Assume that ABC Company sells one product. The January activity for that product follows: Jan 1...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Assume that ABC Company sells one product. The January activity for that product follows: Jan 1 Jan 4 Jan 11 Jan 13 Jan 20 Jan 24 Jan 27 Inventory Sale Purchase Sale Purchase Purchase Sale 90 units @ $11 each 75 units@ $20 each 120 units @ $15 each 75 units @ $23 each 160 units $18 each 60 units@ $20 each 200 units @ $22 each A) Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERIODIC and LIFO methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80. B) Ignore your answer to A). Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERPETUAL and FIFO methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80. C) Ignore your answers to A) & B). Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERPETUAL and Average Cost methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80. Assume that ABC Company sells one product. The January activity for that product follows: Jan 1 Jan 4 Jan 11 Jan 13 Jan 20 Jan 24 Jan 27 Inventory Sale Purchase Sale Purchase Purchase Sale 90 units @ $11 each 75 units@ $20 each 120 units @ $15 each 75 units @ $23 each 160 units $18 each 60 units@ $20 each 200 units @ $22 each A) Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERIODIC and LIFO methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80. B) Ignore your answer to A). Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERPETUAL and FIFO methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80. C) Ignore your answers to A) & B). Using an EXCEL spreadsheet and formulas within the Spreadsheet, prepare all journal entries for the month including any month-end closing entries assuming that the company uses the PERPETUAL and Average Cost methods. Compute the COGS and Ending Inventory values as of 1/31. A physical count of the warehouse finds total units remaining is 80.
Expert Answer:
Answer rating: 100% (QA)
A Periodic Inventory Method with LIFO Costing Debit Credit Inventory 11 x 90 990 Sales 20 x 75 1500 ... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
Posted Date:
Students also viewed these accounting questions
-
assume that abc company uses a perpetual inventory system the company has the same inventors purchase and sales date for the month of march as shown earlierinventorymarch 1200 units400800purchase...
-
Prepare all journal entries (budgetary and actual) required in all funds and the GCA and GLTL accounts to record the following transactions and events: 1. A state issued $50,000,000 of 4%, 20-year...
-
Prepare all journal entries (budgetary and actual) required in all funds and the GCA-GLTL accounts to record the following transactions and events: 1. The county sold old equipmentoriginal cost...
-
How would you compare the value of direct definition from friends in face-to-face conversation and strangers comments on a YouTube posting?
-
Each of the three firms in Question 3.3 has a revenue function R(q) = 100q 2q2 and a cost function C(q) = 100 + 20q. Determine how much output each firm chooses. C
-
1. Distributed Workforce: Recommend a technology or specific tool that could promote connections in a distributed workforce. Be sure to include the following as part of your recommendation: A....
-
How does the conversion cycle of a manufacturing company differ from that of a retailer or wholesaler?
-
The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. Net income of $44,000 was reported, and dividends of $33,000 were paid in 2014. New...
-
The 8 Carpal Bones Form die Wrist Try making up your own mnemonic for learning the names of the carpal bones Where is the carpal tunnel located? What causes carpal tunnel syndrome?
-
Table 1: Calculation of 3 month forward rates using the simple interest rate parity principle (4 marks) Exchange rate Forward rate 3 months Workings (show calculations in this column) from now...
-
What work attributes does a project execution specialist have and what is their relationship with those who are stronger in planning?
-
True or False: The resonant natural frequency of a seismic transducer is in its lower useful range.
-
True or False: Accelerometers must be used instead of proximity probes to see gear mesh frequencies.
-
What can be used for a velocity output without the negative aspects of a seismic transducer?
-
Because stress is a complex and highly personalized process, some individuals see a specific situation as a threat, whereas others see the same situation as a challenge or opportunity. TRUE/FALSE.
-
Process theories of motivation assist managers in predicting employees' behavior so that the behavior may be influenced if necessary. TRUE/FALSE.
-
A chemical substance which facilitates the transport of nerve impulses among nerve cells is known as a(n) O aspirin O analgesic histamines O neurotransmitters antipyretic
-
Define the essential properties of the following types of operating systems: a. Batch b. Interactive c. Time sharing d. Real time e. Network f. Parallel g. Distributed h. Clustered i. Handheld
-
Assume the subsidiary's functional currency is the U.S. dollar. What is the remeasurement gain or loss for 2014? a. $162,000 loss b. $ 30,000 loss c. $162,000 gain d. $ 30,000 gain Use the following...
-
Cove Corporation owns all of Bay Corporation's common stock, acquired for $ 1,600,000 cash. Immediately prior to the acquisition, Cove reported current assets of $5,200,000, noncurrent assets of...
-
Goodwill International Technology Inc. (ITI) acquires all of the voting stock of Global Outsourcing Corporation (GOC) on June 30, 2010. Amounts paid are as follows (in millions): Cash consideration...
-
With reference to Exercise 11.65, test the null hypothesis \(\beta=1.5\) against the alternative hypothesis \(\beta>1.5\) at the 0.01 level of significance. Data From Exercise 11.65 11.65 The data...
-
The data below pertains to the number of hours a laptop has been charged for and the number of hours of backup provided by the battery. (a) Use the first set of expressions on page 330, involving...
-
With reference to Exercise 11.65, construct a \(99 \%\) confidence interval for \(\alpha\).
Study smarter with the SolutionInn App