Prepare the journal entries that should be recorded for the three sales. Pendulum Inc. uses moving...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare the journal entries that should be recorded for the three sales. Pendulum Inc. uses moving average costing. Its 20X8 ending inventory is 900 units that have an average cost of $12.20 each. Transactions during 20x9 are: February 23, 20X9 March 1, 20X9 May 15, 20X9 June 23, 20X9 November 21, 20X9 December 24, 20X9 Date January 1 February 2 March 3 Purchases May 12 June 22 1.200 Sept 13 November 24 $13 300 $14 500 @ $11 600 @ $35 a. Prepare the journal entries that should be recorded for the three sales. b. What does Pendulum report as ending inventory on its balance sheet? On January 1, MacFarland Inc., which sells clocks, had units on hand that cost $14 each. It's 20X9 transactions are as follows: Purchases 60 units @ $15 each Sales 90 units@ $17 each 1.500 @ $22 75 units@ $18 400 @ $25 Sales 70 units@ $25 each 55 units@ $29 each 60 units@ $28 each What is MacFarland's ending inventory and COGS under: a. the periodic method and weighted average costing? b. the perpetual method and moving average costing? Units on hand 40 Prepare the journal entries that should be recorded for the three sales. Pendulum Inc. uses moving average costing. Its 20X8 ending inventory is 900 units that have an average cost of $12.20 each. Transactions during 20x9 are: February 23, 20X9 March 1, 20X9 May 15, 20X9 June 23, 20X9 November 21, 20X9 December 24, 20X9 Date January 1 February 2 March 3 Purchases May 12 June 22 1.200 Sept 13 November 24 $13 300 $14 500 @ $11 600 @ $35 a. Prepare the journal entries that should be recorded for the three sales. b. What does Pendulum report as ending inventory on its balance sheet? On January 1, MacFarland Inc., which sells clocks, had units on hand that cost $14 each. It's 20X9 transactions are as follows: Purchases 60 units @ $15 each Sales 90 units@ $17 each 1.500 @ $22 75 units@ $18 400 @ $25 Sales 70 units@ $25 each 55 units@ $29 each 60 units@ $28 each What is MacFarland's ending inventory and COGS under: a. the periodic method and weighted average costing? b. the perpetual method and moving average costing? Units on hand 40
Expert Answer:
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Posted Date:
Students also viewed these accounting questions
-
Prepare the journal entries to record the following transactions on Monroe Companys books using a perpetual inventory system. (a) On March 2, Monroe Company sold $900,000 of merchandise to Churchill...
-
The following are all independent situations. Prepare the journal entries for deferred tax on the creation or reversal of any temporary differences. Explain in each case the nature of the temporary...
-
Prepare the journal entries necessary to record Dao Companys following stock transactions during 2014: Oct. 1 Purchased 2,000 shares of its own $2 par value common stock for $20 per share, the...
-
Explain how community service staff members can monitor the impact of work undertaken and/or services provided in line with the scope of their own work role?
-
After running high current account surpluses in the second half of the 1980s, Germany ran sizable deficits in the early 1990s. The most important reason for the current account deficit was the surge...
-
what is the working capital? Account payable: 7 9 0 0 Accounts receivable : 7 9 0 0 Cash 8 6 0 0 Intangible assets 2 2 4 0 0 Inventory 3 7 8 0 0 Long term investments 2 3 0 0 0 Long term liabilties 1...
-
The weights (in pounds) for a sample of adults before starting a weight-loss study are listed. What is the mean weight of the adults? 274 235 223 268 290 285 235
-
The Association of Women in Government established an Educational Foundation to raise money to support scholarship and other education initiatives. The Educational Foundation is a private...
-
Assume that there exist many risky assets on a capital market. The CAPM holds and the market portfolio offers a return of rM = 12% and has a standard deviation of oM = 15%. The risk-free rate equals...
-
Which series has the highest beta. BraveNewCoin Liquid Index for Bitcoin 1D BNC Trading Brave Ne Yellow Green Blue Orange
-
Fresh Daily convenience store based in Camberwell specialises in selling organic products. Fresh Daily convenience store prepares and bottles the juices in store from the fresh organic produce it...
-
Vehicles arrive at a toll booth with a mean arrival rate of 2 veh/ min (the time between arrivals is exponentially distributed). The toll booth operator processes vehicles (collects tolls) at a...
-
You are building a new building: 8 , 0 0 0 SF building with an unfinished 5 0 0 SF garage is being built, $ 2 5 0 / SF finished, $ 5 0 / unfinished cost . Land cost for the 5 , 0 0 0 SF lot is based...
-
Way back in the early 1900s, K donated a piece of his property to the community so that it could have a public school. Over the years, the city built a new school elsewhere. The old school was used...
-
1. Explain 2 differences between both of these funds to highlight to your client the key areas that differentiate the funds. 2. If you were to invest in either fund knowing your research which fund...
-
In Estate of Mauro v. Borgess Medical Center , what the court held ? Explain.
-
Company TechCraf has issued two bonds. Straight Bond A has a current market price of 99.95. Convertible Bond B has a conversion price of 32 and TechCaft's stock is currently selling at 16 per share....
-
Provide an example of an aggressive accounting practice. Why is this practice aggressive?
-
What is the financial reporting model project, and why is it important?
-
Discussion at a local meeting of government finance officers centered on using a balanced scorecard to present information to the public on the governments website. Describe the components of a...
-
Explain why some transactions for governmental activities at the government- wide level are reported differently than transactions for the General Fund. Give some examples of transactions that would...
-
Modify the DrawStars example so that all the stars have Rotate transition animations that execute indefinitelythat is, set each animations cycle count to Animation.INDEFINITE. DrawStars example //...
-
Use inheritance to create an exception superclass (called ExceptionA) and exception subclasses ExceptionB and ExceptionC, where ExceptionB inherits from ExceptionA and ExceptionC inherits from...
-
Use a HashMap to create a reusable class for choosing one of the 13 predefined colors in class Color. The names of the colors should be used as keys, and the predefined Color objects should be used...
Study smarter with the SolutionInn App