Chapter 9 - Merchandising Business:End of Period Adjustments and Completion of the Accounting CycleE9-8SalesGross ProfitBeginningInventoryNet PurchasesCost of goods soldSales ret & allowEnding inventoryNet salesE9-91Required: Solve for the missing items in the partial income statementsgiven below:3Sales2 126,0003562009100,0005,0006,00080,000 70,00080,00090,00070,0006,000Sales Netreturns2010120,00065,000117,000264,8002011150,00044,000Required: Determine the missing amounts.120,00085,000144,0002012160,00039,00085,000100,000BegNet EndingSales Inventory Purchases Inventory80,00024,000 130,000150,00048,000 145,000 46,50038,0002013167,000 62,800 186,20018,00075,000165,000135,000GrossCost ofGoods ProfitSold(Loss)18,000||

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Description: Chapter 9 - Merchandising Business:End of Period Adjustments and Completion of the Accounting CycleE9-8SalesGross ProfitBeginningInventoryNet PurchasesCost of goods soldSales ret & allowEnding inventoryNet salesE9-91Required: Solve for the missing i

The missing figures which are required to be computed have to be ascertained as per the accounting…

Business

Accounting

E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow Ending inventory Net sales Required: Solve for the missing items in the partial income statements given below: E9-9 I Sales 2 126,000 Sales returns 5,000 2009 100,000 6,000 80,000 90,000 70,000 6,000 2010 120,000 70,000 264,800 80,000 65,000 Required: Determine the missing amounts. 2011 150,000 44,000 120,000 85,000 117,000 144,000 2012 160,000 39,000 85,000 100,000 150,000 Net Beg Net Ending Sales Inventory Purchases Inventory Sold 80,000 24,000 130,000 48,000 145,000 46,500 38,000 2013 Cost of Gross Goods Profit (Loss) 167,000 62,800 186,200 18,000 75,000 165,000 135,000 18,000

E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow Ending inventory Net sales Required: Solve for the missing items in the partial income statements given below: E9-9 I Sales 2 126,000 Sales returns 5,000 2009 100,000 6,000 80,000 90,000 70,000 6,000 2010 120,000 70,000 264,800 80,000 65,000 Required: Determine the missing amounts. 2011 150,000 44,000 120,000 85,000 117,000 144,000 2012 160,000 39,000 85,000 100,000 150,000 Net Beg Net Ending Sales Inventory Purchases Inventory Sold 80,000 24,000 130,000 48,000 145,000 46,500 38,000 2013 Cost of Gross Goods Profit (Loss) 167,000 62,800 186,200 18,000 75,000 165,000 135,000 18,000

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter6: Inventories

Section: Chapter Questions

Problem 10E: Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost...

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Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for first-in, first-out (FIFO).
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Use the weighted-average (AVG) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Perpetual inventory using LIFO Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 4.
Perpetual inventory using FIFO Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of goods sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.
( Appendix 6B) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-35 and assume that the company uses the periodic inventory system. Required: Calculate the cost of goods sold and the cost of ending inventory using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest whole dollar.)
( Appendix 6B) Inventory Costing Methods: Periodic System Harrington Company had the following data for inventory during a recent year: Assume that Harrington uses a periodic inventory accounting system. Required: 1. Using the FIFO, LIFO, and average cost methods, compute the ending inventory and cost of goods sold. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Which method will produce the most realistic amount for income? For inventory? 3. CONCEPTUAL CONNECTION Which method will produce the lowest amount paid for taxes?
( Appendix 6B) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Lee Enterprises contained the following data: Required: 1. Calculate the cost of ending inventory and the cost of goods sold using the FIFO, LIFO, and average cost methods. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 2. CONCEPTUAL CONNECTION Compare the ending inventory and cost of goods sold computed under all three methods. What can you conclude about the effects of the inventory costing methods on the balance sheet and the income statement?
Inventory Write-Down Byron Company has five products in its inventory and uses the FIFO cost flow assumption. Specific data for each product are as follows: Required: 1. What is the correct inventory value, assuming the LCNRV rule is applied to each item of inventory? 2. What is the correct inventory value, assuming the LCNRV rule is applied to the total of inventory? 3. Next Level Comment on any differences that result from applying the LCNRV rule to individual items compared to the total of inventory.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200