Question: Refer to the data in the preceding problem Inventories were
Refer to the data in the preceding problem. Inventories were $71,000 on December 31, 20X0, and $120,000 on December 31, 20X1. Sales were $1,200,000. Prepare summary journal entries for 20X1 for sales and cost of goods sold (omit explanations).
Relevant QuestionsConsider the following data taken from the adjusted trial balance of the Newport Boat Company, Prepare summary journal entries. The ending inventory was $35million.Burlingame Gems, Inc., a retail jewelry store, had gross profits of $1,320,000 on sales of $2,500,000 in 20X3. Average inventory was $1,000,000. 1. Compute inventory turnover. 2. Anne Scott, owner of Burlingame Gems, is ...Platt Electric is a wholesaler for commercial builders. The company uses a perpetual inventory system and a FIFO cost-flow assumption. The data concerning a particular product for the year 20X8 follows:Calculate the ending ...In 20X8, Mehrabi Company had sales revenue of £444,000 for a line of woolen scarves. The company uses a periodic inventory system. Pertinent data for 20X8 included the following:1. Prepare a statement of gross margin for ...Refer to the preceding problem. Suppose Texas Instruments had acquired 50 extra units @ $8 each on December 30, 2011, at a total additional cost of $400. How would income before income taxes have been affected under FIFO? ...
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