted average. (b) Assume each unit was sold for RM5. Complete the following partial income statements : FIFO Weightage Average Sales Less: Cost of Sales Gross Profit
