The beginning inventory at midnight supplies and data on purchases and sales for a three month period ending march 31 are as follows: date transaction number of units per unit total jan. 1 inventory 7,500 $ 75.00 $ 562,500 10 purchase 22,500 85.00 1,912,500 28 sale 11,250 150.00 1,687,500 30 sale 3,750 150.00 562,500 feb. 5 sale 1,500 150.00 225,000 10 purchase 54,000 87.50 4,725,000 16 sale 27,000 160.00 4,320,000 28 sale 25,500 160.00 4,080,000 mar. 5 purchase 45,000 89.50 4,027,500 14 sale 30,000 160.00 4,800,000 25 purchase 7,500 90.00 675,000 30 sale 26,250 160.00 4,200,000 instructions 1. record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in exhibit 3, using the first-in, first-out method. 2. determine the total sales and the total cost of goods sold for the period. journalize the entries in the sales and cost of goods sold accounts. assume that all sales were on account and date your journal entry march 31. refer to the chart of accounts for exact wording of account titles. 3. determine the gross profit from sales for the period. 4. determine the ending inventory cost as of march 31. 5. based upon the preceding data, would you expect the ending inventory using the last-in, first-out method to be higher or lower?
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Business, 21.06.2019 22:20
Amachine purchased three years ago for $720,000 has a current book value using straight-line depreciation of $400,000: its operating expenses are $60,000 per year. a replacement machine would cost $480,000, have a useful life of nine years, and would require $26,000 per year in operating expenses. it has an expected salvage value of $130,000 after nine years. the current disposal value of the old machine is $170,000: if it is kept 9 more years, its residual value would be $20,000. calculate the total costs in keeping the old machine and purchase a new machine. should the old machine be replaced?
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Business, 23.06.2019 00:30
5. if you were to take a typical payday loan for $150, with an interest rate of 24.5% due in full after two weeks, what is the total amount you would have to repay? a. $186.75 b. $174.50 c. $157.33 d. $153.67
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Business, 23.06.2019 04:31
Kubin company’s relevant range of production is 24,000 to 31,000 units. when it produces and sells 27,500 units, its average costs per unit are as follows:
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Business, 23.06.2019 12:00
An increase in mexico’s demand for united states goods would cause the value of the dollar to
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The beginning inventory at midnight supplies and data on purchases and sales for a three month perio...
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