Inventory Purchases: # of Units Date 1-1 3-1 6-1 9-1 Dandaloin's Dresses uses the periodic inventory...

 

   

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Inventory Purchases: # of Units Date 1-1 3-1 6-1 9-1 Dandaloin's Dresses uses the periodic inventory system: Total 5,000 10,000 15,000 20,000 50,000 Cost per Unit $20 $24 $30 $36 Total Cost $100,000 $240,000 $450,000 $720,000 $1,510,000 In 2020, 40,000 units were sold, and 10,000 remain in the ending inventory. Required: Calculate cost of goods sold and ending inventory using First In First Out, Last in First Out, and Weighted Average. 2. Lyric Logan Industries uses the Percentage of Credit Sales method to estimate bad debt expense. LLI estimates 10% of Credit sales are uncollectible. 1-14-23: Sales on Account $700,000. 2-14-23: Sales on Account $200,000 3-15-23: Write off Tara Taylor's Accounts Receivable for $80,000. 3-30-23: Collected $800,000 in Accounts receivable. Required: Record the transactions in the Journal and post them to the ledger. 3. Summer Smith's Industries began business on January 1, 2023. SSI uses the Percentage of Accounts Receivable method to estimate bad debts. SSI prepares quarterly financial statements. 1-19-23: Sales on Account $300,000 2-20-23: Sales on Account $400,000 3-15-23: Collected $600,000, in accounts receivable. 3-31-23: Balance in Accounts receivable $100,000. SSI estimates 10% of accounts receivable are uncollectible. 4-15-23: Sales on Account $400,000 5-10-23: Write off Summer Stuart's accounts receivable for $8,000. 6-30-23: Balance in Accounts Receivable $492,000 SSI estimates 8% of Accounts receivable are uncollectible. Required: Record the transactions in the Journal and post them to the ledger. 4. Tara's Treasures uses the perpetual inventory system. 7-1: TT purchases a dress on account from Valentino for $20,000. The terms are 2/10/N/30, FOB Shipping Point. 7-1: Pay delivery charges in cash, $2,000. 7-7: Pays Valentino bill in cash 7-15: Bella Barnes purchases the dress for $35,000 cash. Record the transactions in the journal and post them to the ledger. Inventory Purchases: # of Units Date 1-1 3-1 6-1 9-1 Dandaloin's Dresses uses the periodic inventory system: Total 5,000 10,000 15,000 20,000 50,000 Cost per Unit $20 $24 $30 $36 Total Cost $100,000 $240,000 $450,000 $720,000 $1,510,000 In 2020, 40,000 units were sold, and 10,000 remain in the ending inventory. Required: Calculate cost of goods sold and ending inventory using First In First Out, Last in First Out, and Weighted Average. 2. Lyric Logan Industries uses the Percentage of Credit Sales method to estimate bad debt expense. LLI estimates 10% of Credit sales are uncollectible. 1-14-23: Sales on Account $700,000. 2-14-23: Sales on Account $200,000 3-15-23: Write off Tara Taylor's Accounts Receivable for $80,000. 3-30-23: Collected $800,000 in Accounts receivable. Required: Record the transactions in the Journal and post them to the ledger. 3. Summer Smith's Industries began business on January 1, 2023. SSI uses the Percentage of Accounts Receivable method to estimate bad debts. SSI prepares quarterly financial statements. 1-19-23: Sales on Account $300,000 2-20-23: Sales on Account $400,000 3-15-23: Collected $600,000, in accounts receivable. 3-31-23: Balance in Accounts receivable $100,000. SSI estimates 10% of accounts receivable are uncollectible. 4-15-23: Sales on Account $400,000 5-10-23: Write off Summer Stuart's accounts receivable for $8,000. 6-30-23: Balance in Accounts Receivable $492,000 SSI estimates 8% of Accounts receivable are uncollectible. Required: Record the transactions in the Journal and post them to the ledger. 4. Tara's Treasures uses the perpetual inventory system. 7-1: TT purchases a dress on account from Valentino for $20,000. The terms are 2/10/N/30, FOB Shipping Point. 7-1: Pay delivery charges in cash, $2,000. 7-7: Pays Valentino bill in cash 7-15: Bella Barnes purchases the dress for $35,000 cash. Record the transactions in the journal and post them to the ledger.

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