Jillstrap Sporting Goods started April with an inventory of 10 sets of golf clubs that cost...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Jillstrap Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a, total of $1,500. During April, Jillstrp purchased 20 sets of clubs for $3,200. At the end of the month, Jillstrap had six sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold and ending inventory under these two accounting methods, assuming the periodic system is used. a. Weighted-average cost b. FIFO Part 2 It is December 31, 2022, end of year, and the controller of Glamourous Corporation is applying the lower-of-cost-and-net- realizable-value (LCNRV) rule to inventories. Before any year end adjustments Glamourous has these data: Cost of goods sold. Historical cost of ending inventory, as detemined by a physical count Glamourous determines that the net realizable value of ending inventory is $49,000. Show what Glamourous should S410,000 60,000 report for ending inventory and for cost of goods sold. Identify the financial statement where cach item appears. Jillstrap Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a, total of $1,500. During April, Jillstrp purchased 20 sets of clubs for $3,200. At the end of the month, Jillstrap had six sets of golf clubs on hand. The store manager must select an inventory costing method, and he asks you to tell him both cost of goods sold and ending inventory under these two accounting methods, assuming the periodic system is used. a. Weighted-average cost b. FIFO Part 2 It is December 31, 2022, end of year, and the controller of Glamourous Corporation is applying the lower-of-cost-and-net- realizable-value (LCNRV) rule to inventories. Before any year end adjustments Glamourous has these data: Cost of goods sold. Historical cost of ending inventory, as detemined by a physical count Glamourous determines that the net realizable value of ending inventory is $49,000. Show what Glamourous should S410,000 60,000 report for ending inventory and for cost of goods sold. Identify the financial statement where cach item appears.
Expert Answer:
Answer rating: 100% (QA)
Answer Part 1 a Weighted average cost Cost of Goods Sold 3760 Ending Inventory 940 b FIFO Cost of Goods Sold 3740 Ending Inventory 960 Part 2 Ending Inventory 49000 Cost of Goods Sold 421000 Explanati... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
Posted Date:
Students also viewed these accounting questions
-
Allstate Sporting Goods started April with an inventory of 10 sets of golf clubs that cost a total of $1,500. During April, Allstate purchased 20 sets of clubs for $3,200. At the end of the month,...
-
Continental Sporting Goods started April with an inventory of nine sets of golf clubs that cost a total of $1,260. During April Continental purchased 25 sets of clubs for $4,000. At the end of the...
-
An annuity paying $1400 at the end of each month (except for a smaller final payment) was purchased with $225,000 that had accumulated in an RRSP. The annuity provides a semiannually compounded rate...
-
What do you believe is the most challenging aspect of using the economic analysis workbook? Briefly describe the challenge and any suggestion you have to reduce the challenge.
-
Use the information in the adjusted trial balance reported in Exercise to compute the current ratio as of the balance sheet date (round the ratio to one decimal). Interpret the current ratio for this...
-
In Exercises verify that the infinite series converges. n=1 1 n(n + 1)
-
Stringline Ltd uses flexible budgets in order to control selling expenses. Monthly sales range from $200000 to $300000. Budgeted fixed monthly expenses for the Sales Department are $63000 for...
-
The partnership of Rachel, Adams, and Nixon has the following trial balance on September 30, 2009: The partners share profits and losses as follows: Rachel, 50 percent; Adams, 30 percent; and Nixon,...
-
ABCD is a square of 2m side. Forces 5kN, 3kN, 10kN, 8kN, 16kN are acting along AB, BC, CD, DA and diagonal AC respectively. Find the resultant force for the system.
-
On January 1, Boston Company completed the following transactions (use a 7% annual interest rate for all transactions): ( EV of $1. PV of $1. EVA of $1. and PVA of $1) (Use the appropriate factor(s)...
-
Discuss Plato and his beliefs.
-
A company incurs a capital expenditure that may be amortized over five years for accounting purposes, but over four years for tax purposes. The company will most likely record: A. a deferred tax...
-
In early 2009 Sanborn Company must pay the tax authority 37,000 on the income it earned in 2008. This amount was recorded on the companys 31 December 2008 financial statements as: A. taxes payable....
-
When accounting standards require an asset to be expensed immediately but tax rules require the item to be capitalized and amortized, the company will most likely record: A. a deferred tax asset. B....
-
A reduction in the statutory tax rate would most likely benefit the companys: A. income statement and balance sheet. B. income statement but not the balance sheet. C. balance sheet but not the income...
-
When accounting standards require recognition of an expense that is not permitted under tax laws, the result is a: A. deferred tax liability. B. temporary difference. C. permanent difference.
-
For the following project please follow the below guidelines unless otherwise stated by your instructor. Worth 20% of the total grade. Read and follow all instructions in order to receive full...
-
The MIT Sloan School of Management is one of the leading business schools in the U.S. The following table contains the tuition data for the masters program in the Sloan School of Management. a. Use...
-
The records of Armstrong Aviation Supply Inc. include the following accounts for inventory of aviation fuel at December 31, 2014: Requirements 1. Prepare a partial income statement through gross...
-
The cash data of Navajo Products for September 2014 follow: On September 30, 2014, Navajo received this bank statement: Explanation: BC-bank collection, EFT-electronic funds transfer,...
-
On June 30, 2014, Perfect Party Planners (PPP) had a $40,000 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Uncollectible Accounts. During July, PPP made credit sales of...
-
Why is macroeconomic forecasting so difficult? Does this difficulty mean economics is a worthless field of study?
-
Which of the following statements are positive in nature and which are normative? a. A tax cut will raise interest rates. b. A reduction in the payroll tax would primarily benefit poor and...
-
a. Calculate the total percentage growth in average labor productivity in the U.S. economy for the 1950s, 1960s, 1970s, 1980s, 1990s, and 2000s. Define average labor productivity for any year as real...
Study smarter with the SolutionInn App